Liability Profile

Credit card securitization is an important source of funding for Citibank. The securitization market has been reliable across market cycles and has provided liquidity out to 30 years. The proportion of funding raised through securitization may vary due to a variety of factors, including Citibank’s funding and liquidity requirements and use of other funding sources.

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 $5.8 billion as of May 31, 2024.



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