Fannie Mae 2009 Annual Report Download - page 327

Short-term Borrowings
Our short-term borrowings (borrowings with an original contractual maturity of one year or less) consist of
both “Federal funds purchased and securities sold under agreements to repurchase” and “Short-term debt” in
our consolidated balance sheets. The following table displays our outstanding short-term borrowings and
weighted-average interest rates as of December 31, 2009 and 2008.
Outstanding
Weighted-
Average
Interest
Rate
(1)
Outstanding
Weighted-
Average
Interest
Rate
(1)
2009 2008
As of December 31,
(Dollars in millions)
Federal funds purchased and securities sold under
agreements to repurchase. . . . . . . . . . . . . . . . . . . . . . $ — —% $ 77 0.01%
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
(2)
. . . . . . . . . . . . . . . . . . . 50 0.02 7,585 1.66
Total short-term debt . . . . . . . . . . . . . . . . . . . . . . . . $200,437 0.27% $330,991 1.75%
(1)
Includes the effects of discounts, premiums and other cost basis adjustments.
(2)
Includes a portion of structured debt instruments that is reported at fair value as of December 31, 2008.
Our federal funds purchased and securities sold under agreements to repurchase represent agreements to
repurchase securities from banks with excess reserves on a particular day for a specified price, with repayment
generally occurring on the following day. Our short-term debt includes discount notes and foreign exchange
discount notes, as well as other short-term debt. Our discount notes are unsecured general obligations and have
maturities ranging from overnight to 360 days from the date of issuance.
Additionally, we issue foreign exchange discount notes in the Euro money market enabling investors to hold
short-term investments in different currencies. We have the ability to issue foreign exchange discount notes in
all tradable currencies in maturities ranging from 5 to 360 days.
F-69
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)