Goldman Sachs 2012 Annual Report Download - page 69
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Management’s Discussion and Analysis
Unsecured Long-Term Borrowings. We issue unsecured
long-term borrowings as a source of funding for inventory
and other assets and to finance a portion of our GCE. We
issue in different tenors, currencies, and products to
maximize the diversification of our investor base. The table
below presents our quarterly unsecured long-term
borrowings maturity profile through 2018 as of
December 2012.
0
1,000
Mar 2014
Jun 2014
Sep 2014
Dec 2014
Mar 2015
Jun 2015
Sep 2015
Dec 2015
Mar 2016
Jun 2016
Sep 2016
Dec 2016
Mar 2017
Jun 2017
Sep 2017
Dec 2017
Mar 2018
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
Quarters Ended
Unsecured Long-Term Borrowings Maturity Profile
$ in millions
Jun 2018
Sep 2018
Dec 2018
The weighted average maturity of our unsecured long-term
borrowings as of December 2012 was approximately eight
years. To mitigate refinancing risk, we seek to limit the
principal amount of debt maturing on any one day or
during any week or year. We enter into interest rate swaps
to convert a substantial portion of our long-term
borrowings into floating-rate obligations in order to
manage our exposure to interest rates. See Note 16 to the
consolidated financial statements for further information
about our unsecured long-term borrowings.
Temporary Liquidity Guarantee Program (TLGP). The
remaining portion of our senior unsecured short-term debt
guaranteed by the FDIC under the TLGP matured during
the second quarter of 2012. As of December 2012, no
borrowings guaranteed by the FDIC under the TLGP were
outstanding and the program had expired for
new issuances.
Goldman Sachs 2012 Annual Report 67