Short-Term and Long-Term Debt

3 Months Ended

Mar. 31, 2020

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, 2020						December 31, 2019
	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⁾	$	—	—	%	$	478	1.67	%
Short-term debt of Fannie Mae	58,337		0.71		26,662		1.56

⁽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, reported as “Other liabilities” in our condensed consolidated balance sheets.

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 up to $15.0 billion as of March 31, 2020 and December 31, 2019.

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, 2020								December 31, 2019
	Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted- Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2020 - 2030	$	83,115	2.70	%	2020 - 2030	$	86,114	2.66	%
Medium-term notes⁽²⁾	2020 - 2026	22,919		1.59		2020 - 2026	32,590		1.57
Other⁽³⁾	2020 - 2038	4,080		5.47		2020 - 2038	5,254		5.01
Total senior fixed		110,114		2.57			123,958		2.47
Senior floating:
Medium-term notes⁽²⁾	2020 - 2022	40,078		0.54		2020 - 2021	9,774		1.66
Connecticut Avenue Securities⁽⁴⁾	2023 - 2031	19,470		5.42		2023 - 2031	21,424		5.61
Other⁽⁵⁾	2020 - 2037	432		7.37		2020 - 2037	398		6.27
Total senior floating		59,980		2.17			31,596		4.40

Secured borrowings⁽⁶⁾	2021 - 2022	27		2.60		2021 - 2022	31		2.31
Total long-term debt of Fannie Mae⁽⁷⁾		170,121		2.43			155,585		2.86
Debt of consolidated trusts	2020 - 2059	3,334,098		2.78		2020 - 2059	3,285,139		2.78
Total long-term debt		$	3,504,219	2.76	%		$	3,440,724	2.78	%

⁽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 CAS issued prior to November 2018. See “Note 2, Consolidations and Transfers of Financial Assets” in our 2019 Form 10-K for more information about our CAS structures issued beginning November 2018.

⁽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 $586 million and $2 million as of March 31, 2020 and December 31, 2019, respectively.