Short-Term Borrowings and Long-Term Debt

9 Months Ended

Sep. 30, 2017

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
	September 30, 2017				December 31, 2016
	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⁾	$	81	0.25	%	$	—	—	%

Short-term debt of Fannie Mae	$	33,332	1.03	%	$	34,995	0.49	%
Debt of consolidated trusts	459		0.78		584		0.48
Total short-term debt	$	33,791	1.02	%	$	35,579	0.49	%

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⁽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 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 September 30, 2017 and December 31, 2016.

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
	September 30, 2017					December 31, 2016
	Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2017 - 2030	$	133,022	2.01	%	2017 - 2030	$	153,983	2.16	%
Medium-term notes⁽²⁾	2017 - 2026	78,087		1.41		2017 - 2026	82,230		1.40
Other⁽³⁾	2017 - 2038	7,852		4.83		2017 - 2038	12,800		6.74
Total senior fixed		218,961		1.90			249,013		2.14
Senior floating:
Medium-term notes⁽²⁾	2017 - 2020	11,424		1.26		2017 - 2019	21,476		0.71
Connecticut Avenue Securities⁽⁴⁾	2023 - 2030	22,131		5.08		2023 - 2029	16,511		4.77
Other⁽⁵⁾	2020 - 2037	369		7.44		2020 - 2037	346		6.75
Total senior floating		33,924		3.78			38,333		2.48
Subordinated debentures	2019	4,987		9.93		2019	4,645		9.93
Secured borrowings⁽⁶⁾	2021 - 2022	85		1.52		2021 - 2022	111		1.44
Total long-term debt of Fannie Mae⁽⁷⁾		257,957		2.30			292,102		2.31
Debt of consolidated trusts	2017 - 2057	3,016,835		2.75		2017 - 2056	2,934,635		2.57
Total long-term debt		$	3,274,792	2.71	%		$	3,226,737	2.54	%

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⁽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⁾	Includes other long-term debt with an original contractual maturity of greater than 10 years.


⁽⁴⁾	Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value.


⁽⁵⁾	Consists of structured debt instruments that are reported at fair value.


⁽⁶⁾	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.


⁽⁷⁾	Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $979 million and $1.8 billion as of September 30, 2017 and December 31, 2016, respectively.