Freddie Mac 2011 Annual Report Download - page 262

Other Long-Term Debt
The table below summarizes our other long-term debt.
Table 8.3 — Other Long-Term Debt
Contractual
Maturity
(1)
Par Value
Balance,
Net
(2)
Weighted Average
Effective Rate
(3)
Par Value
Balance,
Net
(2)
Weighted Average
Effective Rate
(3)
(dollars in millions)
December 31, 2011 December 31, 2010
Other long-term debt:
Other senior debt:
(4)
Fixed-rate:
Medium-term notes — callable
(5)
. . . . . 2012 - 2037 $ 96,958 $ 96,938 1.78% $107,328 $107,272 2.60%
Medium-term notes — non-callable . . . . 2012 - 2028 41,303 41,470 1.33 31,107 31,335 1.73
U.S. dollar Reference Notes»
securities — non-callable . . . . . . . . . 2012 - 2032 238,145 238,244 3.17 239,497 239,486 3.69
AReference Notes»securities — non-
callable . . . . . . . . . . . . . . . . . . . . . 2012 - 2014 1,722 1,766 4.76 2,021 2,131 4.72
Variable-rate:
Medium-term notes — callable
(6)
. . . . . 2012 - 2028 21,230 21,229 2.40 32,404 32,403 2.81
Medium-term notes — non-callable . . . . 2012 - 2026 86,010 86,019 0.26 91,332 91,346 0.57
Zero-coupon:
Medium-term notes — callable . . . . . . . 2033 - 2041 12,475 3,281 5.39 12,191 2,971 5.69
Medium-term notes — non-callable . . . . 2012 - 2039 14,475 9,753 4.67 14,189 9,035 5.07
Hedging-related basis adjustments . . . . . . N/A 79 N/A 144
Total other senior debt . . . . . . . . . . . . . . 512,318 498,779 530,069 516,123
Other subordinated debt:
Fixed-rate . . . . . . . . . . . . . . . . . . . . . . . 2016 - 2018 221 218 6.59 578 575 5.74
Zero-coupon . . . . . . . . . . . . . . . . . . . . . 2019 332 150 10.51 331 136 10.51
Total other subordinated debt. . . . . . . . . . 553 368 909 711
Total other long-term debt . . . . . . . . . . . . . . . $512,871 $499,147 2.27 $530,978 $516,834 2.78
(1) Represents contractual maturities at December 31, 2011.
(2) Represents par value of long-term debt securities and subordinated borrowings, net of associated discounts or premiums and hedge-related basis
adjustments.
(3) Represents the weighted average effective rate that remains constant over the life of the instrument, which includes the amortization of discounts or
premiums, issuance costs, and hedging-related basis adjustments.
(4) For debt denominated in a currency other than the U.S. dollar, the outstanding balance is based on the exchange rate at December 31, 2011 and
2010, respectively.
(5) Includes callable FreddieNotes»securities of $2.9 billion and $5.4 billion at December 31, 2011 and 2010, respectively.
(6) Includes callable FreddieNotes»securities of $1.3 billion and $7.0 billion at December 31, 2011 and 2010, respectively.
A portion of our other long-term debt is callable. Callable debt gives us the option to redeem the debt security at par
on one or more specified call dates or at any time on or after a specified call date.
Debt Securities of Consolidated Trusts Held by Third Parties
Debt securities of consolidated trusts held by third parties represents our liability to third parties that hold beneficial
interests in our consolidated securitization trusts (i.e., single-family PC trusts and certain Other Guarantee Transactions).
257 Freddie Mac