Fannie Mae 2009 Annual Report Download - page 134

agreement is $1,080 billion. Beginning on December 31, 2010, and on December 31 of each year thereafter,
our debt cap that will apply through December 31 of the following year will equal 120% of the amount of
mortgage assets we are allowed to own on December 31 of the immediately preceding calendar year. As of
December 31, 2009, our aggregate indebtedness totaled $785.8 billion, which was $294.2 billion below our
debt limit. Our calculation of our indebtedness for purposes of complying with our debt cap reflects par value.
Our calculation excludes debt basis adjustments and debt recorded from consolidations. Because of our debt
limit, we may be restricted in the amount of debt we issue to fund our operations.
Table 31: Outstanding Short-Term Borrowings and Long-Term Debt
(1)
Maturities Outstanding
Weighted
Average
Interest
Rate Maturities Outstanding
Weighted
Average
Interest
Rate
December 31, 2009 December 31, 2008
(Dollars in millions)
Federal funds purchased and securities sold
under agreements to repurchase .......... — $ — —% — $ 77 0.01%
Short-term debt:
(2)
Fixed-rate short-term debt:
Discount notes.................... — $199,987 0.27% — $322,932 1.75%
Foreign exchange discount notes . . ...... — 300 1.50 — 141 2.50
Other short-term debt ............... — 100 0.53 — 333 2.80
Total fixed-rate short-term debt . ...... 200,387 0.27 323,406 1.75
Floating-rate short-term debt
(3)
........... — 50 0.02 — 7,585 1.66
Total short-term debt . . . ................ $200,437 0.27% $330,991 1.75%
Long-term debt:
(4)
Senior fixed-rate long-term debt:
Benchmark notes and bonds ........... 2010 - 2030 $279,945 4.10% 2009-2030 $251,063 4.92%
Medium-term notes ................ 2010 - 2019 171,207 2.97 2009-2018 151,277 4.20
Foreign exchange notes and bonds . ...... 2010 - 2028 1,239 5.64 2009-2028 1,513 4.70
Other long-term debt
(3)
.............. 2010 - 2039 62,783 5.80 2009-2038 73,061 5.95
Total senior fixed-rate debt .......... 515,174 3.94 476,914 4.85
Senior floating-rate long-term debt:
Medium-term notes ................ 2010 - 2014 41,911 0.26 2009-2017 45,737 2.21
Other long-term debt
(3)
.............. 2020 - 2037 1,041 4.12 2020-2037 874 7.22
Total senior floating-rate debt . . ...... 42,952 0.34 46,611 2.30
Subordinated fixed-rate long-term debt:
(5)
Qualifying subordinated
(6)
............ 2011 - 2014 7,391 5.47 2011-2014 7,391 5.47
Subordinated debentures . . ........... 2019 2,433 9.89 2019 2,225 9.90
Total subordinated fixed-rate long-term
debt . . ..................... 9,824 6.57 9,616 6.50
Debt from consolidations . . . ........... 2010 - 2039 6,167 5.63 2009-2039 6,261 5.87
Total long-term debt . . . ................ $574,117 3.73% $539,402 4.67%
Outstanding callable debt
(7)
.............. $210,181 3.48% $192,480 4.71%
(1)
Outstanding debt amounts and weighted-average interest rates reported in this table include the effect of unamortized
discounts, premiums and other cost basis adjustments. Reported amounts as of December 31, 2009 and 2008 include
fair value gains and losses associated with debt that we elected to carry at fair value. The unpaid principal balance of
outstanding debt, which excludes unamortized discounts, premiums and other cost basis adjustments and amounts
related to debt from consolidations, totaled $784.0 billion and $881.2 billion as December 31, 2009 and 2008,
respectively.
129