Freddie Mac 2008 Annual Report Download - page 116

Table 44 summarizes our short-term debt.
Table 44 — Short-Term Debt
2008
Balance, Net
(1)
Weighted
Average
Effective Rate
(2)
Balance, Net
(3)
Weighted
Average
Effective Rate
(4)
Maximum
Balance, Net
Outstanding at Any
Month End
December 31,
Average Outstanding
During the Year
(dollars in millions)
Reference Bills˛securities and discount notes ......... $310,026 1.67% $231,361 2.65% $310,026
Medium-term notes . . . ........................ 19,676 2.61 11,758 2.74 19,676
Federal funds purchased and securities sold under
agreements to repurchase ...................... — — 519 2.86 3,500
Subtotal . . ............................... 329,702 1.73
Current portion of long-term debt. . . . . . . ........... 105,412 3.46
Short-term debt . . . . ........................ $435,114 2.15
2007
Balance, Net
(1)
Weighted
Average
Effective Rate
(2)
Balance, Net
(3)
Weighted
Average
Effective Rate
(4)
Maximum
Balance, Net
Outstanding at Any
Month End
December 31,
Average Outstanding
During the Year
(dollars in millions)
Reference Bills˛securities and discount notes ......... $196,426 4.52% $158,467 5.02% $196,426
Medium-term notes . . . ........................ 1,175 4.36 4,496 5.27 8,907
Federal funds purchased and securities sold under
agreements to repurchase ...................... — — 112 5.42 804
Subtotal . . ............................... 197,601 4.52
Current portion of long-term debt. . . . . . . ........... 98,320 4.44
Short-term debt . . . . ........................ $295,921 4.49
2006
Balance, Net
(1)
Weighted
Average
Effective Rate
(2)
Balance, Net
(3)
Weighted
Average
Effective Rate
(4)
Maximum
Balance, Net
Outstanding at Any
Month End
December 31,
Average Outstanding
During the Year
(dollars in millions)
Reference Bills˛securities and discount notes ......... $157,553 5.14% $165,270 4.76% $182,946
Medium-term notes . . . ........................ 9,832 5.16 4,850 4.82 9,832
Federal funds purchased and securities sold under
agreements to repurchase ...................... — — 81 5.48 2,200
Subtotal . . ............................... 167,385 5.14
Current portion of long-term debt. . . . . . . ........... 117,879 4.10
Short-term debt . . . . ........................ $285,264 4.71
(1) Represents par value, net of associated discounts, premiums and foreign-currency-related and hedge-related basis adjustments, of which $1.6 billion of
current portion of long-term debt represents the fair value of foreign-currency denominated debt in accordance with SFAS 159 at December 31, 2008.
(2) Represents the approximate weighted average effective rate for each instrument outstanding at the end of the period, which includes the amortization of
discounts or premiums and issuance costs. For 2008, the current portion of long-term debt includes the amortization of hedging-related basis
adjustments.
(3) Represents par value, net of associated discounts, premiums and issuance costs. Issuance costs are reported in the other assets caption on our
consolidated balance sheets.
(4) Represents the approximate weighted average effective rate during the period, which includes the amortization of discounts or premiums and issuance
costs.
Guarantee Obligation
See “NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES” to our consolidated financial statements for
information regarding the accounting and measurement of our guarantee obligation.
113 Freddie Mac