Long-Term Debt

12 Months Ended

Dec. 31, 2024

Long-Term Debt, Unclassified [Abstract]

Long-Term Debt

Long-Term Debt

The composition of long-term debt is presented in the following table. Interest rates on floating rate notes are determined periodically by formulas based on certain money market rates or, in certain instances, by minimum interest rates as specified in the agreements governing the issues. Interest rates and maturity dates in effect at December 31, 2024 are shown in the below table.

				At December 31,
	Maturity Date Range	Interest Rate Range	Interest Rate Weighted Average	2024		2023
				(in millions)
Issued or acquired by HSBC USA:
Senior debt:
Fixed-rate notes	2025 - 2031	1.12% - 5.63%	3.79%	$	10,374	$	9,165
Floating-rate notes	2027	5.33	5.33	499		—
Structured notes	2025 - 2045	4.32 - 6.47	4.90	6,591		5,977
Total senior debt				17,464		15,142
Subordinated fixed-rate notes	2097	7.20	7.20	223		223
Mark-to-market adjustment on fair value option debt				129		374
Total issued or acquired by HSBC USA				17,816		15,739
Issued by HSBC Bank USA and its subsidiaries:
Senior debt:
Fixed-rate notes	2027	3.04	3.04	107		—
Floating-rate notes	2040	4.45	4.45	25		34
Structured notes	2028	4.58	4.58	297		441
FHLB advances - floating-rate	2036	4.64	4.64	1,000		1,000
Total senior debt				1,429		1,475
Subordinated fixed-rate notes	2034 - 2039	5.63 - 7.00	6.36	1,441		1,441
Mark-to-market adjustment on fair value option debt				31		6
Total issued by HSBC Bank USA and its subsidiaries				2,901		2,922
Total long-term debt				$	20,717	$	18,661

At December 31, 2024 and 2023, we had structured notes totaling $7,044 million and $6,790 million, respectively, and subordinated and other fixed-rate debt totaling $851 million and $749 million, respectively, for which we have elected fair value option accounting and are therefore carried at fair value. See Note 17, "Fair Value Option," for further details.

As a member of the FHLB and the Federal Reserve Bank of New York, we have secured borrowing facilities which are collateralized by loans and investment securities. At both December 31, 2024 and 2023, borrowings from the FHLB facility totaled $1,000 million which is included in long-term debt. Based upon the amounts pledged as collateral under these facilities, we have additional borrowing capacity of up to $34,230 million at December 31, 2024.

Maturities of long-term debt at December 31, 2024 were as follows:

	(in millions)
2025	$	7,172
2026	2,063
2027	3,639
2028	1,423
2029	1,470
Thereafter	4,950
Total	$	20,717