Citigroup retires $4.03 billion debt in 2010, hopes to buy back more

By Jennifer Lanning Drey

Savannah, Ga., Jan. 21 - Citigroup Inc. would like to do more buybacks in 2011 after completing a series of tender offers for senior and subordinated debt in 2010, Eric Aboaf, Citigroup's treasurer, said Friday during a company conference call for fixed-income investors.

Citigroup retired $3.42 billion of senior debt and $606 million of subordinated debt in 2010.

Aboaf also noted during the call that Citigroup has $41.0 billion of debt maturing in 2011 and $62.6 billion maturing in 2012. Of the 2011 amount, $20.3 billion of the 2011 amount was issued under the Temporary Liquidity Guarantee Program. In 2012, $38.1 billion of the maturing debt is TLGP debt.

Citigroup does not expect to replace maturing TLGP debt, Aboaf said.

Citigroup issued about $21 billion of long-term debt in 2010 and expects issuance levels of long-term debt to stay consistent at about $20 billion in the coming years, he said.

The financial services company is based in New York.

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