Subordinated Deferrable Debt

9 Months Ended

Feb. 29, 2016

Subordinated Debt [Abstract]

Subordinated Deferrable Debt

NOTE 7—SUBORDINATED DEFERRABLE DEBT

As of both February 29, 2016 and May 31, 2015, we had $396 million of 4.75% subordinated deferrable debt outstanding due in 2043. The outstanding balance is presented net of $4 million in unamortized debt issuance costs for both periods. Subordinated deferrable debt currently outstanding is callable at par on or after April 30, 2023.