8-K 1 it10508.txt CITIBANK CREDIT CARD ISSUANCE TRUST 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): May 8, 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) 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 April 25, 2001 and the related payment dates for the notes delivered pursuant to Section 907 of the Indenture. Item 7(c). Exhibits Exhibits Description -------- ----------- 99.1 Monthly Issuer's Report for the Due Period ending April 25, 2001 and the related Payment Dates for the Notes. 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: May 8, 2001 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 April 25, 2001 ============================================================================== This Report relates to the Due Period ending April 25, 2001 and the related Payment Dates for the Notes. A. Information Regarding the Master Trust portfolio ------------------------------------------------- 1. Portfolio Yield for the Collateral Certificate ......... 11.46% Yield Component ................................... 16.60% Credit Loss Component .......................... 5.14% 2. New Purchase Rate ..................................... 19.98% 3. Total Payment Rate .................................... 19.06% 4. Principal Payment Rate ................................ 18.18% 5. Aggregate Amount of Principal Receivables in the Trust : Beginning of Due Period ............................ $ 52,272,056,417 Average ............................................ $ 52,157,821,320 Lump Sum Addition .................................. $ 0 End of Due Period .................................. $ 52,462,952,680 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 .......................................... $ 48,612,583,416 5-34 days delinquent ........................... $ 2,441,043,890 35-64 days delinquent ........................... $ 678,590,152 65-94 days delinquent ........................... $ 455,194,921 95-124 days delinquent ........................... $ 350,595,435 125-154 days delinquent ........................... $ 284,891,023 155-184 days delinquent ........................... $ 271,890,017 Current ........................................... 91.56% 5-34 days delinquent ........................... 4.60% 35-64 days delinquent ........................... 1.28% 65-94 days delinquent ........................... 0.86% 95-124 days delinquent ........................... 0.66% 125-154 days delinquent ........................... 0.54% 155-184 days delinquent ........................... 0.50% Page 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 April 25, 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 11.46% 11.42% 2. Weighted Average Note Rate 5.37% 5.33% 3. Weighted Average Investor Fee Rates Fixed Servicing Fee 0.36% 0.37% Others 0.01% 0.01% 4. Surplus Finance Charge Collections 5.72% 5.71% 5. Surplus Finance Charge Collections For Purposes of Funding Class C Reserve Account 5.49% 5.48% 6. Required Surplus Finance Charge Amount 0.00% 0.00% 7. Aggregate Surplus Finance Charge Amount 5.72% 5.71% minus Required Surplus Finance Charge Amount C. Information Regarding the Collateral Certificate ------------------------------------------------- (Dollars Basis) 1. Total Investor Collections $ 3,997,677,850 $ 3,996,989,413 Principal Collections $ 3,728,168,341 $ 3,728,168,341 Finance Charge Collections $ 269,509,509 $ 268,821,072 2. Investor Default Amount $ 83,820,454 $ 83,820,454 3. Investor Monthly Interest $ 84,445,110 $ 83,753,504 4. Investor Monthly Fees Fixed Servicing Fees $ 6,153,717 $ 6,323,531 Others $ 140,000 $ 140,000 5. Surplus Finance Charge Collections $ 94,950,228 $ 94,783,583 6. Required Surplus Finance Charge Collections$ 0 $ 0 7. Aggregate Surplus Finance Charge Amount $ 94,950,228 $ 94,783,583 minus Required Surplus Finance Charge Amount (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 close date 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 period, as if all Notes had already been outstanding prior to the first day of such period. All percents are based on actual cash revenue or expense for the period, converted to an annualized percent using day count appropriate for the item, either 30/360, actual/360, or actual/actual. Depending on the item, cash expenses may accrue from March 28, 2001 to April 25, 2001, 29 days, or April 6 , 2001 to May 3 , 2001, 28 days (standard basis). Page 2 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 April 25, 2001 ============================================================================== D. Information Regarding Regarding Notes of Citiseries ---------------------------------------------------- (Aggregate Basis) 1a. Class A Outstanding Dollar Principal Amount ............$18,108,750,000 For all Classes except Class 2001-A3 (Dakota) ............$10,108,750,000 For Class 2001-A3 (Dakota) ...............................$ 8,000,000,000 1b. Class B Outstanding Dollar Principal Amount ............$ 850,000,000 1c. Class C Outstanding Dollar Principal Amount ............$ 1,550,000,000 2a. Targeted Deposit to Class A Interest Funding Account .....$ 72,019,410 2b. Targeted Deposit to Class B Interest Funding Account .....$ 3,605,461 2c. Targeted Deposit to Class C Interest Funding Account .....$ 8,820,238 3a. Balance in the Class A Interest Funding Account .........$ 156,569,315 3b Balance in the Class B Interest Funding Account .........$ 5,323,401 3c Balance in the Class C Interest Funding Account .........$ 12,545,238 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 ............$ 604,797,415 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 ............$ 806,396,216 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 only 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 ..................... 0.00000% Page 3 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 April 25, 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 A 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 A 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 .........................$ 145,606,846 1b. The total amount of the distribution to Class B Noteholders on the applicable Payment Dates .........................$ 0 1c. The total amount of the distribution to Class C Noteholders on the applicable Payment Dates .........................$ 1,871,405 2a. The amount of the distribution set forth in item 1(a) above in respect of principal on the Class A Certificates ....$ 0 2b. The amount of the distribution set forth in item 1(b) above in respect of principal on the Class B Certificates ....$ 0 2c. The amount of the distribution set forth in item 1(c) above in respect of principal on the Class C Certificates ....$ 0 3a. The amount of the distribution set forth in item 1(a) above in respect of interest on the Class A Certificates ......$ 145,606,846 3b. The amount of the distribution set forth in item 1(b) above in respect of interest on the Class B Certificates ......$ 0 3c. The amount of the distribution set forth in item 1(c) above in respect of interest on the Class C Certificates ......$ 1,871,405 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 application 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 application 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 application Payment Dates ......$ 0 Page 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 April 25, 2001 ============================================================================== F. Information Regarding Notes of Citiseries (2) ---------------------------------------------- (Individual Tranche Basis) 1. Outstanding Dollar Principal Amount, Interest Payments and Deposits to Interest Funding Sub-Accounts

2. Principal Payments and Deposits to Principal Funding Sub-Accounts

----------------------------------------------------------------------------- (2) The information reported is for the Due Period ending April 25, 2001 and giving effect to all deposits, allocations, reallocations and payments to be made in the month after the end of this Due Period. 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 April 25, 2001 ============================================================================== 3. Deposits to and Withdrawals from Class C Reserve Sub-Accounts -------------------------------------------------------------

4. Maximum Enhancement Amount Available to Class A Notes; Class A Usage of Class B and Class C Subordinated Amounts

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 April 25, 2001 ============================================================================== 5. Maximum Enhancement Amount Available to Class B Notes; Class B Usage of Class C Subordinated Amounts

6. Reductions of and Reimbursements to Nominal Liquidation Amount

Page 7 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Report this _____8th_____ day of May, 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

CITIBANK NEVADA NATIONAL ASSOCIATION 8-K