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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
 





FANNIE MAE
(In conservatorship)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(UNAUDITED)


Long-Term Debt
Long-term debt represents borrowings with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt as of March 31, 2015 and December 31, 2014.
 
As of
 
March 31, 2015
 
December 31, 2014
 
Maturities
 
Outstanding
 
Weighted- Average Interest Rate(1)
 
Maturities
 
Outstanding
 
Weighted- Average Interest Rate(1)
 
(Dollars in millions)
Senior fixed:
 
 
 
 
 
 
 
 
 
 
 
Benchmark notes and bonds
2015 - 2030
 
$
170,531

 
2.44
%
 
2015 - 2030
 
$
173,010

 
2.41
%
Medium-term notes(2)
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(2)
2015 - 2019
 
18,419

 
0.18

 
2015 - 2019
 
24,469

 
0.15

Connecticut Avenue Securities(3)
2023 - 2025
 
7,530

 
3.10

 
2023 - 2024
 
6,041

 
2.97

Other(4)
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(5)
2021 - 2022
 
189

 
1.91

 
2021 - 2022
 
202

 
1.90

Total long-term debt of Fannie Mae(6)
 
 
349,391

 
2.29

 
 
 
355,431

 
2.24

Debt of consolidated trusts(4)
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
%
__________
(1) 
Includes the effects of discounts, premiums and other cost basis adjustments.
(2) 
Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.
(3) 
Credit risk sharing securities that transfer a portion of the credit risk on specified pools of mortgage loans to the investors in these securities. Connecticut Avenue Securities are reported at fair value.
(4) 
Represents structured debt instruments that are reported at fair value.
(5) 
Represents our remaining liability resulting from the transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments.
(6) 
Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $3.6 billion and $4.1 billion as of March 31, 2015 and December 31, 2014, respectively.
9.  Derivative Instruments
Derivative instruments are an integral part of our strategy in managing interest rate risk. Derivative instruments may be privately-negotiated, bilateral contracts, or they may be listed and traded on an exchange. We refer to our derivative transactions made pursuant to bilateral contracts as our over-the-counter (“OTC”) derivative transactions and our derivative transactions accepted for clearing by a derivatives clearing organization as our cleared derivative transactions. We typically do not settle the notional amount of our risk management derivatives; rather, notional amounts provide the basis for calculating actual payments or settlement amounts. The derivatives we use for interest rate risk management purposes consist primarily of interest rate swaps and interest rate options.

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