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Liability Profile

Securitization is an integral part of the funding and risk management of Citibank's credit card business. The yearly issuance plan is built around a target level of funding for the entire credit card business to be furnished through securitization. This target level can vary from year to year, but has remained within a range of 50%-70% over the last ten years. Currently, securitization funds approximately 10% of Citibank's U.S. credit card business. The volume of securitization in a calendar year derives from maturing securitizations and portfolio growth and acquisition.

Each year, a target average maturity of borrowings is determined. The goal is to limit the amount of securities to re-finance at any time, by applying upper limits on the amount of securities maturing in any month, quarter, and year.

The entire curve is used, from commercial paper out to 30 years. Fixed- and floating-rate securities can be issued, according to investor demand; interest rate exposure decisions are made independently of issuance decisions. Non-USD securities can be issued, but these are swapped back to USD, as the Trust cannot have currency exposure.

Subordinated securities are offered independently of senior securities (i.e., they are "de-linked"), but senior securities cannot be issued if there are insufficient amounts of available subordinated securities outstanding.

CCCIT, which was introduced in 2000, is the current issuance vehicle out of the Citibank Credit Card Master Trust. CCCIT had outstanding securities totaling $5.4 billion as of October 31, 2023.

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