BORROWED FUNDS

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



(in millions)	March 31, 2018		December 31, 2017
Federal funds purchased		$—		$460
Securities sold under agreements to repurchase	315		355
Other short-term borrowed funds ⁽¹⁾	1,494		1,856
Total short-term borrowed funds		$1,809		$2,671

⁽¹⁾March 31, 2018 includes $1.5 billion of debt issued under CBNA’s Global Bank Note Program maturing within one year, with unamortized deferred issuance costs and/or discounts of ($2) million and other basis adjustments of ($14) million. December 31, 2017 includes $750 million of debt issued under CBNA’s Global Bank Note Program maturing within one year, with unamortized deferred issuance costs and/or discounts of ($1) million and other basis adjustments of ($4) million.

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



	As of and for the Three Months Ended March 31,						As of and for the Year Ended December 31,
(dollars in millions)	2018			2017			2017
Weighted-average interest rate at period-end:⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	—		%	0.43		%	0.74		%
Other short-term borrowed funds	2.41			1.08			1.72
Maximum amount outstanding at month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase⁽²⁾		$625			$1,174			$1,174
Other short-term borrowed funds	1,853			3,508			3,508
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase⁽²⁾		$645			$882			$776
Other short-term borrowed funds	1,481			2,963			2,321
Weighted-average interest rate during the period:⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	0.66		%	0.22		%	0.36		%
Other short-term borrowed funds	2.14			1.08			1.32

⁽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:



(in millions)	March 31, 2018		December 31, 2017
Parent Company:
2.375% fixed-rate senior unsecured debt, due 2021		$349		$349
4.150% fixed-rate subordinated debt, due 2022	348		348
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:
2.450% senior unsecured notes, due 2019 ⁽¹⁾	738		743
2.500% senior unsecured notes, due 2019 ^{(1) (2)}	—		741
2.250% senior unsecured notes, due 2020 ⁽¹⁾	688		692
Floating-rate senior unsecured notes, due 2020 ⁽¹⁾	299		299
Floating-rate senior unsecured notes, due 2020 ⁽¹⁾	250		249
2.200% senior unsecured notes, due 2020 ⁽¹⁾	499		498
2.250% senior unsecured notes, due 2020 ⁽¹⁾	734		742
2.550% senior unsecured notes, due 2021 ⁽¹⁾	953		964
Floating-rate senior unsecured notes, due 2022 ⁽¹⁾	249		249
2.650% senior unsecured notes, due 2022 ⁽¹⁾	482		491
3.700% senior unsecured notes, due 2023 ⁽¹⁾	500		—
Floating-rate senior unsecured notes, due 2023 ⁽¹⁾	249		—
Federal Home Loan advances due through 2038	5,511		3,761
Other	14		16
Total long-term borrowed funds		$13,486		$11,765

⁽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 March 31, 2018 and December 31, 2017 included principal balances of $2.3 billion and unamortized deferred issuance costs and/or discounts of ($5) million. The banking subsidiaries’ long-term borrowed funds as of March 31, 2018 and December 31, 2017 include principal balances of $11.3 billion and $9.5 billion, respectively, with unamortized deferred issuance costs and/or discounts of ($18) million and ($19) million, respectively, and hedging basis adjustments of ($91) million and ($63) million, respectively. See Note 8 “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 $10.4 billion and $9.4 billion at March 31, 2018 and December 31, 2017, respectively. The Company’s available FHLB borrowing capacity was $7.4 billion and $8.0 billion at March 31, 2018 and December 31, 2017, respectively. The Company can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, including certain loans, is pledged to support this borrowing capacity. At March 31, 2018, the Company’s unused secured borrowing capacity was approximately $40.2 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 March 31, 2018 is presented below:



(in millions)	Parent Company		Banking Subsidiaries		Consolidated
Year
2019		$—		$6,244		$6,244
2020	—		2,473		2,473
2021	349		956		1,305
2022	348		736		1,084
2023	333		750		1,083
2024 and thereafter	1,290		7		1,297
Total		$2,320		$11,166		$13,486