Short-Term Debt And Liquidity

6 Months Ended

Jun. 30, 2019

NOTE 3 – SHORT-TERM DEBT AND LIQUIDITY

The liquidity needs of the Ameren Companies are typically supported through the use of available cash, drawings under committed credit agreements, commercial paper issuances, and, in the case of Ameren Missouri and Ameren Illinois, short-term affiliate borrowings. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, in the Form 10-K for a description of our indebtedness provisions and other covenants as well as a description of money pool arrangements.

The Missouri Credit Agreement and the Illinois Credit Agreement were not utilized for direct borrowings during the six months ended June 30, 2019, but were used to support commercial paper issuances and to issue letters of credit. Based on commercial paper outstanding and letters of credit issued under the Credit Agreements, the aggregate credit capacity available under the Credit Agreements to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, at June 30, 2019, was $1.1 billion. The Ameren Companies were in compliance with the covenants in their Credit Agreements as of June 30, 2019. As of June 30, 2019, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the provisions of the Credit Agreements, were 54%, 49%, and 47% for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

Commercial Paper

The following table presents commercial paper outstanding, net of issuance discounts, as of June 30, 2019, and December 31, 2018:



	June 30, 2019		December 31, 2018
Ameren (parent)	$	595	$	470
Ameren Missouri	205		55
Ameren Illinois	199		72
Ameren consolidated	$	999	$	597

The following table summarizes the borrowing activity and relevant interest rates under Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper programs for the six months ended June 30, 2019 and 2018:



	Ameren (parent)			Ameren Missouri			Ameren Illinois			Ameren Consolidated
2019
Average daily commercial paper outstanding at par value	$	542		$	174		$	106		$	822
Weighted-average interest rate	2.80		%	2.79		%	2.72		%	2.79		%
Peak commercial paper during period at par value^(a)	$	636		$	549		$	202		$	1,113
Peak interest rate	3.10		%	2.97		%	2.90		%	3.10		%
2018
Average daily commercial paper outstanding at par value	$	397		$	123		$	174		$	693
Weighted-average interest rate	2.14		%	1.94		%	2.20		%	2.12		%
Peak commercial paper during period at par value^(a)	$	506		$	481		$	442		$	1,295
Peak interest rate	2.45		%	2.42		%	2.55		%	2.55		%


(a)	The timing of peak outstanding commercial paper issuances varies by company. Therefore, the sum of individual company peak amounts may not equal the Ameren consolidated peak commercial paper issuances for the period.

Money Pools

Ameren has money pool agreements with and among its subsidiaries to coordinate and provide for certain short-term cash and working capital requirements. The average interest rate for borrowings under the money pool for the three and six months ended June 30, 2019, was 2.75% and 2.81%, respectively (2018 - 2.17% and 2.04%, respectively). See Note 8 – Related-party Transactions for the amount of interest income and expense from the money pool arrangements recorded by the Ameren Companies for the three and six months ended June 30, 2019 and 2018.