Short-Term and Long-Term Debt

3 Months Ended

Mar. 31, 2018

Short-Term Debt

The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or less) and weighted-average interest rates of this debt.



	As of
	March 31, 2018				December 31, 2017
	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⁾	$	451	1.35	%	$	—	—	%

Short-term debt of Fannie Mae	$	34,506	1.49	%	$	33,377	1.18	%
Debt of consolidated trusts	378		1.45		379		1.11
Total short-term debt	$	34,884	1.49	%	$	33,756	1.18	%

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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 March 31, 2018 and December 31, 2017.

Long-Term Debt

Long-term debt represents debt with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt.



	As of
	March 31, 2018					December 31, 2017
	Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2018 - 2030	$	118,550	2.12	%	2018 - 2030	$	123,541	2.11	%
Medium-term notes⁽²⁾	2018 - 2026	74,077		1.37		2018 - 2026	75,901		1.41
Other⁽³⁾	2018 - 2038	7,151		4.54		2018 - 2038	7,421		4.84
Total senior fixed		199,778		1.93			206,863		1.95
Senior floating:
Medium-term notes⁽²⁾	2019 - 2020	1,175		1.26		2018 - 2020	8,425		1.36
Connecticut Avenue Securities⁽⁴⁾	2023 - 2030	24,284		5.38		2023 - 2030	22,527		5.18
Other⁽⁵⁾	2020 - 2037	357		6.91		2020 - 2037	376		6.36
Total senior floating		25,816		5.21			31,328		4.14
Subordinated debentures	2019	5,230		9.64		2019	5,106		9.93
Secured borrowings⁽⁶⁾	2021 - 2022	71		1.82		2021 - 2022	78		1.70
Total long-term debt of Fannie Mae⁽⁷⁾		230,895		2.46			243,375		2.40
Debt of consolidated trusts	2018 - 2057	3,074,693		2.89		2018 - 2057	3,052,923		2.80
Total long-term debt		$	3,305,588	2.86	%		$	3,296,298	2.77	%

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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 and foreign exchange bonds.


⁽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 $631 million and $752 million as of March 31, 2018 and December 31, 2017, respectively.