Fannie Mae 2001 Annual Report Download - page 59

{ 57 } Fannie Mae 2001 Annual Report
5. Debentures, Notes, and Bonds, Net
Borrowings Due Within One Year
Borrowings due within one year at December 31, 2001 and 2000 are summarized below. Amounts are net of unamortized
discount and premium.
2001 2000
Outstanding Average Outstanding Average
at Outstanding at Outstanding
December 31 During Year December 31 During Year
Dollars in millions Amount Cost1Amount Cost1Amount Cost1Amount Cost1
Short-term notes . . . . . . . . . . . . . . . $256,905 2.58% $247,060 4.31% $265,953 $178,292 6.50% $150,242 6.33% $178,292
Other short-term debt . . . . . . . . . . 29,891 1.96 31,479 4.40 43,811 42,157 6.58 37,880 6.36 42,157
Current portion of
borrowings due after
one year2:
Universal Standard debt . . . . . 34,413 3.67 51,185 6.02
Universal Benchmark debt . . . 21,987 5.31 6,984 5.71
Universal Retail debt . . . . . . . . —— 785 6.62
Other . . . . . . . . . . . . . . . . . . . . . 296 4.96 919 6.57
Total due within one year . . . . . . . . $343,492 2.81% $280,322 6.38%
1 Represents weighted-average cost, which includes the amortization of discounts, premiums, issuance costs, hedging results, and the effects of currency and debt swaps.
2 Information on average amount and cost of debt outstanding during the year and maximum amount outstanding at any month-end is not meaningful. See “Borrowings Due After One Year” for
additional information.
Borrowings Due After One Year
Borrowings due after one year at December 31, 2001 and 2000 consisted of the following:
2001 2000
Maturity Amount Average Amount Average
Dollars in millions Date Outstanding Cost1Outstanding Cost1
Universal Benchmark debt, net of $896
of discount for 2001 ($1,106 for 2000) . . . . . . . . . . . . . . . . . . . 2002–2030 $251,448 5.88% $185,771 6.42%
Universal Standard debt, net of $332 of
discount for 2001 ($404 for 2000) . . . . . . . . . . . . . . . . . . . . . . . 2002–2038 156,738 4.85 165,680 6.42
Universal Retail debt, net of $62
of discount for 2001 ($52 for 2000) . . . . . . . . . . . . . . . . . . . . . . 2002–2021 7,098 5.87 7,083 6.82
Long-term other, net of $12,653 of discount
for 2001 ($14,749 for 2000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2002–2018 4,543 7.93 4,788 8.58
419,827 5.52% 363,322 6.46%
Adjustment for FAS 1332 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,423 —
Adjustment for foreign currency translation . . . . . . . . . . . . . . . . . (1,275) (962)
Total due after one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $419,975 $362,360
1 Represents weighted-average cost, which includes the amortization of discounts, premiums, issuance costs, hedging results, and the effects of currency and debt swaps.
2 Represents losses on hedged debt in fair value hedges.
Universal debt represents a consolidation of Fannie Mae’s
outstanding debt agreements for its various funding
programs into one comprehensive offering document, the
Universal Debt Facility, which supersedes and replaces the
Global Debt Facility, Medium-Term Notes, Short-Term
Notes and Debenture Programs and applies to debt settling
after January 3, 2000.
Debentures, notes, and bonds at December 31, 2001
included $140 billion of callable debt, which generally is
redeemable, in whole or in part, at the option of Fannie Mae
any time on or after a specified date. At December 31, 2001,
debentures, notes, and bonds did not include any debt
instruments that are subject to mandatory redemptions tied
to certain indices or rates after an initial nonredemption
period.
Maximum
Outstanding
at Any
Month-end
Maximum
Outstanding
at Any
Month-end