16. DEBT

Short-Term Borrowings

Short-term borrowings consist of commercial paper and other borrowings at March 31, 2013 and December 31, 2012 as follows:

*In millions of dollars*	March 31, 2013		December 31, 2012

Commercial paper
Bank	$	11,741	$	11,092
Other non-bank		309		378

	$	12,050	$	11,470
Other borrowings(1)		36,143		40,557

Total	$	48,193	$	52,027

(1): At March 31, 2013 and December 31, 2012, collateralized short-term advances from the Federal Home Loan Banks were $3 billion and $4 billion, respectively.

Borrowings under bank lines of credit may be at interest rates based on LIBOR, CD rates, the prime rate, or bids submitted by the banks. Citigroup pays commitment fees for its lines of credit.

Some of Citigroup's non-bank subsidiaries have credit facilities with Citigroup's subsidiary depository institutions, including Citibank, N.A. Borrowings under these facilities are secured in accordance with Section 23A of the Federal Reserve Act.

Citigroup Global Markets Holdings Inc. (CGMHI) has borrowing agreements consisting of facilities that CGMHI has been advised are available, but where no contractual lending obligation exists. These arrangements are reviewed on an ongoing basis to ensure flexibility in meeting CGMHI's short-term requirements.

Long-Term Debt

*In millions of dollars*	March 31, 2013		December 31, 2012

Citigroup parent company	$	173,750	$	176,553
Bank(1)		49,421		51,234
Other non-bank		11,155		11,676

Total(2)	$	234,326	$	239,463

Note:: Citigroup Funding Inc. (CFI) was previously a first-tier subsidiary of Citigroup Inc., issuing commercial paper, medium-term notes and structured equity-linked and credit-linked notes. The debt of CFI was guaranteed by Citigroup Inc. On December 31, 2012, CFI was merged into Citigroup Inc.
(1): Represents Citibank, N.A., as well as subsidiaries of Citibank and Banamex. At March 31, 2013 and December 31, 2012, collateralized long-term advances from the Federal Home Loan Banks were $16.3 billion.
(2): Includes senior notes with carrying values of $196 million issued to Safety First Trust Series 2007-4, 2008-1, 2008-2, 2008-3, 2008-4, 2008-5, 2008-6, 2009-1, 2009-2, and 2009-3 at March 31, 2013 and $186 million issued to Safety First Trust Series 2007-4, 2008-1, 2008-2, 2008-3, 2008-4, 2008-5, 2008-6, 2009-1, 2009-2, and 2009-3 at December 31, 2012. Citigroup owns all of the voting securities of the Safety First Trusts. The Safety First Trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Safety First Trust securities and the Safety First Trusts' common securities.

CGMHI has committed long-term financing facilities with unaffiliated banks. At March 31, 2013, CGMHI had drawn down $300 million available under these facilities. Generally, a bank can terminate these facilities by giving CGMHI one-year prior notice.

Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $9,615 million and $10,110 million at March 31, 2013 and December 31, 2012, respectively. In issuing these trust preferred securities, Citi formed statutory business trusts under the laws of the State of Delaware. The trusts exist for the exclusive purposes of (i) issuing trust preferred securities representing undivided beneficial interests in the assets of the trust; (ii) investing the gross proceeds of the trust preferred securities in junior subordinated deferrable interest debentures (subordinated debentures) of its parent; and (iii) engaging in only those activities necessary or incidental thereto. Generally, upon receipt of certain regulatory approvals, Citigroup has the right to redeem these securities.

On February 4, 2013, Citigroup, with agreement from the U.S. Treasury, completed an exchange of $800 million of the $3.025 billion issued under Citigroup Capital XXXIII for $894 million in subordinated debt, leaving $2.225 billion of trust preferred securities outstanding under Citigroup Capital XXXIII as of March 31, 2013. There was no gain or loss recorded on the exchange with the difference in notional of $94 million recorded as a discount on the newly issued subordinated debt. The maturity date of the subordinated debt is August 1, 2022.

On March 15, 2013, Citi announced the redemption of Citigroup Capital VII, Citigroup Capital VIII, Citigroup Capital XIV and Citigroup Capital XV. The redemptions closed on April 16, 2013. Concurrent with the redemptions of the trust preferred securities were the redemptions of the respective common securities issued by each trust and held by Citigroup.

The following table summarizes the financial structure of each of the Company's subsidiary trusts at March 31, 2013:

										Junior subordinated debentures owned by trust

Trust securities with distributions guaranteed by Citigroup *In millions of dollars, except share amounts*								Common shares issued to parent		Junior subordinated debentures owned by trust
	Issuance date		Securities issued		Liquidation value(1)		Coupon rate	Common shares issued to parent		Amount		Maturity		Redeemable by issuer beginning
Citigroup Capital III		Dec. 1996		194,053	$	194	7.625%		6,003	$	200		Dec. 1, 2036		Not redeemable
Citigroup Capital VII(2)		July 2001		35,885,898		897	7.125%		1,109,874		925		July 31, 2031		July 31, 2006
Citigroup Capital VIII(2)		Sept. 2001		43,651,597		1,091	6.950%		1,350,050		1,125		Sept. 15, 2031		Sept. 17, 2006
Citigroup Capital IX		Feb. 2003		33,874,813		847	6.000%		1,047,675		873		Feb. 14, 2033		Feb. 13, 2008
Citigroup Capital X		Sept. 2003		14,757,823		369	6.100%		456,428		380		Sept. 30, 2033		Sept. 30, 2008
Citigroup Capital XI		Sept. 2004		18,387,128		460	6.000%		568,675		474		Sept. 27, 2034		Sept. 27, 2009
Citigroup Capital XIII		Sept. 2010		89,840,000		2,246	7.875%		1,000		2,246		Oct. 30, 2040		Oct. 30, 2015
Citigroup Capital XIV(2)		June 2006		12,227,281		306	6.875%		40,000		307		June 30, 2066		June 30, 2011
Citigroup Capital XV(2)		Sept. 2006		25,210,733		630	6.500%		40,000		631		Sept. 15, 2066		Sept. 15, 2011
Citigroup Capital XVI		Nov. 2006		38,148,947		954	6.450%		20,000		954		Dec. 31, 2066		Dec. 31, 2011
Citigroup Capital XVII		Mar. 2007		28,047,927		701	6.350%		20,000		702		Mar. 15, 2067		Mar. 15, 2012
Citigroup Capital XVIII		June 2007		99,901		152	6.829%		50		152		June 28, 2067		June 28, 2017
Citigroup Capital XXXIII(3)		July 2009		3,025,000		2,225	8.000%		100		2,225		July 30, 2039		July 30, 2014
Adam Capital Trust III		Dec. 2002		17,500		18	3 mo. LIB +335 bp.		542		18		Jan. 7, 2033		Jan. 7, 2008
Adam Statutory Trust III		Dec. 2002		25,000		25	3 mo. LIB +325 bp.		774		26		Dec. 26, 2032		Dec. 26, 2007
Adam Statutory Trust IV		Sept. 2003		40,000		40	3 mo. LIB +295 bp.		1,238		41		Sept. 17, 2033		Sept. 17, 2008
Adam Statutory Trust V		Mar. 2004		35,000		35	3 mo. LIB +279 bp.		1,083		36		Mar. 17, 2034		Mar. 17, 2009

Total obligated					$	11,190				$	11,315

(1): Represents the notional value received by investors from the trusts at the time of issuance.
(2): Redeemed on April 16, 2013.
(3): Reflects the exchange of $0.8 billion held by the U.S. Treasury on February 4, 2013.

In each case, the coupon rate on the debentures is the same as that on the trust securities. Distributions on the trust securities and interest on the debentures are payable quarterly, except for Citigroup Capital III and Citigroup Capital XVIII on which distributions are payable semiannually.