Long-Term Debt

3 Months Ended

Feb. 28, 2022

The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands):


	Maturity	Effective Interest Rate	February 28, 2022		November 30, 2021
Unsecured long-term debt:
1.000% Euro Medium Term Notes	July 19, 2024	1.00%	$	559,925	$	564,985
4.850% Senior Notes (1)	January 15, 2027	4.93%	757,872		775,550
6.450% Senior Debentures	June 8, 2027	5.46%	365,909		366,556
4.150% Senior Notes	January 23, 2030	4.26%	990,769		990,525
2.750% Senior Notes (1)	October 15, 2032	2.85%	445,542		460,724
6.250% Senior Debentures	January 15, 2036	6.03%	505,151		505,267
6.500% Senior Notes	January 20, 2043	6.09%	409,815		409,926
2.625% Senior Notes (1)	October 15, 2031	2.73%	970,927		988,059
Floating Rate Senior Notes	October 29, 2071	—%	61,706		61,703
Unsecured Credit Facility	August 3, 2023	1.63%	349,105		348,951
Structured notes (2)	Various	Various	1,762,163		1,843,598
Total unsecured long-term debt			7,178,884		7,315,844
Secured long-term debt
Secured Credit Facilities			609,091		623,982
Secured Bank Loan			100,000		100,000
Total long-term debt (3)			$	7,887,975	$	8,039,826

(1)The carrying values of these senior notes include net gains of $50.5 million and $46.8 million in the three months ended February 28, 2022 and 2021, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 4, Derivative Financial Instruments, for further information.

(2)These structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value.

(3)The Total Long-term debt has a fair value of $8.21 billion and $8.64 billion at February 28, 2022 and November 30, 2021, respectively, which would be classified as Level 2 and Level 3 in the fair value hierarchy.

During the three months ended February 28, 2022, long-term debt decreased by $151.9 million to $7.89 billion at February 28, 2022, as presented in our Consolidated Statements of Financial Condition, primarily due to fair value changes in our structured notes and decreases on our senior notes associated with interest rate swaps based on their designation as fair value hedges, partially offset by structured notes issuances, net of retirements, of approximately $71.2 million. At February 28, 2022, all of our structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. Gains and losses in the fair value of structured notes resulting from non-credit components are recognized within Other adjustments on the Consolidated Statements of Cash Flow.

At February 28, 2022 and November 30, 2021, our borrowings under several credit facilities classified within Long-term debt in our Consolidated Statements of Financial Condition amounted to $958.2 million and $972.9 million, respectively. Interest on these credit facilities is based on adjusted LIBOR rates or other adjusted rates, as defined in the various credit agreements. The credit facility agreements contain certain covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At February 28, 2022, we were in compliance with all covenants under theses credit facilities.

In addition one of our subsidiaries has a Loan and Security Agreement with a bank for a term loan (“Secured Bank Loan”). At both February 28, 2022 and November 30, 2021, borrowings under the Secured Bank Loan amounted to $100.0 million and are also classified within Long-term debt in our Consolidated Statements of Financial Condition. The Secured Bank Loan matures on September 13, 2024 and is collateralized by certain trading securities with an interest rate of 1.25% plus LIBOR. The agreement contains certain covenants that, among other things, restricts lien or encumbrance upon any of the pledged collateral. At February 28, 2022, we were in compliance with all covenants under the Secured Bank Loan.