SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 17, 2001
------------------------------------
CITIBANK (SOUTH DAKOTA), N.A.
ON BEHALF OF
CITIBANK CREDIT CARD MASTER TRUST I
(Issuer of the Collateral Certificate)
and
CITIBANK CREDIT CARD ISSUANCE TRUST
(Issuer of the Citiseries Class A notes,
Class B notes and Class C notes)
(Exact name of registrant as specified in charter)
UNITED STATES OF AMERICA
(State or other jurisdiction of incorporation)
46-0358360
(I.R.S. Employer Identification No.)
333-80743
(Commission File No.)
701 EAST 60TH STREET, NORTH
SIOUX FALLS, SOUTH DAKOTA 57117
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (605) 331-2626
NOT APPLICABLE
(Former name or former address, if changed since last report)
1
ITEM 5. OTHER EVENTS.
Citibank Credit Card Issuance Trust (the "issuer") has issued Class A
notes, Class B notes and Class C notes of the Citiseries pursuant to an
Indenture between the issuer and Bankers Trust Company, as trustee. The
issuer's primary asset -- and its primary source of funds for the payment of
principal of and interest on the notes -- is a collateral certificate issued by
Citibank Credit Card Master Trust I (the "master trust") to the issuer. The
collateral certificate represents an undivided interest in the assets of the
master trust. The master trust assets consist primarily of credit card
receivables arising in a portfolio of revolving credit card accounts.
Filed as Exhibit 99.1 to this Form 8-K is a copy of the monthly issuer's
report containing information regarding the notes of the Citiseries, the master
trust's assets and the collateral certificate for the due period ending
December 26, 2000 and the related payment dates for the notes delivered
pursuant to Section 907 of the Indenture.
2
Item 7(c). Exhibits
Exhibits Description
-------- -----------
99.1 Monthly Issuer's Report for the Due Period ending
December 26, 2000 and the related Payment Dates
for the Notes.
3
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
CITIBANK (SOUTH DAKOTA), N.A.,
as Managing Beneficiary of
Citibank Credit Card Issuance Trust
and
as Servicer of
Citibank Credit Card Master Trust I
By: /s/ Douglas Morrison
--------------------------------
Douglas Morrison
Vice President
Dated: January 11, 2001
4
EXHIBIT 99.1
CITIBANK (SOUTH DAKOTA), N.A.
CITIBANK (NEVADA), NATIONAL ASSOCIATION
==============================================================================
CITIBANK CREDIT CARD ISSUANCE TRUST / CITIBANK CREDIT CARD MASTER TRUST I
For the Due Period Ending December 26, 2000
==============================================================================
This Report relates to the Due Period ending December 26, 2000 and the related
Payment Dates for the Notes.
A. Information Regarding the Master Trust portfolio
------------------------------------------------
1. Portfolio Yield for the Collateral Certificate ........ 13.16%
Yield Component ................................... 17.15%
Credit Loss Component ............................. 4.00%
2. New Purchase Rate ..................................... 24.01%
3. Total Payment Rate .................................... 18.90%
4. Principal Payment Rate ................................ 18.04%
5. Aggregate Amount of Principal Receivables in the Master Trust:
Beginning of Due Period ............................ $ 51,918,937,679
Average ............................................ $ 52,685,318,418
Lump Sum Addition .................................. $ 0
End of Due Period .................................. $ 54,252,466,044
6. Delinquencies (Aggregate outstanding balances in the Accounts that
were delinquent by the time periods listed below as of the close of
business of the month preceding the Payment Dates, as a percentage
of aggregate Receivables as of the last day of the Due Period) :
Current .......................................... $ 50,151,177,732
5-34 days delinquent ........................... $ 2,596,139,936
35-64 days delinquent ........................... $ 814,410,163
65-94 days delinquent ........................... $ 469,594,875
95-124 days delinquent ........................... $ 274,128,838
125-154 days delinquent ........................... $ 276,535,304
155-184 days delinquent ........................... $ 158,682,084
Current ........................................... 91.62%
5-34 days delinquent ........................... 4.74%
35-64 days delinquent ........................... 1.49%
65-94 days delinquent ........................... 0.86%
95-124 days delinquent ........................... 0.50%
125-154 days delinquent ........................... 0.51%
155-184 days delinquent ........................... 0.28%
Page 5
CITIBANK (SOUTH DAKOTA), N.A.
CITIBANK (NEVADA), NATIONAL ASSOCIATION
==============================================================================
CITIBANK CREDIT CARD ISSUANCE TRUST / CITIBANK CREDIT CARD MASTER TRUST I
For the Due Period Ending December 26, 2000
==============================================================================
Current Due Current Due
Period on an Period on a
Actual Basis(1) Standard Basis(1)
B. Information Regarding the Collateral Certificate
------------------------------------------------
(Percentage Basis)
1. Portfolio Yield 13.16% 13.15%
2. Weighted Average Note Rate 7.48% 6.94%
3. Weighted Average Investor Fee Rates
Fixed Servicing Fee 0.37% 0.37%
Others 0.00% 0.00%
4. Surplus Finance Charge Collections 5.31% 5.84%
5. Surplus Finance Charge Collections For
Purposes of Funding Class C Reserve Account 5.31% 5.84%
6. Required Surplus Finance Charge Amount 0.00% 0.00%
7. Aggregate Surplus Finance Charge Amount
minus Required Surplus Finance Charge Amount 5.31% 5.84%
C. Information Regarding the Collateral Certificate
------------------------------------------------
(Dollars Basis)
1. Total Investor Collections $ 1,318,567,004 $ 1,318,525,337
Principal Collections $ 1,226,550,354 $ 1,226,550,354
Finance Charge Collections $ 92,016,650 $ 91,974,983
2. Investor Default Amount $ 21,546,772 $ 21,546,772
3. Investor Monthly Interest $ 44,975,780 $ 41,693,217
4. Investor Monthly Fees
Fixed Servicing Fees $ 2,086,389 $ 2,096,667
Others $ 0 $ 0
5. Surplus Finance Charge Collections $ 23,407,709 $ 26,638,327
6. Required Surplus Finance Charge Collections $ 0 $ 0
7. Aggregate Surplus Finance Charge Amount minus
Required Surplus Finance Charge Amount $ 23,407,709 $ 26,638,327
(1) Values for Current Due Period on an Actual Basis reflect, in the case
of a first due period close of a tranche of Notes, activity from the
series cut-off or close dates until the first due period end, or, as in
the case of Investor Monthly Interest and certain fees, until the first
Monthly Interest Date. Values for Current Due Period on a Standard Basis
reflect activity for the entire current due period, as if all Notes had
already been outstanding prior to the first day of such due period.
All percents are based on actual cash revenue or expense for the period,
converted to an annualized percent using day counts appropriate for the
item, either 30/360, actual/360, or actual/actual. Depending on the item,
cash expenses may accrue from November 28, 2000 to December 26, 2000, 29
days, or December 6, 2000 to January 4, 2001, 30 days (standard basis).
Page 6
CITIBANK (SOUTH DAKOTA), N.A.
CITIBANK (NEVADA), NATIONAL ASSOCIATION
==============================================================================
CITIBANK CREDIT CARD ISSUANCE TRUST / CITIBANK CREDIT CARD MASTER TRUST I
For the Due Period Ending December 26, 2000
==============================================================================
D. Information Regarding Notes of Citiseries
-----------------------------------------
(Aggregate Basis)
1a. Class A Outstanding Dollar Principal Amount ...........$5,500,000,000
1b. Class B Outstanding Dollar Principal Amount ...........$ 500,000,000
1c. Class C Outstanding Dollar Principal Amount ...........$ 800,000,000
2a. Targeted Deposit to Class A Interest Funding Account ..$ 36,807,052
2b. Targeted Deposit to Class B Interest Funding Account ..$ 3,130,548
2c. Targeted Deposit to Class C Interest Funding Account ..$ 5,038,180
3a. Balance in the Class A Interest Funding Account ......$ 75,988,862
3b Balance in the Class B Interest Funding Account ......$ 10,889,538
3c Balance in the Class C Interest Funding Account ......$ 18,130,298
4a. Targeted Deposit to Class A Principal Funding Account $ 0
4b. Targeted Deposit to Class B Principal Funding Account $ 0
4c. Targeted Deposit to Class C Principal Funding Account $ 0
5a. Balance in the Class A Principal Funding Account ...$ 0
5b. Balance in the Class B Principal Funding Account ...$ 0
5c. Balance in the Class C Principal Funding Account ...$ 0
6. Targeted Deposit to Class C Reserve Account .........$ 0
7. Balance in the Class C Reserve Account ............$ 0
8a. Maximum enhancement amount available to
Outstanding Class A Notes from Class B Notes ........$ 329,060,050
8b. As a Percentage of Class A Outstanding
Dollar Principal Amount .......................... 5.98291%
8c. Maximum enhancement amount available to
Outstanding Class A Notes from Class C Notes ........$ 438,746,550
8d. As a Percentage of Class A Outstanding
Dollar Principal Amount ..........................$ 7.97721%
8e. Maximum enhancement amount available to
Outstanding Class B Notes from Class C Notes ........$ 666,666,650
8f. As a Percentage of Class B Outstanding
Dollar Principal Amount .......................... 133.33333%
9a. Reduction in the Class A Nominal Liquidation
Amount resulting from an allocation
of Investor Charge-Offs ..........................$ 0
9b. Reduction in the Class B Nominal Liquidation
Amount resulting from an allocation of Investor
Charge-Offs or a reallocation of Principal
Collections to pay interest on Class A Notes ........$ 0
9c. Reduction in the Class C Nominal Liquidation
Amount resulting from an allocation of Investor
Charge-Offs or a reallocation of Principal
Collections to pay interest on
Class A or Class B Notes ..........................$ 0
10a. Reimbursement of Class A Nominal Liquidation Amount ...$ 0
10b. Reimbursement of Class B Nominal Liquidation Amount ...$ 0
10c. Reimbursement of Class C Nominal Liquidation Amount ...$ 0
Page 7
CITIBANK (SOUTH DAKOTA), N.A.
CITIBANK (NEVADA), NATIONAL ASSOCIATION
==============================================================================
CITIBANK CREDIT CARD ISSUANCE TRUST / CITIBANK CREDIT CARD MASTER TRUST I
For the Due Period Ending December 26, 2000
==============================================================================
E. Information Regarding Distributions to Noteholders of Citiseries
----------------------------------------------------------------
(Aggregate Basis)
1a. The total amount of the distribution to Class A Noteholders
on the applicable Payment Dates .................$ 0
1b. The total amount of the distribution to Class B Noteholders
on the applicable Payment Dates .................$ 3,260,432
1c. The total amount of the distribution to Class C Noteholders
on the applicable Payment Dates .................$ 4,596,132
2a. The amount of the distribution set forth in item 1(a) above
in respect of principal on the Class A Notes ....$ 0
2b. The amount of the distribution set forth in item 1(b) above
in respect of principal on the Class B Notes ....$ 0
2c. The amount of the distribution set forth in item 1(c) above
in respect of principal on the Class C Notes ....$ 0
3a. The amount of the distribution set forth in item 1(a) above
in respect of interest on the Class A Notes ......$ 0
3b. The amount of the distribution set forth in item 1(b) above
in respect of interest on the Class B Notes ......$ 3,260,432
3c. The amount of the distribution set forth in item 1(c) above
in respect of interest on the Class C Notes ......$ 4,596,132
4a. The amount, if any, by which the Adjusted Outstanding
Dollar Principal Amount of the Class A Notes exceeds
the Class A Nominal Liquidation Amount as of the Record
Date with respect to the applicable Payment Dates .....$ 0
4b. The amount, if any, by which the Adjusted Outstanding
Dollar Principal Amount of the Class B Notes exceeds
the Class B Nominal Liquidation Amount as of the Record
Date with respect to the applicable Payment Dates .....$ 0
4c. The amount, if any, by which the Adjusted Outstanding
Dollar Principal Amount of the Class C Notes exceeds
the Class C Nominal Liquidation Amount as of the Record
Date with respect to the applicable Payment Dates .....$ 0
Page 8
CITIBANK (SOUTH DAKOTA), N.A.
CITIBANK (NEVADA), NATIONAL ASSOCIATION
==============================================================================
CITIBANK CREDIT CARD ISSUANCE TRUST / CITIBANK CREDIT CARD MASTER TRUST I
For the Due Period Ending December 26, 2000
==============================================================================
F. Information Regarding Notes of Citiseries
---------------------------------------------------------
(Individual Tranche Basis)
1. Outstanding Dollar Principal Amount; Interest Payments and Deposits to
Interest Funding Sub-Accounts
-----------------------------------------------------------------------------
Class/ Outstanding Monthly Targeted Actual CumulativeInterest Interest
Tranche Dollar Accre- Interest Interest Shortfall Funding Payment
Principal tion Monthly Monthly in Sub-Account On
Amount Deposit Deposit Interest Balance Payment
Funding Date
Sub-Account
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-A1 1,500,000,000 9,210,533 9,210,533 31,390,768
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-A2 3,000,000,000 18,135,013 18,135,013 35,136,588
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-A3 1,000,000,000 9,461,505 9,461,505 9,461,505
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-B1 350,000,000 2,198,996 2,198,996 7,629,105
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-B2 150,000,000 931,552 931,552 0 3,260,432
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-C1 600,000,000 3,725,000 3,725,000 13,534,167
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-C2 200,000,000 1,313,180 1,313,180 0 4,596,131
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2. Principal Payments and Deposits to Principal Funding Sub-Accounts
-----------------------------------------------------------------------------
Class/Tranche Targeted Actual Cumulative Principal Principal
Principal Principal Shortfall Funding Payment On
Monthly Monthly in Sub-Account Payment Date
Deposit Deposit Principal Balance
Funding
Sub-Account
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Nothing to Report For This Period
----------------------------------------------------------------------------
3. Deposits to and Withdrawals from Class C Reserve Sub-Accounts
----------------------------------------------------------------------------
Class/Tranche Targeted Actual Cumulative Withdrawals Class C
Deposit Deposit to Shortfall from Class C Reserve
to Class Class C in Class C Reserve Sub-Account
C Reserve Reserve Sub-Account Balance
Reserve Sub-Account Sub-Account
Sub-Account
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Nothing to Report for This Period
----------------------------------------------------------------------------
The information reported is for the Due Period ending December 26,2000, and
giving effect to all Deposits, allocations, reallocations and payments to
be made in the month after the end of this Due Period.
Page 9
CITIBANK (SOUTH DAKOTA), N.A.
CITIBANK (NEVADA), NATIONAL ASSOCIATION
==============================================================================
CITIBANK CREDIT CARD ISSUANCE TRUST / CITIBANK CREDIT CARD MASTER TRUST I
For the Due Period Ending December 26, 2000
==============================================================================
4. Maximum Enhancement Amount Available to Class A Notes; Class A Usage of
Class B and Class C Subordinated Amounts
-----------------------------------------------------------------------------
Class/ Maximum Maximum Class A Class A Cumulative Cumulative
Tranche EnhancementEnhancementUsage of Usage of Class A Class A
Amount Amount Class B Class C Usage of Usage of
Available Available Subordi- Subordi- Class B Class C
from from nated Amt. nated Amt. Subordi- Subordinated
Class B Class C for this for this nated Amount
Notes Notes Due Period Due Period Amount
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-A1 89,743,650 119,658,150
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-A2 179,487,300 239,316,300
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-A3 59,829,100 79,772,100
-----------------------------------------------------------------------------
5. Maximum Enhancement Amount Available to Class B Notes; Class B Usage of
Class C Subordinated Amount
-----------------------------------------------------------------------------
Class/Tranche Maximum Class B Usage of Cumulative Class B
Enhancement Class C Usage of Class C
Amount Available Subordinated Subordinated Amount
from Class C Amount for this
Notes Due Period
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-B1 466,666,655
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
2000-B2 199,999,995
-----------------------------------------------------------------------------
6. Reductions of and Reimbursements to Nominal Liquidation Amount
-----------------------------------------------------------------------------
Class/ Reduction Reduction Cumulative Cumulative Reimbursement
Tranche Resulting Resulting Reduction Reduction of prior
from an from a Resulting Resulting reductions
Allocation Reallocation from an from a of Nominal
of of Allocation of Reallocation Liquidation
Investor Principal Investor of Principal Amount for
Charge-offs Collections Charge-offs Collections this Due
for this to pay (net of to pay Period
Due Period interest Reimburse- interest on
on senior ments) senior
classes classes of
of Notes Notes (net of
for this Reimbursements)
Due Period
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Nothing to Report for This Period
-----------------------------------------------------------------------------
Page 10
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Report this 8th day of January 2001.
CITIBANK (SOUTH DAKOTA), N.A.,
As Managing Beneficiary of Citibank Credit
Card Issuance Trust
and
As Servicer of Citibank Credit Card
Master Trust I
By: /s/ Susan Sexton
__________________________________________
Name: Susan Sexton
Title: Authorized Representative
Page 11