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C » Topics » Credit Card Securitizations

This excerpt taken from the C 10-Q filed Nov 6, 2009.

Credit Card Securitizations

        The Company securitizes credit card receivables through trusts that are established to purchase the receivables. Citigroup sells receivables into the QSPE trusts on a non-recourse basis. Credit card securitizations are revolving securitizations; that is, as customers pay their credit card balances, the cash proceeds are used to purchase new receivables and replenish the receivables in the trust. The Company relies on securitizations to fund a significant portion of its managed North America Cards business.

        The following table reflects amounts related to the Company's securitized credit card receivables at September 30, 2009 and December 31, 2008:

 
   Citicorp   Citi Holdings  
In billions of dollars   September 30,
2009 		  December 31,
2008 		  September 30,
2009 		  December 31,
2008 		 

Principal amount of credit card receivables in trusts

   $ 78.3   $ 78.3   $ 41.3   $ 45.7  
                   

Ownership interests in principal amount of trust credit card receivables:

                          

Sold to investors via trust-issued securities

     65.5     68.2     26.5     30.0  

Retained by Citigroup as trust-issued securities

     5.1     1.2     9.5     5.4  

Retained by Citigroup via non-certificated interests recorded as consumer loans

     7.7     8.9     5.3     10.3  
                   

Total ownership interests in principal amount of trust credit card receivables

   $ 78.3   $ 78.3   $ 41.3   $ 45.7  
                   

Other amounts recorded on the balance sheet related to interests retained in the trusts:

                          

Other retained interests in securitized assets

   $ 1.3   $ 1.2   $ 1.6   $ 2.0  

Residual interest in securitized assets(1)

     0.3     0.3     1.0     1.4  

Amounts payable to trusts

     1.1     1.0     0.7     0.7  
                   
(1)
September 30, 2009 balances include net unbilled interest of $0.3 billion for Citicorp and $0.4 billion for Citi Holdings. December 31, 2008 balances included net unbilled interest of $0.3B for Citicorp and $0.3B for Citi Holdings.
This excerpt taken from the C 10-Q filed Aug 7, 2009.

Credit Card Securitizations

        The Company securitizes credit card receivables through trusts that are established to purchase the receivables. Citigroup sells receivables into the QSPE trusts on a non-recourse basis. Credit card securitizations are revolving securitizations; that is, as customers pay their credit card balances, the cash proceeds are used to purchase new receivables and replenish the receivables in the trust. The Company relies on securitizations to fund a significant portion of its managed North America Cards business.

        The following table reflects amounts related to the Company's securitized credit card receivables at June 30, 2009 and December 31, 2008:

 
   Citicorp   Citi Holdings  
In billions of dollars   June 30,
2009 		  December 31,
2008 		  June 30,
2009 		  December 31,
2008 		 
Principal amount of credit card receivables in trusts   $ 77.4   $ 78.3   $ 42.6   $ 45.7  
                   
Ownership interests in principal amount of trust credit card receivables:                          
Sold to investors via trust-issued securities     65.5     68.2     28.3     30.0  
Retained by Citigroup as trust-issued securities     5.1     1.2     9.0     5.4  
Retained by Citigroup via non-certificated interests recorded as consumer loans     6.8     8.9     5.3     10.3  
                   
Total ownership interests in principal amount of trust credit card receivables   $ 77.4   $ 78.3   $ 42.6   $ 45.7  
                   
Other amounts recorded on the balance sheet related to interests retained in the trusts:                          
Other retained interests in securitized assets   $ 1.2   $ 1.2   $ 1.6   $ 2.0  
Residual interest in securitized assets(1)     0.3     0.3     1.0     1.4  
Amounts payable to trusts     1.2     1.0     0.7     0.7  
                   
(1)
June 30, 2009 balances include net unbilled interest of $0.3B for Citicorp and $0.4B for Citi Holdings. December 31, 2008 balances included net unbilled interest of $0.3B for Citicorp and $0.3B for Citi Holdings.

EXCERPTS ON THIS PAGE:

10-Q
Nov 6, 2009
10-Q
Aug 7, 2009

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