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C » Topics » Primary Uses of and Involvement in SPEs

This excerpt taken from the C 8-K filed Jan 23, 2009.

Primary Uses of and Involvement in SPEs

 

Citigroup is involved with many types of special-purpose entities (SPEs) in the normal course of business. The primary uses of SPEs are to obtain sources of liquidity for the Company and its clients through securitization vehicles and commercial paper conduits; to create investment products for clients; to provide asset-based financing to clients; or to raise financing for the Company.

 

The Company provides various products and services to SPEs. For example, it may:

 

·          Underwrite securities issued by SPEs and subsequently make a market in those securities;

·          Provide liquidity facilities to support short-term obligations of the SPE issued to third parties;

·          Provide loss enhancement in the form of letters of credit, guarantees, credit default swaps or total return swaps (where the Company receives the total return on certain assets held by the SPE);

·          Enter into derivative contracts with the SPE;

·          Act as investment manager;

·          Provide debt financing to or have an ownership interest in the SPE; or

·          Provide administrative, trustee or other services.

 

SPEs used by the Company are generally accounted for as qualifying SPEs (QSPEs) or Variable Interest Entities (VIEs), as described below.

 

This excerpt taken from the C 10-Q filed Oct 31, 2008.

Primary Uses of and Involvement in SPEs

        Citigroup is involved with many types of special-purpose entities (SPEs) in the normal course of business. The primary uses of SPEs are to obtain sources of liquidity for the Company and its clients through securitization vehicles and commercial paper conduits; to create investment products for clients; to provide asset-based financing to clients; or to raise financing for the Company.

        The Company provides various products and services to SPEs. For example, it may:

    •
    Underwrite securities issued by SPEs and subsequently make a market in those securities;

    •
    Provide liquidity facilities to support short-term obligations of the SPE issued to third parties;

    •
    Provide credit enhancement in the form of letters of credit, guarantees, credit default swaps or total return swaps (where the Company receives the total return on certain assets held by the SPE);

    •
    Enter into interest rate, currency or other derivative contracts with the SPE;

    •
    Act as investment manager;

    •
    Provide debt financing to or have an ownership interest in the SPE; or

    •
    Provide administrative, trustee or other services.

        SPEs used by the Company are generally accounted for as qualifying SPEs (QSPEs) or Variable Interest Entities (VIEs), as described below.

This excerpt taken from the C 8-K filed Aug 14, 2008.

Primary Uses of and Involvement in SPEs

 

Citigroup is involved with many types of special-purpose entities (SPEs) in the normal course of business. The primary uses of SPEs are to obtain sources of liquidity for the Company and its clients through securitization vehicles and commercial paper conduits; to create investment products for clients; to provide asset-based financing to clients; or to raise financing for the Company.

 

The Company provides various products and services to SPEs. For example, it may:

 

·

Underwrite securities issued by SPEs and subsequently make a market in those securities;

·

Provide liquidity facilities to support short-term obligations of the SPE issued to third parties;

·

Provide loss enhancement in the form of letters of credit, guarantees, credit default swaps or total return swaps (where the Company receives the total return on certain assets held by the SPE);

·

Enter into derivative contracts with the SPE;

·

Act as investment manager;

·

Provide debt financing to or have an ownership interest in the SPE; or

·

Provide administrative, trustee or other services.

 

SPEs used by the Company are generally accounted for as qualifying SPEs (QSPEs) or Variable Interest Entities (VIEs), as described below.

 

This excerpt taken from the C 10-Q filed Aug 1, 2008.

Primary Uses of and Involvement in SPEs

        Citigroup is involved with many types of special-purpose entities (SPEs) in the normal course of business. The primary uses of SPEs are to obtain sources of liquidity for the Company and its clients through securitization vehicles and commercial paper conduits; to create investment products for clients; to provide asset-based financing to clients; or to raise financing for the Company.

        The Company provides various products and services to SPEs. For example, it may:

    •
    Underwrite securities issued by SPEs and subsequently make a market in those securities;

    •
    Provide liquidity facilities to support short-term obligations of the SPE issued to third parties;

    •
    Provide credit enhancement in the form of letters of credit, guarantees, credit default swaps or total return swaps (where the Company receives the total return on certain assets held by the SPE);

    •
    Enter into interest rate, currency or other derivative contracts with the SPE;

    •
    Act as investment manager;

    •
    Provide debt financing to or have an ownership interest in the SPE; or

    •
    Provide administrative, trustee or other services.

        SPEs used by the Company are generally accounted for as qualifying SPEs (QSPEs) or Variable Interest Entities (VIEs), as described below.

This excerpt taken from the C 10-Q filed May 2, 2008.

Primary Uses of and Involvement in SPEs

        Citigroup is involved with many types of special-purpose entities (SPEs) in the normal course of business. The primary uses of SPEs are to obtain sources of liquidity for the Company and its clients through securitization vehicles and commercial paper conduits; to create investment products for clients; to provide asset-based financing to clients; or to raise financing for the Company.

        The Company provides various products and services to SPEs. For example, it may:

    •
    Underwrite securities issued by SPEs and subsequently make a market in those securities;

    •
    Provide liquidity facilities to support short-term obligations of the SPE issued to third parties;

    •
    Provide loss enhancement in the form of letters of credit, guarantees, credit default swaps or total return swaps (where the Company receives the total return on certain assets held by the SPE);

    •
    Enter into derivative contracts with the SPE;

    •
    Act as investment manager;

    •
    Provide debt financing to or have an ownership interest in the SPE; or

    •
    Provide administrative, trustee or other services.

        SPEs used by the Company are generally accounted for as qualifying SPEs (QSPEs) or Variable Interest Entities (VIEs), as described below.

This excerpt taken from the C 10-K filed Feb 22, 2008.

Primary Uses of and Involvement in SPEs

Citigroup is involved with many types of special-purpose entities (SPEs) in the normal course of business. The primary uses of SPEs are to obtain sources of liquidity for the Company and its clients through securitization vehicles and commercial paper conduits; to create investment products for clients; to provide asset-based financing to clients; or to raise financing for the Company.

The Company provides various products and services to SPEs. For example, it may:

 

•  

Underwrite securities issued by SPEs and subsequently make a market in those securities;

•  

Provide liquidity facilities to support short-term obligations of the SPE issued to third parties;

•  

Provide loss enhancement in the form of letters of credit, guarantees, credit default swaps or total return swaps (where the Company receives the total return on certain assets held by the SPE);

•  

Enter into derivative contracts with the SPE;

•  

Act as investment manager;

•  

Provide debt financing to or have an ownership interest in the SPE; or

•  

Provide administrative, trustee or other services.


 

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Table of Contents

 

SPEs used by the Company are generally accounted for as qualifying SPEs (QSPEs) or Variable Interest Entities (VIEs), as described below.

EXCERPTS ON THIS PAGE:

8-K
Jan 23, 2009
10-Q
Oct 31, 2008
8-K
Aug 14, 2008
10-Q
Aug 1, 2008
10-Q
May 2, 2008
10-K
Feb 22, 2008

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