Short-Term and Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

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
	June 30, 2021				December 31, 2020
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)
Short-term debt of Fannie Mae	$	2,280	0.01	%	$	12,173	0.18	%

(1)Includes the effects of discounts, premiums and other cost basis adjustments.

Long-Term Debt

The following table displays our outstanding long-term debt.

	As of
	June 30, 2021					December 31, 2020
	Maturities	Outstanding(1)		Weighted- Average Interest Rate(2)		Maturities	Outstanding(1)		Weighted- Average Interest Rate(2)
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2021 - 2030	$	96,513	2.14	%	2021 - 2030	$	106,691	2.03	%
Medium-term notes(3)	2021 - 2031	43,898		0.61		2021 - 2030	48,524		0.63
Other(4)	2021 - 2038	7,073		3.84		2021 - 2038	6,701		3.90
Total senior fixed		147,484		1.77			161,916		1.69
Senior floating:
Medium-term notes(3)	2021 - 2022	87,364		0.30		2021 - 2022	100,089		0.35
Connecticut Avenue Securities(5)	2023 - 2031	14,051		4.11		2023 - 2031	14,978		4.16
Other(6)	2037	397		9.20		2037	416		7.75
Total senior floating		101,812		0.85			115,483		0.86
Total long-term debt of Fannie Mae(7)		249,296		1.39			277,399		1.34
Debt of consolidated trusts	2021 - 2060	3,844,699		1.86		2021 - 2060	3,646,164		1.88
Total long-term debt		$	4,093,995	1.83	%		$	3,923,563	1.85	%

(1)Outstanding debt balance consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and other cost basis adjustments.

(2)Excludes the effects of fair value adjustments and hedge-related basis adjustments.

(3)Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.

(4)Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds.

(5)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 2020 Form 10-K for more information about our CAS structures issued beginning November 2018.

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

(7)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments in a net discount position of $1.1 billion and $392 million as of June 30, 2021 and December 31, 2020, respectively.