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Unsecured Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

The table below presents information about unsecured borrowings.


	As of
	September		December
$ in millions	2023		2022
Unsecured short-term borrowings	$	70,009	$	60,961
Unsecured long-term borrowings	224,024		247,138
Total	$	294,033	$	308,099

Schedule of Short-Term Debt

The table below presents information about unsecured short-term borrowings.


	As of
	September			December
$ in millions	2023			2022
Current portion of unsecured long-term borrowings	$	47,376		$	38,635
Hybrid financial instruments	19,033			18,383
Commercial paper	1,455			1,718
Other unsecured short-term borrowings	2,145			2,225
Total unsecured short-term borrowings	$	70,009		$	60,961
Weighted average interest rate	3.55		%	3.71		%

In the table above, the weighted average interest rates for these borrowings include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.

Unsecured Long-Term Borrowings

The table below presents information about unsecured long-term borrowings.


$ in millions	U.S. Dollar		Non-U.S. Dollar		Total
As of September 2023
Fixed-rate obligations	$	107,989	$	32,176	$	140,165
Floating-rate obligations	50,834		33,025		83,859






Total	$	158,823	$	65,201	$	224,024
As of December 2022
Fixed-rate obligations	$	118,986	$	38,538	$	157,524
Floating-rate obligations	55,689		33,925		89,614






Total	$	174,675	$	72,463	$	247,138

In the table above:

•Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2061.

•Floating-rate obligations includes equity-linked, credit-linked and indexed instruments. Floating interest rates are generally based on SOFR and Euro Interbank Offered Rate. In connection with the cessation of USD London Interbank Offered Rate (LIBOR), as of July 1, 2023, the firm replaced the USD LIBOR rate with term SOFR plus the statutorily prescribed tenor spread.

•U.S. dollar-denominated debt had interest rates ranging from 0.86% to 6.75% (with a weighted average rate of 3.62%) as of September 2023 and 0.66% to 6.75% (with a weighted average rate of 3.51%) as of December 2022. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

•Non-U.S. dollar-denominated debt had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 2.08%) as of September 2023 and 0.13% to 7.25% (with a weighted average rate of 1.85%) as of December 2022. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

Unsecured Long-Term Borrowings by Maturity Date

The table below presents unsecured long-term borrowings by maturity.


	As of
$ in millions	September 2023

2024	$	13,961
2025	38,812
2026	27,758
2027	33,223
2028	24,301
2029 - thereafter	85,969
Total	$	224,024

In the table above:

•Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings.

•Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.

•Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.

•Unsecured long-term borrowings included $(16.93) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(78) million in 2024, $(999) million in 2025, $(778) million in 2026, $(1.57) billion in 2027, $(1.69) billion in 2028 and $(11.81) billion in 2029 and thereafter.

Unsecured Long-Term Borrowings after Hedging

The table below presents unsecured long-term borrowings, after giving effect to such hedging activities.


	As of
	September		December

$ in millions	2023		2022

Fixed-rate obligations:
At fair value	$	8,121	$	6,147
At amortized cost	9,798		6,065
Floating-rate obligations:
At fair value	65,795		67,000
At amortized cost	140,310		167,926
Total	$	224,024	$	247,138

In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 6.01% (2.79% related to fixed-rate obligations and 6.21% related to floating-rate obligations) as of September 2023 and 4.97% (4.08% related to fixed-rate obligations and 5.00% related to floating-rate obligations) as of December 2022. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

Subordinated Borrowings

The table below presents information about subordinated borrowings.


$ in millions	Par Amount		Carrying Value		Rate
As of September 2023
Subordinated debt	$	12,145	$	10,910	7.70	%
Junior subordinated debt	968		985		6.35	%
Total	$	13,113	$	11,895	7.60	%
As of December 2022
Subordinated debt	$	12,261	$	11,882	6.40	%
Junior subordinated debt	968		1,054		4.86	%
Total	$	13,229	$	12,936	6.29	%

In the table above, the rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities.