Short-Term Borrowings - (Tables)

6 Months Ended

Nov. 30, 2019

The following table provides comparative information on our short-term borrowings as of November 30, 2019 and May 31, 2019.



(Dollars in thousands)	November 30, 2019		May 31, 2019
Short-term borrowings:
Commercial paper:
Commercial paper sold through dealers, net of discounts	$	1,038,862	$	944,616
Commercial paper sold directly to members, at par	1,371,902		1,111,795
Total commercial paper	2,410,764		2,056,411
Select notes to members	1,470,579		1,023,952
Daily liquidity fund notes to members	508,169		298,817
Medium-term notes to members	249,512		228,546
Farmer Mac revolving facility⁽¹⁾	150,000		—
Total short-term borrowings	$	4,789,024	$	3,607,726

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⁽¹⁾Advanced under the revolving note purchase agreement with Farmer Mac dated July 31, 2015. See “Note 7—Long-Term Debt” for additional information on this revolving note purchase agreement with Farmer Mac.

Schedule of Line of Credit Facilities

The following table presents the total commitment, the net amount available for use and the outstanding letters of credit under our committed bank revolving line of credit agreements as of November 30, 2019 and May 31, 2019.



	November 30, 2019						May 31, 2019
(Dollars in millions)	Total Commitment		Letters of Credit Outstanding		Net Available for Use		Total Commitment		Letters of Credit Outstanding		Net Available for Use		Maturity	Annual Facility Fee ⁽¹⁾
3-year agreement	$	—	$	—	$	—	$	1,440	$	—	$	1,440	November 28, 2021	7.5 bps
3-year agreement	1,315		—		1,315		—		—		—		November 28, 2022	7.5 bps
Total 3-year agreement	1,315		—		1,315		1,440		—		1,440
5-year agreement	1,410		3		1,407		1,535		3		1,532		November 28, 2023	10 bps
Total	$	2,725	$	3	$	2,722	$	2,975	$	3	$	2,972

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⁽¹⁾Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement.