Fannie Mae 2010 Annual Report Download - page 333

Long-Term Debt
Long-term debt represents borrowings with an original contractual maturity of greater than one year. The
following table displays our outstanding long-term debt as of December 31, 2010 and 2009.
Maturities Outstanding
Weighted-
Average
Interest
Rate
(1)
Maturities Outstanding
Weighted-
Average
Interest
Rate
(1)
2010 2009
As of December 31,
(Dollars in millions)
Senior fixed:
Benchmark notes and bonds . . . . . . . 2011 - 2030 $ 300,344 3.20% 2010 - 2030 $279,945 4.10%
Medium-term notes . . . . . . . . . . . . . 2011 - 2020 199,266 2.13 2010 - 2019 171,207 2.97
Foreign exchange notes and bonds . . . 2017 - 2028 1,177 6.21 2010 - 2028 1,239 5.64
Other long-term debt
(2)
. . . . . . . . . . . 2011 - 2040 44,893 5.64 2010 - 2039 62,783 5.80
Total senior fixed . . . . . . . . . . . . . 545,680 3.02 515,174 3.94
Senior floating:
Medium-term notes . . . . . . . . . . . . . 2011 - 2015 72,039 0.31 2010 - 2014 41,911 0.26
Other long-term debt
(2)
. . . . . . . . . . . 2020 - 2037 386 4.92 2020 - 2037 1,041 4.12
Total senior floating . . . . . . . . . . . 72,425 0.34 42,952 0.34
Subordinated fixed:
Qualifying subordinated
(3)
. . . . . . . . . 2011 - 2014 7,392 5.47 2011 - 2014 7,391 5.47
Subordinated debentures . . . . . . . . . . 2019 2,663 9.91 2019 2,433 9.89
Total subordinated fixed . . . . . . . . 10,055 6.65 9,824 6.57
Total long-term debt of Fannie
Mae
(4)
. . . . . . . . . . . . . . . . . . . . . 628,160 2.77 567,950 3.71
Debt of consolidated trusts
(2)
. . . . . . . . 2011 - 2051 2,411,597 4.59 2010 - 2039 6,167 5.63
Total long-term debt . . . . . . . . . . . $3,039,757 4.22% $574,117 3.73%
(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.
(3)
Consists of subordinated debt issued with an interest deferral feature.
(4)
Reported amounts include a net discount and other cost basis adjustments of $12.4 billion and $15.6 billion as of
December 31, 2010 and 2009, respectively.
Our long-term debt includes a variety of debt types. We issue both fixed and floating-rate medium-term notes
with maturities greater than one year that are issued through dealer banks. We also offer Benchmark Notes and
other bonds in large, regularly-scheduled issuances that provide increased efficiency, liquidity and tradability
to the market. Additionally, we have issued notes and bonds denominated in several foreign currencies and are
able to issue debt in numerous other currencies. We effectively convert all foreign currency-denominated
transactions into U.S. dollars through the use of foreign currency swaps for the purpose of funding our
mortgage assets.
Our other long-term debt includes callable and non-callable securities, which include all long-term non-
Benchmark securities, such as zero-coupon bonds, fixed rate and other long-term securities, and are generally
negotiated underwritings with one or more dealers or dealer banks.
F-75
FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)