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): April 16, 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
March 27, 2001 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
March 27, 2001 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: April 16, 2001
4
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 March 27, 2001
==============================================================================
This Report relates to the Due Period ending March 27, 2001 and the related
Payment Dates for the Notes.
A. Information Regarding the Master Trust portfolio
------------------------------------------------
1. Portfolio Yield for the Collateral Certificate ........ 13.17%
Yield Component ................................... 16.90%
Credit Loss Component ............................. 3.73%
2. New Purchase Rate ..................................... 20.88%
3. Total Payment Rate .................................... 21.10%
4. Principal Payment Rate ................................ 20.10%
5. Aggregate Amount of Principal Receivables in the Master Trust:
Beginning of Due Period ............................ $ 52,523,129,930
Average ............................................ $ 52,069,654,991
Lump Sum Addition .................................. $ 0
End of Due Period .................................. $ 52,272,056,417
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 ........................................... $ 48,446,606,968
5-34 days delinquent ........................... $ 2,219,709,060
35-64 days delinquent ........................... $ 690,410,172
65-94 days delinquent ........................... $ 463,968,722
95-124 days delinquent ........................... $ 368,656,749
125-154 days delinquent ........................... $ 327,201,774
155-184 days delinquent ........................... $ 227,881,417
Current ........................................... 91.85%
5-34 days delinquent ........................... 4.21%
35-64 days delinquent ........................... 1.31%
65-94 days delinquent ........................... 0.88%
95-124 days delinquent ........................... 0.70%
125-154 days delinquent ........................... 0.62%
155-184 days delinquent ........................... 0.43%
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 March 27, 2001
==============================================================================
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 13.17% 13.17%
2. Weighted Average Note Rate 5.63% 5.63%
3. Weighted Average Investor Fee Rates
Fixed Servicing Fee 0.37% 0.37%
Others 0.00% 0.00%
4. Surplus Finance Charge Collections 7.17% 7.17%
5. Surplus Finance Charge Collections For
Purposes of Funding Class C Reserve Account 6.84% 6.84%
6. Required Surplus Finance Charge Amount 0.00% 0.00%
7. Aggregate Surplus Finance Charge Amount
minus Required Surplus Finance Charge Amount 7.17% 7.17%
C. Information Regarding the Collateral Certificate
------------------------------------------------
(Dollars Basis)
1. Total Investor Collections $ 2,839,413,392 $ 2,839,413,392
Principal Collections $ 2,643,803,494 $ 2,643,803,494
Finance Charge Collections $ 195,609,898 $ 195,609,898
2. Investor Default Amount $ 43,049,674 $ 43,049,674
3. Investor Monthly Interest $ 66,932,026 $ 66,932,026
4. Investor Monthly Fees
Fixed Servicing Fees $ 4,054,583 $ 4,054,583
Others $ 41,250 $ 41,250
5. Surplus Finance Charge Collections $ 81,532,365 $ 81,532,365
6. Required Surplus Finance Charge Collections$ 0 $ 0
7. Aggregate Surplus Finance Charge Amount minus
Required Surplus Finance Charge Amount $ 81,532,365 $ 81,532,365
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 March 27, 2001
==============================================================================
D. Information Regarding Notes of Citiseries
-----------------------------------------
(Aggregate Basis)
1a. Class A Outstanding Dollar Principal Amount ...........$17,000,000,000
For all Class A notes except Class 2001-A3 (Dakota)....$ 9,000,000,000
For Class 2001-A3 (Dakota).............................$ 8,000,000,000
1b. Class B Outstanding Dollar Principal Amount ...........$ 850,000,000
1c. Class C Outstanding Dollar Principal Amount ...........$ 1,300,000,000
2a. Targeted Deposit to Class A Interest Funding Account ..$ 54,684,874
2b. Targeted Deposit to Class B Interest Funding Account$ 4,415,249
2c. Targeted Deposit to Class C Interest Funding Account ..$ 7,831,902
3a. Balance in the Class A Interest Funding Account ......$ 147,330,293
3b Balance in the Class B Interest Funding Account ......$ 8,887,008
3c Balance in the Class C Interest Funding Account ......$ 14,623,396
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
Data Applicable to all Classes Except 2001-A3 (Dakota)
------------------------------------------------------
8a. Maximum enhancement amount available to
Outstanding Class A Notes from Class B Notes ........$ 538,461,900
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 ........$ 717,948,900
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 ........$ 1,133,333,305
8f. As a Percentage of Class B Outstanding
Dollar Principal Amount ........................... 133.33333%
Data Applicable to Class 2001-A3 (Dakota)
-----------------------------------------
9a. Maximum enhancement amount available to Outstanding
Class 2001-A3 Notes (Dakota) from Class C Notes........$ 556,149,600
9b. As a Percentage of Class 2001-A3 Notes (Dakota)
Outstanding Dollar Principal Amount .................... 6.95187%
9c. Maximum enhancement amount available to Outstanding
Class 2001-A3 Notes (Dakota) from Class B Notes........$ 0
9d. As a Percentage of Class 2001-A3 Notes (Dakota)
Outstanding Dollar Principal 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 March 27, 2001
==============================================================================
Data Applicable to all Classes
------------------------------
10a. Reduction in the Class A Nominal Liquidation
Amount resulting from an allocation
of Investor Charge-Offs ..........................$ 0
10b. 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
10c. 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
11a. Reimbursement of Class A Nominal Liquidation Amount ...$ 0
11b. Reimbursement of Class B Nominal Liquidation Amount ...$ 0
11c. Reimbursement of Class C Nominal Liquidation Amount ...$ 0
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 .................$ 62,780,388
1b. The total amount of the distribution to Class B Noteholders
on the applicable Payment Dates .................$ 7,169,068
1c. The total amount of the distribution to Class C Noteholders
on the applicable Payment Dates .................$ 10,898,396
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 ......$ 62,780,388
3b. The amount of the distribution set forth in item 1(b) above
in respect of interest on the Class B Notes ......$ 7,169,068
3c. The amount of the distribution set forth in item 1(c) above
in respect of interest on the Class C Notes ......$ 10,898,396
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 March 27, 2001
==============================================================================
F. Information Regarding Notes of Citiseries2
---------------------------------------------------------
(Individual Tranche Basis)
1. Outstanding Dollar Principal Amount; Interest Payments and Deposits to
Interest Funding Sub-Accounts
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
Class/ Outstanding Monthly Targeted Actual Cumulative Interest Interest
Tranche Dollar Accretion Interest Interest Shortfall in Funding Payment On
Principal Monthly Monthly Interest Sub-Account Payment Date
Amount Deposit Deposit Funding Balance
Sub-Account
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2000-A1 1,500,000,000 0 7,148,866 7,148,866 0 0 52,865,556
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2000-A2 3,000,000,000 0 15,015,000 15,015,000 0 27,755,000 0
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2000-A3 1,000,000,000 0 4,806,800 4,806,800 0 23,893,030 0
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2000-B1 350,000,000 0 1,717,940 1,717,940 0 1,717,940 0
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2000-B2 150,000,000 0 790,500 790,500 0
0 2,223,281
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2000-C1 600,000,000 0 3,725,000 3,725,000 0 3,725,000 0
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2000-C2 200,000,000 0 1,125,111 1,125,111 0 3,164,375
0
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2001-B1 350,000,000 0 1,906,809 1,906,809 0 0
4,945,787
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2001-C1 500,000,000 0 2,981,791 2,981,791 0 0
7,734,021
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2001-A1 1,250,000,000 0 6,393,750 6,393,750 0 11,818,750 0
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2001-A2 2,250,000,000 0 11,405,625 11,405,625 0 21,083,125 0
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2001-A3 8,000,000,000 0 9,914,832 9,914,832 0 0 9,914,832
------------ ---------------- ------------- ------------- ------------- -------------- ------------- --------------
2. Principal Payments and Deposits to Principal Funding Sub-Accounts
------------------------ ----------------- ----------------- ----------------- ----------------- ------------------
Class/Tranche Targeted Actual Cumulative Principal Principal Payment
Principal Principal Shortfall in Funding On Payment Date
Monthly Deposit Monthly Deposit Principal Sub-Account
Funding Balance
Sub-Account
----------------- ----------------- ----------------- ------------------
------------------------ ----------------- ----------------- ----------------- ----------------- ------------------
------------------------ ----------------- ----------------- ----------------- ----------------- ------------------
------------------------ ----------------- ----------------- ----------------- ----------------- ------------------
Nothing to Report For This Period
------------------------ ----------------- ----------------- ----------------- ----------------- ------------------
3. Deposits to and Withdrawals from Class C Reserve Sub-Accounts
------------------------ ---------------- ------------------ ------------------ ----------------- -----------------
Class/Tranche Targeted Actual Deposit Cumulative Withdrawals from Class C
Deposit to to Class C Shortfall in Class C Reserve
Class C Reserve Class C Reserve Sub-Account
Reserve Sub-Account Reserve Sub-Account Balance
Sub-Account Sub-Account
------------------ ------------------ ----------------- -----------------
------------------------ ---------------- ------------------ ------------------ ----------------- -----------------
------------------------ ---------------- ------------------ ------------------ ----------------- -----------------
----------------------------------------- ------------------ ------------------ ----------------- -----------------
Nothing to Report for This 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 March 27, 2001
==============================================================================
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 Usage Class A Usage Cumulative Cumulative
Tranche Enhancement Enhancement of Class B of Class C Class A Usage Class A Usage
Amount Amount Subordinated Subordinated of Class B of Class C
Available Available Amount for Amount for Subordinated Subordinated
from Class B from Class C this Due Period this Due Period Amount Amount
Notes Notes
----------------- ----------------- --------------- ----------------
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
2000-A1 89,743,650 119,658,150
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
2000-A2 179,487,300 239,316,300
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
2000-A3 59,829,100 79,772,100
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
2001-A1 74,786,375 99,715,125
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
2001-A2 134,615,475 179,487,225
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
2001-A3 0 556,149,600
------------ --------------- --------------- ----------------- ----------------- --------------- ----------------
5. Maximum Enhancement Amount Available to Class B Notes; Class B Usage of
Class C Subordinated Amount
--------------------------------- -------------------------- --------------------------- ----------------------
Class/Tranche Maximum Enhancement Class B Usage of Class C Cumulative Class B
Amount Available from Subordinated Amount for Usage of Class C
Class C Notes this Due Period Subordinated Amount
--------------------------- ----------------------
--------------------------------- -------------------------- --------------------------- ----------------------
2000-B1 466,666,655
-------------------------- --------------------------- ----------------------
--------------------------------- -------------------------- --------------------------- ----------------------
2000-B2 199,999,995
--------------------------------- -------------------------- --------------------------- ----------------------
--------------------------------- -------------------------- --------------------------- ----------------------
2001-B1 466,666,655
--------------------------------- -------------------------- --------------------------- ----------------------
6. Reductions of and Reimbursements to Nominal Liquidation Amount
-------------- --------------- -------------------- ------------------- -------------------- ------------------
Class/ Tranche Reduction Reduction Cumulative Cumulative Reimbursement of
Resulting Resulting from a Reduction Reduction Resulting prior reductions
from an Reallocation of Resulting from an from a Reallocation of Nominal
Allocation Principal Allocation of of Principal Liquidation
of Investor Collections to Investor Collections to pay Amount for this
Charge-offs pay interest on Charge-offs (net interest on senior Due Period
for this Due senior classes of of Reimbursements) classes of Notes
Period Notes for this (net of
Due Period Reimbursements)
-------------- --------------- -------------------- ------------------- -------------------- ------------------
------------------------------ -------------------- ------------------- -------------------- ------------------
Nothing to Report for This
Period
------------------------------ -------------------- ------------------- -------------------- ------------------
Page 10
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Report this __6th__ day of April 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
-------- 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 February 24, 2001 to March 27, 2001, 32 days, or March
6, 2001 to April 5, 2001, 31 days (standard basis).
2 The information reported is for the Due Period ending March 27, 2001 and
giving effect to all Deposits, allocations, reallocations and payments to be
made in the month after the end of this Due Period.