Freddie Mac 2014 Annual Report Download - page 190

185 Freddie Mac
notes are unsecured general corporate obligations. Certain medium-term notes that have original maturities of one year or less
are classified as other short-term debt for purposes of this presentation.
The table below summarizes the balances and effective interest rates for other short-term debt.
Table 8.1 — Other Short-Term Debt
December 31, 2014 December 31, 2013
Par Value Carrying
Amount
Weighted
Average
Effective Rate Par Value Carrying
Amount
Weighted
Average
Effective Rate
(dollars in millions)
Other short-term debt:
Reference Bills® securities and
discount notes $ 134,670 $ 134,619 0.12% $ 137,767 $ 137,712 0.13%
Medium-term notes — — — 4,000 4,000 0.16
Total other short-term debt $ 134,670 $ 134,619 0.12 $ 141,767 $ 141,712 0.13
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase
We had no balances in federal funds purchased and securities sold under agreements to repurchase at either December 31,
2014 or 2013.
Other Long-Term Debt
The table below summarizes our other long-term debt.
Table 8.2 — Other Long-Term Debt
December 31, 2014 December 31, 2013
Contractual
Maturity Par Value Carrying Amount(1) Weighted Average Effective Rate Par Value Carrying Amount(1) Weighted Average Effective Rate
(dollars in millions)
Other long-term debt:
Other senior debt:
Fixed-rate:
Medium-term notes — callable 2015 - 2037 $ 98,860 $ 98,856 1.35% $ 101,190 $ 101,236 1.51%
Medium-term notes — non-
callable 2015 - 2028 20,059 20,383 0.86 37,878 38,107 0.99
U.S. dollar Reference Notes
securities — non-callable 2015 - 2032 151,701 151,751 2.80 190,371 190,406 2.71
€Reference Notes securities —
non-callable — — 528 529 4.38
Variable-rate:
Medium-term notes — callable 2015 - 2029 7,210 7,210 2.00 6,001 6,001 1.66
Medium-term notes — non-
callable 2015 - 2026 23,971 23,971 0.19 18,533 18,533 0.22
STACR 2023 - 2024 5,896 5,820 3.16 1,107 1,155 4.29
Zero-coupon:
Medium-term notes — callable 2037 1,000 264 6.17 1,200 311 5.82
Medium-term notes — non-
callable 2015 - 2039 10,109 6,739 2.53 12,217 8,334 3.08
Hedging-related basis adjustments N/A 34 N/A 41
Total other senior debt 318,806 315,028 369,025 364,653
Other subordinated debt:
Fixed-rate 2016 - 2018 221 219 6.60 221 218 6.60
Zero-coupon 2019 332 203 10.51 332 184 10.51
Total other subordinated debt 553 422 553 402
Total other long-term debt $ 319,359 $ 315,450 2.02% $ 369,578 $ 365,055 2.08%
(1) Includes $5.8 billion and $2.6 billion, respectively, of other long-term debt that represents the fair value of debt securities with the fair value option
elected at December 31, 2014 and 2013.
A portion of our other long-term debt is callable. Callable debt gives us the option to redeem the debt security at par on
one or more specified call dates or at any time on or after a specified call date.
Debt Securities of Consolidated Trusts Held by Third Parties
Debt securities of consolidated trusts held by third parties represents our liability to third parties that hold beneficial
interests in our consolidated securitization trusts (i.e., single-family PC trusts and certain single-family and multifamily Other
Table of Contents