Business: Citigroup Capital XIII, 7.875% Fixed Rate/Floating Rate Trust Preferred Securities, liquidation amount $25 per share, guaranteed by Citigroup Inc. (NYSE: C) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 10/30/2015 at $25 per share plus accrued and unpaid dividends, and maturing 10/30/2040. <p> Cumulative distributions of 7.875% ($1.96875) per annum are paid quarterly on 1/30, 4/30, 7/30 & 10/30 up to 10/30/2015 to holders of record on the record date which is one business day prior to the payment date while the securities remain in book-entry form (NOTE: the ex-dividend date is one business day prior to the record date). From 10/30/2015, dividends will be paid at a floating rate of the <s>three-month LIBOR </s> CME Three Month Term SOFR plus 0.26161% plus 6.37%. <p> Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). <p> The trust's assets consist of the 7.875% Junior Subordinated Deferrable Interest Debentures due 10/30/2040 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.