CORPORATE BORROWINGS

12 Months Ended

Dec. 31, 2017



AS AT DEC. 31 (MILLIONS)	Maturity	Annual Rate		Currency	2017			2016
Term debt
Public – U.S.	Apr. 25, 2017	5.80	%	US$	$	—		$	239
Public – Canadian	Apr. 25, 2017	5.29	%	C$	—			186
Public – Canadian	Apr. 9, 2019	3.95	%	C$	478			447
Public – Canadian	Mar. 1, 2021	5.30	%	C$	278			260
Public – Canadian	Mar. 31, 2023	4.54	%	C$	479			448
Public – Canadian	Mar. 8, 2024	5.04	%	C$	398			372
Public – U.S.	Apr. 1, 2024	4.00	%	US$	748			—
Public – U.S.	Jan. 15, 2025	4.00	%	US$	500			500
Public – Canadian	Jan. 28, 2026	4.82	%	C$	689			646
Public – U.S.	Jun. 2, 2026	4.25	%	US$	496			495
Public – Canadian	Mar. 16, 2027	3.80	%	C$	397			372
Public – U.S.	Mar. 1, 2033	7.38	%	US$	250			250
Public – Canadian	Jun. 14, 2035	5.95	%	C$	335			313
Public – U.S.	Sep. 20, 2047	4.70	%	US$	546			—
					5,594			4,528
Commercial paper and bank borrowings		1.62	%	C$	103			—
Deferred financing costs¹					(38		)	(28		)
Total					$	5,659		$	4,500


1.	Deferred financing costs are amortized to interest expense over the term of the borrowing using the effective interest method

Corporate borrowings have a weighted-average interest rate of 4.6% (2016 – 4.8%) and include $3.2 billion (2016 – $3.0 billion) repayable in Canadian dollars of C$4.0 billion (2016 – C$4.1 billion).

NON-RECOURSE BORROWINGS


a)	Property-Specific Borrowings

Principal repayments on property-specific borrowings due over the next five calendar years and thereafter are as follows:



(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	5,602	$	1,918	$	653	$	550	$	77	$	8,800
2019	5,569		1,220		772		720		163		8,444
2020	3,960		1,216		933		540		82		6,731
2021	6,842		1,034		774		155		17		8,822
2022	3,194		1,031		765		410		6		5,406
Thereafter	12,068		7,811		5,113		523		3		25,518
Total – Dec. 31, 2017	$	37,235	$	14,230	$	9,010	$	2,898	$	348	$	63,721
Total – Dec. 31, 2016	$	34,322	$	7,963	$	7,901	$	1,837	$	419	$	52,442

The weighted-average interest rate on property-specific borrowings as at December 31, 2017 was 4.9% (2016 – 4.9%).

The current and non-current balances of property-specific borrowings are as follows:



AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	8,800	$	7,655
Non-current	54,921		44,787
Total	$	63,721	$	52,442

Property-specific borrowings by currency include the following:



(MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	39,164	US$	39,164	$	31,804	US$	31,804
British pounds	6,117		£	4,525	5,251		£	4,250
Canadian dollars	5,272		C$	6,627	4,427		C$	5,951
Australian dollars	3,518		A$	4,506	3,066		A$	4,260
Brazilian reais	2,677		R$	8,856	1,569		R$	5,117
Korean won	1,682		₩	1,795,518	1,317		₩	1,589,450
Colombian pesos	1,556		COP$	4,645,648	1,693		COP$	5,086,971
Indian rupees	1,346		₨	85,720	715		₨	48,603
Chilean unidades de fomento	976		UF	22	901		UF	23
European Union euros	766		€	638	1,217		€	1,157
Peruvian nuevo soles	450		S	1,459	435		S	1,459
South African rand	154		ZAR	1,909	—		ZAR	—
New Zealand dollars	43		NZD$	60	47		NZD$	60
Total	$	63,721			$	52,442


b)	Subsidiary Borrowings

Principal repayments on subsidiary borrowings due over the next five calendar years and thereafter are as follows:



(MILLIONS)	Real Estate		Renewable Power		Infrastructure		Private Equity		Residential Development		Total
2018	$	1,414	$	159	$	99	$	284	$	—	$	1,956
2019	158		—		—		38		—		196
2020	1,365		358		—		—		601		2,324
2021	277		—		298		—		—		575
2022	—		318		1,147		—		496		1,961
Thereafter	—		830		558		58		551		1,997
Total – Dec. 31, 2017	$	3,214	$	1,665	$	2,102	$	380	$	1,648	$	9,009
Total – Dec. 31, 2016	$	2,765	$	2,030	$	1,002	$	536	$	1,616	$	7,949

The weighted-average interest rate on subsidiary borrowings as at December 31, 2017 was 4.1% (2016 – 4.1%).

The current and non-current balances of subsidiary borrowings are as follows:



AS AT DEC. 31 (MILLIONS)	2017		2016
Current	$	1,956	$	866
Non-current	7,053		7,083
Total	$	9,009	$	7,949

Subsidiary borrowings by currency include the following:



AS AT DEC. 31 (MILLIONS)	2017		Local Currency		2016		Local Currency
U.S. dollars	$	5,305	US$	5,305	$	4,441	US$	4,441
Canadian dollars	3,547		C$	4,460	3,364		C$	4,525
Australian dollars	156		A$	199	143		A$	200
British pounds	1		£	1	—		£	—
European Union euros	—		€	—	1		€	1
Total	$	9,009			$	7,949