Short-Term and Long-Term Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt

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
	September 30, 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	23,526		0.23		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 Lines of Credit

We use secured and unsecured intraday funding lines of credit provided by large financial institutions. As these lines of credit are uncommitted intraday loan facilities, we may be unable to draw on them if and when needed. The lines of credit under these facilities was up to $15.0 billion as of September 30, 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
	September 30, 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	$	104,323	2.26	%	2020 - 2030	$	86,114	2.66	%
Medium-term notes(2)	2020 - 2030	37,983		0.73		2020 - 2026	32,590		1.57
Other(3)	2020 - 2038	5,214		4.63		2020 - 2038	5,254		5.01
Total senior fixed		147,520		1.95			123,958		2.47
Senior floating:
Medium-term notes(2)	2020 - 2022	102,585		0.35		2020 - 2021	9,774		1.66
Connecticut Avenue Securities(4)	2023 - 2031	15,336		4.34		2023 - 2031	21,424		5.61
Other(5)	2037	435		5.14		2020 - 2037	398		6.27
Total senior floating		118,356		0.89			31,596		4.40
Secured borrowings(6)	2021 - 2022	21		3.00		2021 - 2022	31		2.31
Total long-term debt of Fannie Mae(7)		265,897		1.48			155,585		2.86
Debt of consolidated trusts	2020 - 2059	3,530,381		2.09		2020 - 2059	3,285,139		2.78
Total long-term debt		$	3,796,278	2.04	%		$	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 in a net discount position of $491 million and $2 million as of September 30, 2020 and December 31, 2019, respectively.