December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Par Value | Balance, Net(1) | Weighted Average Effective Rate(2) | Par Value | Balance, Net(1) | Weighted Average Effective Rate(2) | ||||||||||||||||
(dollars in millions) | |||||||||||||||||||||
Other short-term debt: | |||||||||||||||||||||
Reference Bills® securities and discount notes | $ | 137,767 | $ | 137,712 | 0.13 | % | $ | 117,930 | $ | 117,889 | 0.15 | % | |||||||||
Medium-term notes | 4,000 | 4,000 | 0.16 | — | — | — | |||||||||||||||
Total other short-term debt | $ | 141,767 | $ | 141,712 | 0.13 | $ | 117,930 | $ | 117,889 | 0.15 |
(1) | Represents par value, net of associated discounts or premiums. |
(2) | Represents the weighted average effective rate that remains constant over the life of the instrument, which includes the amortization of discounts or premiums, and issuance costs. |
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
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) | |||||||||||||||||||||||
Other long-term debt: | |||||||||||||||||||||||
Other senior debt:(4) | |||||||||||||||||||||||
Fixed-rate: | |||||||||||||||||||||||
Medium-term notes — callable(5) | 2014 - 2037 | $ | 101,190 | $ | 101,236 | 1.51 | % | $ | 94,655 | $ | 94,842 | 1.62 | % | ||||||||||
Medium-term notes — non-callable | 2014 - 2028 | 37,878 | 38,107 | 0.99 | 42,623 | 42,877 | 1.08 | ||||||||||||||||
U.S. dollar Reference Notes securities — non-callable | 2014 - 2032 | 190,371 | 190,406 | 2.71 | 225,857 | 225,885 | 2.82 | ||||||||||||||||
€Reference Notes securities — non-callable | 2014 | 528 | 529 | 4.38 | 1,167 | 1,187 | 4.58 | ||||||||||||||||
Variable-rate: | |||||||||||||||||||||||
Medium-term notes — callable | 2014 - 2028 | 6,001 | 6,001 | 1.66 | 6,953 | 6,953 | 2.57 | ||||||||||||||||
Medium-term notes — non-callable | 2014 - 2026 | 18,533 | 18,533 | 0.22 | 46,194 | 46,197 | 0.27 | ||||||||||||||||
STACR | 2023 | 1,107 | 1,155 | 4.29 | — | — | — | ||||||||||||||||
Zero-coupon: | |||||||||||||||||||||||
Medium-term notes — callable | 2037 - 2040 | 1,200 | 311 | 5.82 | 1,300 | 324 | 5.71 | ||||||||||||||||
Medium-term notes — non-callable | 2014 - 2039 | 12,217 | 8,334 | 3.08 | 15,240 | 10,923 | 4.03 | ||||||||||||||||
Hedging-related basis adjustments | N/A | 41 | N/A | 57 | |||||||||||||||||||
Total other senior debt | 369,025 | 364,653 | 433,989 | 429,245 | |||||||||||||||||||
Other subordinated debt: | |||||||||||||||||||||||
Fixed-rate | 2016 - 2018 | 221 | 218 | 6.60 | 221 | 218 | 6.59 | ||||||||||||||||
Zero-coupon | 2019 | 332 | 184 | 10.51 | 332 | 166 | 10.51 | ||||||||||||||||
Total other subordinated debt | 553 | 402 | 553 | 384 | |||||||||||||||||||
Total other long-term debt | $ | 369,578 | $ | 365,055 | 2.08 | % | $ | 434,542 | $ | 429,629 | 2.15 | % |
(1) | Represents contractual maturities at December 31, 2013. |
(2) | Represents par value of long-term debt securities and subordinated borrowings, net of associated discounts or premiums and hedge-related basis adjustments, with $2.6 billion and $2.2 billion, respectively, of other long-term debt that represents the fair value of debt securities with the fair value option elected at December 31, 2013 and 2012. |
(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, 2013 and 2012, respectively. |
(5) | Includes callable FreddieNotes® securities of $0.8 billion and $1.2 billion at December 31, 2013 and 2012, respectively. |
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Contractual Maturity(1) | UPB | Balance, Net(2) | Weighted Average Coupon(1) | Contractual Maturity(1) | UPB | Balance, Net(2) | Weighted Average Coupon(1) | ||||||||||||||||||
(dollars in millions) | (dollars in millions) | ||||||||||||||||||||||||
Single-family:(3) | |||||||||||||||||||||||||
30-year or more, fixed-rate | 2014 - 2052 | $ | 969,270 | $ | 993,683 | 4.14 | % | 2013 - 2048 | $ | 960,176 | $ | 982,718 | 4.53 | % | |||||||||||
20-year fixed-rate | 2014 - 2034 | 75,910 | 78,252 | 3.81 | 2013 - 2033 | 73,902 | 76,079 | 4.09 | |||||||||||||||||
15-year fixed-rate | 2014 - 2029 | 270,513 | 277,018 | 3.23 | 2013 - 2028 | 257,083 | 263,244 | 3.59 | |||||||||||||||||
Adjustable-rate | 2014 - 2047 | 60,683 | 61,830 | 2.64 | 2013 - 2047 | 62,424 | 63,649 | 2.88 | |||||||||||||||||
Interest-only(4) | 2026 - 2041 | 21,352 | 21,390 | 3.70 | 2026 - 2041 | 31,588 | 31,642 | 4.37 | |||||||||||||||||
FHA/VA | 2014 - 2041 | 1,284 | 1,303 | 5.67 | 2013 - 2041 | 1,638 | 1,663 | 5.67 | |||||||||||||||||
Total single-family | 1,399,012 | 1,433,476 | 1,386,811 | 1,418,995 | |||||||||||||||||||||
Multifamily(5) | 2018 - 2019 | 444 | 508 | 4.96 | 2018 - 2019 | 448 | 529 | 4.96 | |||||||||||||||||
Total debt securities of consolidated trusts held by third parties(6) | $ | 1,399,456 | $ | 1,433,984 | $ | 1,387,259 | $ | 1,419,524 |
(1) | Based on the contractual maturity and interest rate of debt securities of our consolidated trusts held by third parties. |
(2) | Represents par value, net of associated discounts, premiums, and other basis adjustments. |
(3) | Debt securities of consolidated trusts held by third parties are prepayable as the loans that collateralize the debt may prepay without penalty at any time. |
(4) | Includes interest-only securities and interest-only mortgage loans that allow the borrowers to pay only interest for a fixed period of time before the loans begin to amortize. |
(5) | Balance, Net includes interest-only securities recorded at fair value. |
(6) | The effective rate for debt securities of consolidated trusts held by third parties was 3.39% and 3.49% as of December 31, 2013 and 2012, respectively. |
Annual Maturities | Par Value(1)(2) | ||
(in millions) | |||
Other long-term debt: | |||
2014 | $ | 78,115 | |
2015 | 70,303 | ||
2016 | 63,564 | ||
2017 | 51,908 | ||
2018 | 33,418 | ||
Thereafter | 72,270 | ||
Debt securities of consolidated trusts held by third parties(3) | 1,399,456 | ||
Total | 1,769,034 | ||
Net discounts, premiums, hedge-related and other basis adjustments(4) | 30,005 | ||
Total debt securities of consolidated trusts held by third parties and other long-term debt | $ | 1,799,039 |
(1) | Represents par value of long-term debt securities and subordinated borrowings and UPB of debt securities of our consolidated trusts held by third parties. |
(2) | For other debt denominated in a currency other than the U.S. dollar, the par value is based on the exchange rate at December 31, 2013. |
(3) | Contractual maturities of debt securities of consolidated trusts held by third parties may not represent expected maturity as they are prepayable at any time without penalty. |
(4) | Other basis adjustments primarily represent changes in fair value attributable to instrument-specific credit risk and interest-rate risk related to other foreign-currency denominated debt. |