18. DEBT

Short-Term Borrowings

Short-term borrowings consist of commercial paper and other borrowings with weighted average interest rates at December 31 as follows:

	2013				2012
In millions of dollars	Balance		Weighted average coupon		Balance		Weighted average coupon
Commercial paper
Significant Citibank Entities(1)	$	17,677	0.25	%	$	11,092	0.36	%
Parent(2)	201		1.11		378		0.84
	$	17,878			$	11,470
Other borrowings (3)	41,066		0.87	%	40,557		1.06	%
Total	$	58,944			$	52,027

(1) Significant Citibank Entities consist of Citibank, N.A. units domiciled in the U.S., Western Europe, Hong Kong and Singapore.

(2) Parent includes the parent holding company (Citigroup Inc.) and Citi’s broker-dealer subsidiaries that are consolidated into Citigroup.

(3) At December 31, 2013 and December 31, 2012, collateralized short-term advances from the Federal Home Loan Banks were $11 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

	Weighted average			Balances at December 31,
In millions of dollars	coupon		Maturities	2013		2012
Citigroup Inc.(1)

Senior debt	4.02	%	2014-2098	$	124,857	$	138,862
Subordinated debt(2)	4.48		2014-2043	28,039		27,581
Trust preferred securities(3)	6.90		2032-2067	3,908		10,110
Bank(4)
Senior debt	1.99		2014-2038	56,039		50,527
Subordinated debt(2)	6.02		2014-2037	418		707
Broker-dealer(5)
Senior debt	3.11		2014-2039	7,831		11,651
Subordinated debt(2)	2.62		2015-2017	24		25
Total(6)				$	221,116	$	239,463
Senior debt				$	188,727	$	201,040
Subordinated debt(2)				28,481		28,313
Trust preferred securities(3)				3,908		10,110
Total				$	221,116	$	239,463

(1) Parent holding company, Citigroup Inc.

(2) Includes notes that are subordinated within certain countries, regions or subsidiaries.

(3) In issuing 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 upon the date specified in the respective security. The respective common securities issued by each trust and held by Citigroup are redeemed concurrently with the redemption of the applicable trust preferred securities.

(4) Represents the Significant Citibank Entities as well as other Citibank and Banamex entities. At December 31, 2013 and December 31, 2012, collateralized long-term advances from the Federal Home Loan Banks were $14.0 billion and $16.3 billion, respectively.

(5) Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company.

(6) Includes senior notes with carrying values of $87 million issued to outstanding Safety First Trusts at December 31, 2013 and $186 million issued to these trusts 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.

The Company issues both fixed and variable rate debt in a range of currencies. It uses derivative contracts, primarily interest rate swaps, to effectively convert a portion of its fixed rate debt to variable rate debt and variable rate debt to fixed rate debt. The maturity structure of the derivatives generally corresponds to the maturity structure of the debt being hedged. In addition, the Company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances. At December 31, 2013, the Company’s overall weighted average interest rate for long-term debt was 3.58% on a contractual basis and 2.73% including the effects of derivative contracts.

Aggregate annual maturities of long-term debt obligations (based on final maturity dates) including trust preferred securities are as follows:

In millions of dollars	2014		2015		2016		2017		2018		Thereafter		Total
Bank	$	18,823	$	11,265	$	13,131	$	3,153	$	6,630	$	3,455	$	56,457
Broker-dealer	2,269		1,332		467		24		1,092		2,671		7,855
Citigroup Inc.	22,332		19,095		20,982		21,159		13,208		60,028		156,804
Total	$	43,424	$	31,692	$	34,580	$	24,336	$	20,930	$	66,154	$	221,116

The following table summarizes the Company’s outstanding trust preferred securities at December 31, 2013:

						Common	Junior subordinated debentures owned by trust
Trust	Issuance date	Securities issued	Liquidation value(1)		Coupon rate	shares issued to parent	Amount		Maturity	Redeemable by issuer beginning
In millions of dollars, except share amounts
Citigroup Capital III	Dec. 1996	194,053	$	194	7.625%	6,003	$	200	Dec. 1, 2036	Not redeemable
Citigroup Capital IX	Feb. 2003	33,874,813	847		6.000%	1,047,675	873		Feb. 14, 2033	Feb. 13, 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 XVII	Mar. 2007	28,047,927	701		6.350%	20,000	702		Mar. 15, 2067	Mar. 15, 2012
Citigroup Capital XVIII	Jun. 2007	99,901	165		6.829%	50	165		June 28, 2067	June 28, 2017
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			$	4,731			$	4,781

(1) Represents the notional value received by investors from the trusts at the time of issuance.

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