Weighted average interest rate after effect of derivative contract

  
17.  DEBT  
Short-Term Borrowings  


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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2021 | 2020 |
| In millions of dollars | Balance | Weighted average coupon | Balance |  | Weighted average coupon |
| Commercial paper |  |  |  |  |  |
| Bank(1) | $ | 9,026  |  |  | $ | 10,022  |  |  |  |
| Broker-dealer and other(2) | 6,992  |  |  | 7,988  |  |  |  |
| Total commercial paper | $ | 16,018  |  | 0.22  | % | $ | 18,010  |  |  | 0.24  | % |
| Other borrowings(3) | 11,955  |  | 0.91  |  | 11,504  |  |  | 0.48  |  |
| Total | $ | 27,973  |  |  | $ | 29,514  |  |  |  |

  
(1)Represents Citibank entities as well as other bank entities.(2)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company.(3)Includes borrowings from Federal Home Loan Banks and other market participants. At December 31, 2021 and 2020, collateralized short-term advances from Federal Home Loan Banks were $0.0 billion and $4.0 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. 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  


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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Balances atDecember 31, |  |  |
| In millions of dollars | Weightedaveragecoupon(1) | Maturities | 2021 | 2020 |  |  |
| Citigroup Inc.(2) |  |  |  |  |  |  |
| Senior debt | 2.88  | % | 2022–2098 | $ | 137,651  |  | $ | 142,197  |  |  |  |
| Subordinated debt(3) | 4.65  |  | 2022–2046 | 25,560  |  | 26,636  |  |  |  |
| Trust preferred securities | 6.30  |  | 2036–2067 | 1,734  |  | 1,730  |  |  |  |
| Bank(4) |  |  |  |  |  |  |
| Senior debt | 1.54  |  | 2022–2039 | 23,567  |  | 44,742  |  |  |  |
| Broker-dealer(5) |  |  |  |  |  |  |
| Senior debt | 0.84  |  | 2022–2070 | 65,652  |  | 55,896  |  |  |  |
| Subordinated debt(3) | —  |  | 2022–2046 | 210  |  | 485  |  |  |  |
| Total | 2.94  | % |  | $ | 254,374  |  | $ | 271,686  |  |  |  |
| Senior debt |  |  | $ | 226,870  |  | $ | 242,835  |  |  |  |
| Subordinated debt(3) |  |  | 25,770  |  | 27,121  |  |  |  |
| Trust preferred securities |  |  | 1,734  |  | 1,730  |  |  |  |
| Total |  |  | $ | 254,374  |  | $ | 271,686  |  |  |  |

  
(1)The weighted average coupon excludes structured notes accounted for at fair value.(2)Represents the parent holding company.(3)Includes notes that are subordinated within certain countries, regions or subsidiaries.(4)Represents Citibank entities as well as other bank entities. At December 31, 2021 and 2020, collateralized long-term advances from Federal Home Loan Banks were $5.3 billion and $10.9 billion, respectively.(5)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line.  
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. 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, 2021, the Company’s overall weighted average interest rate for long-term debt, excluding structured notes accounted for at fair value, was 2.94% on a contractual basis and 3.12% including the effects of derivative contracts.  
  
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