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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/07/2015
Entire Document
 


Table 20 displays information as of the dates indicated on our outstanding short-term and long-term debt based on its original contractual terms.
Table 20: Outstanding Short-Term Borrowings and Long-Term Debt(1) 
 
As of
 
March 31, 2015
 
December 31, 2014
 
Maturities
 
Outstanding
 
Weighted-
Average
Interest
Rate
 
Maturities
 
Outstanding
 
Weighted-
Average
Interest
Rate
 
(Dollars in millions)
Federal funds purchased and securities sold under agreements to repurchase(2)
 
$
87

 
%
 
 
$
50

 
%
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt of Fannie Mae
 
$
99,349

 
0.14
%
 
 
$
105,012

 
0.11
%
Debt of consolidated trusts
 
1,463

 
0.12

 
 
1,560

 
0.09

Total short-term debt
 
 
$
100,812

 
0.14
%
 
 
 
$
106,572

 
0.11
%
Long-term debt:
 
 
 
 
 
 
 
 
 
 
 
Senior fixed:
 
 
 
 
 
 
 
 
 
 
 
Benchmark notes and bonds
2015 - 2030
 
$
170,531

 
2.44
%
 
2015 - 2030
 
$
173,010

 
2.41
%
Medium-term notes(3)
2015 - 2025
 
116,246

 
1.44

 
2015 - 2024
 
114,556

 
1.42

Foreign exchange notes and bonds
2021 - 2028
 
590

 
5.37

 
2021 - 2028
 
619

 
5.44

Other
2015 - 2038
 
31,555

 
4.57

 
2015 - 2038
 
32,322

 
4.63

Total senior fixed
 
 
318,922

 
2.29

 
 
 
320,507

 
2.29

Senior floating:
 
 
 
 
 
 
 
 
 
 
 
Medium-term notes(3)
2015 - 2019
 
18,419

 
0.18

 
2015 - 2019
 
24,469

 
0.15

Connecticut Avenue Securities(4)
2023 - 2025
 
7,530

 
3.10

 
2023 - 2024
 
6,041

 
2.97

Other(5)
2020 - 2037
 
391

 
7.89

 
2020 - 2037
 
363

 
8.71

Total senior floating
 
 
26,340

 
1.10

 
 
 
30,873

 
0.81

Subordinated debentures
2019
 
3,940

 
9.84

 
2019
 
3,849

 
9.93

Secured borrowings(6)
2021 - 2022
 
189

 
1.91

 
2021 - 2022
 
202

 
1.90

Total long-term debt of Fannie Mae
 
 
349,391

 
2.29

 
 
 
355,431

 
2.24

Debt of consolidated trusts(5)
2015 - 2054
 
2,762,428

 
2.91

 
2015 - 2054
 
2,760,152

 
3.02

Total long-term debt
 
 
$
3,111,819

 
2.84
%
 
 
 
$
3,115,583

 
2.93
%
Outstanding callable debt of Fannie Mae(7)
 
 
$
114,993

 
1.81
%
 
 
 
$
114,990

 
1.79
%
__________
(1) 
Outstanding debt amounts and weighted-average interest rates reported in this table include the effects of discounts, premiums and other cost basis adjustments. Reported outstanding amounts include fair value gains and losses associated with debt that we elected to carry at fair value. Reported amounts for total debt of Fannie Mae include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $3.7 billion and $4.1 billion as of March 31, 2015 and December 31, 2014, respectively. The unpaid principal balance of outstanding debt of Fannie Mae, which excludes unamortized discounts, premiums and other cost basis adjustments, and debt of consolidated trusts, totaled $452.5 billion and $464.6 billion as of March 31, 2015 and December 31, 2014, respectively.
(2) 
Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day.
(3) 
Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.
(4) 
Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans in our single-family guaranty book of business to the investors in these securities. Connecticut Avenue Securities are reported at fair value. For additional information on our credit risk sharing transactions, see “Risk Management—Credit Risk Management—Single-Family Mortgage Credit Risk Management—Single-Family Acquisition and Servicing Policies and Underwriting and Servicing Standards—Risk-Sharing Transactions.”
(5) 
Includes a portion of structured debt instruments that is reported at fair value.
(6) 
Represents remaining liability resulting from the transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale.

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