Goldman Sachs 2013 Annual Report Download - page 65

Management’s Discussion and Analysis
The weighted average maturity of our secured funding,
excluding funding collateralized by highly liquid securities
eligible for inclusion in our GCE, exceeded 100 days as of
December 2013.
A majority of our secured funding for securities not eligible
for inclusion in the GCE is executed through term
repurchase agreements and securities lending contracts. We
also raise financing through other types of collateralized
financings, such as secured loans and notes.
GS Bank USA has access to funding through the Federal
Reserve Bank discount window. While we do not rely on
this funding in our liquidity planning and stress testing, we
maintain policies and procedures necessary to access this
funding and test discount window borrowing procedures.
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 the fourth quarter of
2019 as of December 2013.
0
1,000
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
Sep 2018
Dec 2018
Mar 2019
Jun 2019
Sep 2019
Dec 2019
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
Jun 2018
The weighted average maturity of our unsecured long-term
borrowings as of December 2013 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.
Goldman Sachs 2013 Annual Report 63