Short-Term Borrowings and Long-Term Debt

3 Months Ended

Mar. 31, 2015

Short-term borrowings and long-term debt

Short-Term Borrowings and Long-Term Debt

Short-Term Borrowings

The following table displays our outstanding short-term borrowings (borrowings with an original contractual maturity of one year or less) and weighted-average interest rates of these borrowings as of March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015						December 31, 2014
	Outstanding			Weighted- Average Interest Rate⁽¹⁾			Outstanding			Weighted- Average Interest Rate⁽¹⁾
		(Dollars in millions)
Federal funds purchased and securities sold under agreements to repurchase⁽²⁾		$	87		—	%		$	50		—	%

Short-term debt of Fannie Mae		$	99,349		0.14	%		$	105,012		0.11	%
Debt of consolidated trusts		1,463			0.12			1,560			0.09
Total short-term debt		$	100,812		0.14	%		$	106,572		0.11	%

__________


⁽¹⁾	Includes the effects of discounts, premiums and other cost basis adjustments.


⁽²⁾	Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day.

Intraday Line of Credit

We periodically use a secured intraday funding line of credit provided by a large financial institution. We post collateral which, in some circumstances, the secured party has the right to repledge to third parties. As this line of credit is an uncommitted intraday loan facility, we may be unable to draw on it if and when needed. The line of credit under this facility was $15.0 billion as of March 31, 2015 and December 31, 2014. We had no borrowings outstanding from this line of credit as of March 31, 2015.

Long-Term Debt

Long-term debt represents borrowings with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt as of March 31, 2015 and December 31, 2014.



	As of
	March 31, 2015					December 31, 2014
	Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2015 - 2030	$	170,531	2.44	%	2015 - 2030	$	173,010	2.41	%
Medium-term notes⁽²⁾	2015 - 2025	116,246		1.44		2015 - 2024	114,556		1.42
Foreign exchange notes and bonds	2021 - 2028	590		5.37		2021 - 2028	619		5.44
Other	2015 - 2038	31,555		4.57		2015 - 2038	32,322		4.63
Total senior fixed		318,922		2.29			320,507		2.29
Senior floating:
Medium-term notes⁽²⁾	2015 - 2019	18,419		0.18		2015 - 2019	24,469		0.15
Connecticut Avenue Securities⁽³⁾	2023 - 2025	7,530		3.10		2023 - 2024	6,041		2.97
Other⁽⁴⁾	2020 - 2037	391		7.89		2020 - 2037	363		8.71
Total senior floating		26,340		1.10			30,873		0.81
Subordinated debentures	2019	3,940		9.84		2019	3,849		9.93
Secured borrowings⁽⁵⁾	2021 - 2022	189		1.91		2021 - 2022	202		1.90
Total long-term debt of Fannie Mae⁽⁶⁾		349,391		2.29			355,431		2.24
Debt of consolidated trusts⁽⁴⁾	2015 - 2054	2,762,428		2.91		2015 - 2054	2,760,152		3.02
Total long-term debt		$	3,111,819	2.84	%		$	3,115,583	2.93	%

__________


⁽¹⁾	Includes the effects of discounts, premiums and other cost basis adjustments.


⁽²⁾	Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.


⁽³⁾	Credit risk sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans to the investors in these securities. Connecticut Avenue Securities are reported at fair value.


⁽⁴⁾	Represents structured debt instruments that are reported at fair value.


⁽⁵⁾	Represents our remaining liability resulting from the transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments.


⁽⁶⁾	Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $3.6 billion and $4.1 billion as of March 31, 2015 and December 31, 2014, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details