Freddie Mac 2015 Annual Report Download - page 153

Management's Discussion and Analysis Liquidity and Capital Resources | Liquidity Profile
Freddie Mac 2015 Form 10-K 151
Year Ended December 31,
(dollars in millions) 2015 2014
Beginning balance $ 454,029 $ 511,345
Issued during the period
Short-term:
Amount $ 437,509 $ 217,716
Weighted-average effective interest rate 0.11%0.11%
Long-term:
Amount $ 168,581 $ 92,641
Weighted-average effective interest rate 1.43%1.16%
Total issued:
Amount $ 606,090 $ 310,357
Weighted-average effective interest rate 0.48%0.42%
Paid off during the period:
Short-term:
Amount $ (458,546) $ (224,814)
Weighted-average effective interest rate 0.07%0.12%
Long-term:
Amount $ (183,552) $ (142,859)
Weighted-average effective interest rate 1.44%1.61%
Total paid off:
Amount $ (642,098) $ (367,673)
Weighted-average effective interest rate 0.47%0.70%
Ending balance $ 418,021 $ 454,029
Unamortized premiums and discounts (3,684) (3,918)
Hedging-related and other basis adjustments 17 (42)
Other (48) —
Total other debt $ 414,306 $ 450,069
Issuances and pay-offs of short-term debt increased during 2015 compared to 2014 as we began utilizing
overnight discount notes as a more cost efficient tool to manage our intra-day liquidity needs. In addition,
issuances and pay-offs of long-term debt increased during 2015 compared to 2014 as we issued more
long-term callable debt to replace debt that was called for economic reasons.