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Short-Term and Long-Term Debt
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Short-Term and Long-Term Debt  Short-Term and Long-Term DebtShort-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 December 31,
  
 
2018
 
2017
 
 
Outstanding
 
Weighted- Average Interest Rate (1)
 
Outstanding
 
Weighted- Average Interest Rate (1)
 
 
(Dollars in millions)
Short-term debt of Fannie Mae
 
$
24,896

 
2.29
%
 
$
33,377

 
1.18
%
Debt of consolidated trusts
 

 

 
379

 
1.11

Total short-term debt
 
$
24,896

 
2.29
%
 
$
33,756

 
1.18
%
(1) 
Includes the effects of discounts, premiums and other cost basis adjustments.
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 December 31, 2018 and 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 December 31,
 
 
2018
 
2017
 
 
Maturities
 
Outstanding
 
Weighted- Average Interest Rate(1)
 
Maturities
 
Outstanding
 
Weighted- Average Interest Rate(1)
 
 
(Dollars in millions)
Senior fixed:
 
 
 
 
 
 
 
 
 
 
 
 
Benchmark notes and bonds
 
2019 - 2030
 
$
103,206

 
2.36
%
 
2018 - 2030
 
$
123,541

 
2.11
%
Medium-term notes(2)
 
2019 - 2026
 
61,455

 
1.48

 
2018 - 2026
 
75,901

 
1.41

Other(3)
 
2019 - 2038
 
6,683

 
4.62

 
2018 - 2038
 
7,421

 
4.84

Total senior fixed 
 
 
 
171,344

 
2.13

 
 
 
206,863

 
1.95

Senior floating:
 
 
 
 
 
 
 
 
 
 
 
 
Medium-term notes(2)
 
2019 - 2020
 
4,174

 
2.36

 
2018 - 2020
 
8,425

 
1.36

Connecticut Avenue Securities(4)
 
2023 - 2031
 
25,641

 
5.97

 
2023 - 2030
 
22,527

 
5.18

Other(5)
 
2020 - 2037
 
351

 
10.19

 
2020 - 2037
 
376

 
6.36

Total senior floating 
 
 
 
30,166

 
5.52

 
 
 
31,328

 
4.14

Subordinated debentures
 
2019
 
5,617

 
9.64

 
2019
 
5,106

 
9.93

Secured borrowings(6)
 
2021 - 2022
 
51

 
1.96

 
2021 - 2022
 
78

 
1.70

Total long-term debt of Fannie Mae(7)
 
 
 
207,178

 
2.83

 
 
 
243,375

 
2.40

Debt of consolidated trusts
 
2019 - 2058
 
3,159,846

 
3.03

 
2018 - 2057
 
3,052,923

 
2.80

Total long-term debt
 
 
 
$
3,367,024

 
3.02
%
 
 
 
$
3,296,298

 
2.77
%
(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. Represents Connecticut Avenue Securities issued prior to the implementation of our CAS REMIC structure in November 2018. See Note 2, Consolidations and Transfers of Financial Assets for more information about our CAS REMIC structure.
(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 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 $413 million and $752 million as of December 31, 2018 and 2017, respectively.Our long-term debt includes a variety of debt types. We issue fixed and floating-rate medium-term notes with maturities greater than one year that are issued through dealer banks. We also offer Benchmark Notes in regularly-scheduled issuances that provide increased efficiency, liquidity and tradability to the market. Additionally, we have issued notes and bonds denominated in several foreign currencies. We effectively convert all foreign currency-denominated transactions into U.S. dollars through the use of foreign currency swaps for the purpose of funding our mortgage assets. Our long-term debt also includes CAS securities, which are credit risk-sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans to investors in these securities.
Our other long-term debt includes callable and non-callable securities, which include all long-term non-Benchmark securities, such as zero-coupon bonds, fixed rate and other long-term securities, and are generally negotiated underwritings with one or more dealers or dealer banks.
Characteristics of Debt
As of December 31, 2018 and 2017, the face amount of our debt securities of Fannie Mae was $232.5 billion and $277.5 billion, respectively. As of December 31, 2018 and 2017, we had zero-coupon debt with a face amount of $23.2 billion and $39.8 billion, respectively, which had an effective interest rate of 4.15% and 2.29%, respectively.
We issue callable debt instruments to manage the duration and prepayment risk of expected cash flows of the mortgage assets we own. Our outstanding debt as of December 31, 2018 and 2017 included $64.3 billion and $72.3 billion, respectively, of callable debt that could be redeemed in whole or in part at our option any time on or after a specified date.
The following table displays the amount of our long-term debt as of December 31, 2018 by year of maturity for each of the years 2019 through 2023 and thereafter. The first column assumes that we pay off this debt at maturity or on the call date if the call has been announced, while the second column assumes that we redeem our callable debt at the next available call date.
 
Long-Term Debt by
Year of Maturity
 
Assuming Callable Debt
Redeemed at Next
Available Call Date
 
(Dollars in millions)
2019
 
$
61,622

 
 
 
$
91,202

 
2020
 
44,348

 
 
 
31,275

 
2021
 
29,903

 
 
 
18,987

 
2022
 
8,571

 
 
 
7,487

 
2023
 
5,267

 
 
 
4,522

 
Thereafter
 
57,467

 
 
 
53,705

 
Total long-term debt of Fannie Mae(1)
 
207,178

 
 
 
207,178

 
Debt of consolidated trusts(2)
 
3,159,846

 
 
 
3,159,846

 
Total long-term debt
 
$
3,367,024

 
 
 
$
3,367,024

 
(1) 
Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $413 million.
(2) 
Contractual maturity of debt of consolidated trusts is not a reliable indicator of expected maturity because borrowers of the underlying loans generally have the right to prepay their obligations at any time.