Bank of America 2006 Annual Report Download - page 126

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Note 12 – Short-term Borrowings and Long-
term Debt
Short-term Borrowings
Bank of America Corporation and certain other subsidiaries issue commer-
cial paper in order to meet short-term funding needs. Commercial paper
outstanding at December 31, 2006 was $41.2 billion compared to $25.0
billion at December 31, 2005.
Bank of America, N.A. maintains a domestic program to offer up to a
maximum of $50.0 billion, at any one time, of bank notes with fixed or
floating rates and maturities of at least seven days from the date of issue.
Short-term bank notes outstanding under this program totaled $24.5 bil-
lion at December 31, 2006, compared to $22.5 billion at December 31,
2005. These short-term bank notes, along with Treasury tax and loan
notes, term federal funds purchased and commercial paper, are reflected
in Commercial Paper and Other Short-term Borrowings on the Consolidated
Balance Sheet.
Long-term Debt
The following table presents the balance of Long-term Debt at December 31, 2006 and 2005 and the related rates and maturity dates at December 31,
2006:
December 31
(Dollars in millions) 2006 2005
Notes issued by Bank of America Corporation
Senior notes:
Fixed, with a weighted average rate of 4.51%, ranging from 0.84% to 7.50%, due 2007 to 2043
$ 38,587
$ 36,357
Floating, with a weighted average rate of 4.93%, ranging from 0.72% to 6.78%, due 2007 to 2041
26,695
19,050
Subordinated notes:
Fixed, with a weighted average rate of 6.08%, ranging from 2.94% to 10.20%, due 2007 to 2037
23,896
20,596
Floating, with a weighted average rate of 5.69%, ranging from 5.11% to 5.70%, due 2016 to 2019
510
10
Junior subordinated notes (related to trust preferred securities):
Fixed, with a weighted average rate of 6.77%, ranging from 5.25% to 11.45%, due 2026 to 2055
13,665
10,337
Floating, with a weighted average rate of 6.07%, ranging from 5.92% to 8.72%, due 2027 to 2033
2,203
1,922
Total notes issued by Bank of America Corporation
105,556
88,272
Notes issued by Bank of America, N.A. and other subsidiaries
Senior notes:
Fixed, with a weighted average rate of 5.03%, ranging from 0.93% to 11.30%, due 2007 to 2033
6,450
1,096
Floating, with a weighted average rate of 5.28%, ranging from 3.69% to 6.78%, due 2007 to 2051
22,219
4,985
Subordinated notes:
Fixed, with a weighted average rate of 6.36%, ranging from 5.75% to 7.13%, due 2007 to 2036
4,294
1,871
Floating, with a weighted average rate of 5.63%, ranging from 5.36% to 5.64%, due 2016 to 2019
918
8
Total notes issued by Bank of America, N.A. and other subsidiaries
33,881
7,960
Notes issued by NB Holdings Corporation
Junior subordinated notes (related to trust preferred securities):
Fixed, with a weighted average rate of 8.02%, ranging from 7.95% to 8.06%, due 2026
515
515
Floating, 6.00%, due 2027
258
258
Total notes issued by NB Holdings Corporation
773
773
Other debt
Advances from the Federal Home Loan Bank of Atlanta
Floating, 5.49%, due 2007
500
2,750
Advances from the Federal Home Loan Bank of New York
Fixed, with a weighted average rate of 6.07%, ranging from 4.00% to 8.29%, due 2007 to 2016
285
296
Advances from the Federal Home Loan Bank of Seattle
Fixed, with a weighted average rate of 6.34%, ranging from 5.40% to 7.42%, due 2007 to 2031
125
578
Floating, with a weighted average rate of 5.33%, ranging from 5.30% to 5.35%, due 2007 to 2008
3,200
–
Advances from the Federal Home Loan Bank of Boston
Fixed, with a weighted average rate of 5.83%, ranging from 1.00% to 7.72%, due 2007 to 2026
146
178
Floating, with a weighted average rate of 5.43%, ranging from 5.30% to 5.50%, due 2008 to 2009
1,500
–
Other
34
41
Total other debt
5,790
3,843
Total long-term debt
$146,000
$100,848
124
Bank of America 2006