Bank of America 2012 Annual Report Download - page 221

Bank of America 2012 219
NOTE 12 Long-term Debt
Long-term debt consists of borrowings having an original maturity of one year or more. The table below presents the balance of long-
term debt at December 31, 2012 and 2011, and the related contractual rates and maturity dates as of December 31, 2012.
December 31
(Dollars in millions) 2012 2011
Notes issued by Bank of America Corporation
Senior notes:
Fixed, with a weighted-average rate of 5.26%, ranging from 1.50% to 7.63%, due 2013 to 2043 $79,575 $ 95,199
Floating, with a weighted-average rate of 1.15%, ranging from 0.16% to 5.21%, due 2013 to 2041 13,439 28,064
Senior structured notes 21,936 18,920
Subordinated notes:
Fixed, with a weighted-average rate of 5.39%, ranging from 2.40% to 10.20%, due 2013 to 2038 14,787 24,509
Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 3.66%, due 2016 to 2019 449 704
Junior subordinated notes (related to trust preferred securities):
Fixed, with a weighted-average rate of 6.79%, ranging from 5.25% to 11.45%, due 2027 to 2036 3,186 12,859
Floating, with a weighted-average rate of 1.03%, ranging from 0.89% to 3.69%, due 2027 to 2056 567 1,165
Total notes issued by Bank of America Corporation 133,939 181,420
Notes issued by Merrill Lynch & Co., Inc. and subsidiaries
Senior notes:
Fixed, with a weighted-average rate of 5.79%, ranging from 1.63% to 15.00%, due 2013 to 2034 35,064 41,103
Floating, with a weighted-average rate of 0.67%, ranging from 0.12% to 5.06%, due 2013 to 2044 11,964 18,480
Senior structured notes 27,288 27,578
Subordinated notes:
Fixed, with a weighted-average rate of 5.98%, ranging from 2.61% to 8.13%, due 2016 to 2038 9,331 11,454
Floating, with a weighted-average rate of 0.89%, ranging from 0.73% to 2.88%, due 2017 to 2026 1,318 1,207
Junior subordinated notes (related to trust preferred securities):
Fixed, with a weighted-average rate of 6.91%, ranging from 6.45% to 7.38%, due 2017 to 2067 3,809 3,600
Other long-term debt 992 701
Total notes issued by Merrill Lynch & Co., Inc. and subsidiaries 89,766 104,123
Notes issued by Bank of America, N.A. and other subsidiaries
Senior notes:
Fixed, with a weighted-average rate of 7.00%, due 2014 178 164
Floating, with a weighted-average rate of 0.53%, ranging from 0.39% to 0.75%, due 2026 to 2051 2,686 8,029
Subordinated notes:
Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036 5,230 5,273
Floating, with a weighted-average rate of 0.60%, ranging from 0.36% to 0.61%, due 2016 to 2019 1,401 1,401
Total notes issued by Bank of America, N.A. and other subsidiaries 9,495 14,867
Other debt
Senior structured notes 864 1,187
Subordinated notes —983
Advances from Federal Home Loan Banks:
Fixed, with a weighted-average rate of 4.87%, ranging from 0.01% to 7.72%, due 2013 to 2034 6,277 18,798
Other 988 1,833
Total other debt 8,129 22,801
Total long-term debt excluding consolidated VIEs 241,329 323,211
Long-term debt of consolidated VIEs 34,256 49,054
Total long-term debt $ 275,585 $ 372,265
Bank of America Corporation, Merrill Lynch & Co., Inc. and
subsidiaries, and Bank of America, N.A. maintain various U.S. and
non-U.S. debt programs to offer both senior and subordinated
notes. The notes may be denominated in U.S. dollars or foreign
currencies. At December 31, 2012 and 2011, the amount of
foreign currency-denominated debt translated into U.S. dollars
included in total long-term debt was $95.3 billion and $117.0
billion. Foreign currency contracts may be used to convert certain
foreign currency-denominated debt into U.S. dollars.
At December 31, 2012, long-term debt of consolidated VIEs in
the table above included credit card, automobile, home equity and
other VIEs of $22.3 billion, $713 million, $2.3 billion and $8.9
billion, respectively. Long-term debt of VIEs is collateralized by the
assets of the VIEs. For more information, see Note 7 –
Securitizations and Other Variable Interest Entities.