BORROWED FUNDS

A summary of the Company’s short-term borrowed funds is presented below:



	December 31,
(in millions)	2017		2016
Federal funds purchased		$460		$533
Securities sold under agreements to repurchase	355		615
Other short-term borrowed funds	1,856		3,211
Total short-term borrowed funds		$2,671		$4,359

Key data related to short-term borrowed funds is presented in the following table:



	As of and for the Year Ended December 31,
(in millions, except ratio data)	2017			2016			2015
Weighted-average interest rate at year-end: ⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	0.74		%	0.26		%	0.15		%
Other short-term borrowed funds	1.72			0.94			0.44
Maximum amount outstanding at month-end during the year:
Federal funds purchased and securities sold under agreements to repurchase ⁽²⁾		$1,174			$1,522			$5,375
Other short-term borrowed funds	3,508			5,461			7,004
Average amount outstanding during the year:
Federal funds purchased and securities sold under agreements to repurchase ⁽²⁾		$776			$947			$3,364
Other short-term borrowed funds	2,321			3,207			5,865
Weighted-average interest rate during the year: ⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	0.36		%	0.09		%	0.22		%
Other short-term borrowed funds	1.32			0.64			0.28

⁽¹⁾Rates exclude certain hedging costs.

⁽²⁾Balances are net of certain short-term receivables associated with reverse repurchase agreements, as applicable.

A summary of the Company’s long-term borrowed funds is presented below:



	December 31,
(in millions)	2017		2016
Parent Company:
2.375% fixed-rate senior unsecured debt, due 2021		$349		$348
4.150% fixed-rate subordinated debt, due 2022	348		347
5.158% fixed-to-floating rate subordinated debt, due 2023, converting to floating at 3-month LIBOR + 3.56% and callable beginning June 2018	333		333
3.750% fixed-rate subordinated debt, due 2024	250		250
4.023% fixed-rate subordinated debt, due 2024	42		42
4.350% fixed-rate subordinated debt, due 2025	249		249
4.300% fixed-rate subordinated debt, due 2025	749		749
Banking Subsidiaries:
2.300% senior unsecured notes, due 2018 ^{(1) (2)}	—		745
2.450% senior unsecured notes, due 2019 ⁽¹⁾	743		747
2.500% senior unsecured notes, due 2019 ⁽¹⁾	741		741
2.250% senior unsecured notes, due 2020 ⁽¹⁾	692		—
Floating-rate senior unsecured notes, due 2020 ⁽¹⁾	299		—
Floating-rate senior unsecured notes, due 2020 ⁽¹⁾	249		—
2.200% senior unsecured notes, due 2020 ⁽¹⁾	498		—
2.250% senior unsecured notes, due 2020 ⁽¹⁾	742		—
2.550% senior unsecured notes, due 2021⁽¹⁾	964		965
Floating-rate senior unsecured notes, due 2022 ⁽¹⁾	249		—
2.650% senior unsecured notes, due 2022 ⁽¹⁾	491		—
Federal Home Loan advances due through 2033	3,761		7,264
Other	16		10
Total long-term borrowed funds		$11,765		$12,790

⁽¹⁾ Issued under CBNA’s Global Bank Note Program.

⁽²⁾Reclassified to short-term borrowed funds.

The Parent Company’s long-term borrowed funds as of December 31, 2017 and 2016 included principal balances of $2.3 billion and unamortized deferred issuance costs and/or discounts of ($5) million and ($7) million, respectively. The banking subsidiaries’ long-term borrowed funds as of December 31, 2017 and 2016 include principal balances of $9.5 billion and $10.5 billion, respectively, with unamortized deferred issuance costs and/or discounts of ($19) million and ($12) million, respectively, and hedging basis adjustments of ($63) million and ($40) million, respectively. See Note 13 “Derivatives” for further information about the Company’s hedging of certain long-term borrowed funds.

Advances, lines of credit, and letters of credit from the FHLB are collateralized by pledged mortgages and pledged securities at least sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized borrowing capacity for FHLB advances and letters of credit was $9.4 billion and $13.4 billion at December 31, 2017 and 2016, respectively. The Company’s available FHLB borrowing capacity was $8.0 billion and $2.8 billion at December 31, 2017 and 2016, respectively. The Company can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, such as investment securities and loans, is pledged to provide borrowing capacity at the FRB. At December 31, 2017, the Company’s unused secured borrowing capacity was approximately $41.2 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.

A summary of maturities for the Company’s long-term borrowed funds at December 31, 2017 is presented below:



(in millions)	Parent Company		Banking Subsidiaries		Consolidated
Year
2018		$—		$—		$—
2019	—		5,235		5,235
2020	—		2,492		2,492
2021	349		967		1,316
2022	348		744		1,092
2023 and thereafter	1,623		7		1,630
Total		$2,320		$9,445		$11,765