Senior Notes and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

A summary of senior notes outstanding at December 31, 2015 and 2014 is presented below.

TABLE 72: SENIOR NOTES



	DECEMBER 31,
($ In Millions)	RATE	2015		2014
Corporation-Senior Notes⁽¹⁾⁽⁴⁾
Fixed Rate Due Nov. 2020⁽⁵⁾	3.45	$	499.7	$	499.6
Fixed Rate Due Aug. 2021⁽⁶⁾	3.38	498.7		498.5
Fixed Rate Due Aug. 2022⁽⁷⁾	2.38	499.0		498.9

Total Senior Notes		$	1,497.4	$	1,497.0

Summary of Long-Term Debt Outstanding

A summary of long-term debt outstanding at December 31, 2015 and 2014 is presented below.

TABLE 73: LONG-TERM DEBT



	DECEMBER 31,
($ In Millions)	2015		2014
Bank-Subordinated Debt⁽¹⁾⁽⁴⁾
5.85% Notes due Nov. 2017^(2)(11)	$	214.5	$	221.6
6.50% Notes due Aug. 2018^(2)(8)(11)	326.7		335.0
5.375% Sterling Denominated Notes due March 2015⁽⁹⁾	—		233.7

Total Bank-Subordinated Debt	541.2		790.3
Corporation-Subordinated 3.95% Notes due Oct. 2025^{(1)(4)(10)(11)}	800.4		793.0

Capital Lease Obligations⁽³⁾	29.7		31.8

Total Long-Term Debt	$	1,371.3	$	1,615.1

Long-Term Debt Qualifying as Risk-Based Capital	$	909.2	$	1,009.1

(1) Not redeemable prior to maturity.

(2) Under the terms of its current Offering Circular dated November 6, 2013, the Bank has the ability to offer from time to time its senior bank notes in an aggregate principal amount of up to $4.5 billion at any one time outstanding and up to an additional $1.0 billion of subordinated notes. Each senior note will mature from 30 days to fifteen years, and each subordinated note will mature from five years to fifteen years, following its date of original issuance. Each note will mature on such date as selected by the initial purchaser and agreed to by the Bank.

(3) Refer to Note 10, “Lease Commitments.”

(4) Debt issue costs are recorded as an asset and amortized on a straight-line basis over the life of the Note.

(5) Notes issued at a discount of 0.117%.

(6) Notes issued at a discount of 0.437%

(7) Notes issued at a discount of 0.283%

(8) Notes issued at a discount of 0.02%

(9) Notes issued at a discount of 0.484%

(10) Notes issued at a discount of 0.114%

(11) Interest rate swap contracts were entered into to modify the interest expense on these subordinated notes from fixed rates to floating rates. The swaps are recorded as fair value hedges and at December 31, 2015, increases in the carrying values of subordinated notes outstanding of $92.4 million were recorded. As of December 31, 2014, net adjustments in the carrying values of subordinated notes outstanding of $100.6 million were recorded.