Long-Term Debt

Long-term debt consists of borrowings having an original maturity of one year or more. The following is a summary of the Company's long-term debt:



(Dollars in millions)	September 30, 2017		December 31, 2016
Debt issued by MUAH
Senior debt:
Floating rate senior notes due February 2018. These notes, which bear interest at 0.57% above 3-month LIBOR, had a rate of 1.88% at September 30, 2017 and 1.46% at December 31, 2016	$	250	$	250
Fixed rate 1.625% notes due February 2018	450		449
Fixed rate 2.25% notes due February 2020	997		997
Fixed rate 3.50% notes due June 2022	397		397
Fixed rate 3.00% notes due February 2025	496		496
Senior debt due to BTMU:
Floating rate debt due March 2020. This note, which bears interest at 0.86% above 3-month LIBOR, had a rate of 2.18% at September 30, 2017 and 1.82% at December 31, 2016	545		545
Floating rate debt due September 2020. This note, which bears interest at 0.85% above 3-month LIBOR, had a rate of 2.18% at September 30, 2017	3,500		—
Floating rate debt due December 2023. This note, which bears interest at 0.76% above 3-month EURIBOR, had a rate of 0.76% at September 30, 2017	24		—
Subordinated debt due to BTMU:
Floating rate subordinated debt due December 2023. This note, which bears interest at 1.38% above 3-month LIBOR, had a rate of 2.71% at September 30, 2017 and 2.38% at December 31, 2016	300		300
Junior subordinated debt payable to trusts:
Floating rate note due September 2036. This note had an interest rate of 3.02% at September 30, 2017 and 2.66% at December 31, 2016	36		36
Total debt issued by MUAH	6,995		3,470
Debt issued by MUB
Senior debt:
Floating rate notes due May 2017. These notes, which bear interest at 0.40% above 3-month LIBOR, had a rate of 1.28% at December 31, 2016	—		250
Fixed rate 2.125% notes due June 2017	—		500
Fixed rate 2.625% notes due September 2018	999		999
Fixed rate FHLB of San Francisco advances due between May 2018 and August 2018. These notes bear a combined weighted-average rate of 1.33% at September 30, 2017	600		—
Fixed rate 2.250% notes due May 2019	499		500
Senior debt due to BTMU:
Floating rate debt due January 2018. This note, which bears interest at 0.85% above 1-month LIBOR, had a rate of 1.47% at December 31, 2016	—		1,000
Floating rate debt due January 2018. This note, which bears interest at 0.87% above 1-month LIBOR, had a rate of 1.49% at December 31, 2016	—		1,500
Floating rate debt due January 2018. This note, which bears interest at 1.03% above 1-month LIBOR, had a rate of 1.65% at December 31, 2016	—		1,000
Subordinated debt due to BTMU:
Floating rate subordinated debt due June 2023. This note, which bears interest at 1.20% above 3-month LIBOR, had a rate of 2.53% at September 30, 2017 and 2.20% at December 31, 2016	750		750
Other	58		58
Total debt issued by MUB	2,906		6,557





Debt issued by other MUAH subsidiaries
Senior Debt due to BTMU:
Various floating rate borrowings due between March 2019 and May 2021. These notes, which bear interest above 3-month LIBOR had a weighted-average interest rate of 1.41% at September 30, 2017 and 0.99% at December 31, 2016	270		250
Various fixed rate borrowings due between February 2019 and June 2023 with a weighted-average interest rate of 2.10% (between 1.37% and 2.65%) at September 30, 2017 and 2.15% (between 1.71% and 2.44%) at December 31, 2016	340		384
Subordinated Debt due to Affiliate:
Various floating rate borrowings due between March 2018 and March 2019. These notes, which bear interest above 6-month LIBOR had a weighted-average interest rate of 2.95% (between 2.88% and 3.04%) at September 30, 2017 and 2.68% (between 2.61% and 2.77%) at December 31, 2016	185		185
Nonrecourse Debt due to BTMU:
Various floating rate nonrecourse borrowings due to BTMU between March 2018 and July 2023. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 3.32% (between 1.49% and 5.58%) at September 30, 2017 and 1.67% (between 0.25% and 2.41%) at December 31, 2016	247		127
Fixed rate nonrecourse borrowings due to BTMU between January 2019 and March 2023 which had an interest rate of 2.70% at September 30, 2017	82		—
Nonrecourse Debt:
Various floating rate nonrecourse borrowings due between October 2017 and May 2019. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 2.54% (between 2.08% and 3.35%) at September 30, 2017 and 2.04% (between 0.85% and 2.73%) at December 31, 2016	357		398
Fixed rate nonrecourse borrowings due December 2026 which had an interest rate of 5.34% at September 30, 2017 and December 31, 2016	37		39
Total debt issued by other MUAH subsidiaries	1,518		1,383
Total long-term debt	$	11,419	$	11,410

MUAH Senior Debt due to BTMU

During the first quarter of 2017, MUAH borrowed $3.5 billion from BTMU in the form of a senior loan. MUAH may prepay the loan prior to the stated maturity date in whole or in part and in an amount of not less than $500,000. BTMU may accelerate the payment of the loan, in the case of certain events of default. The proceeds of the BTMU Loan have funded loans to MUAH’s subsidiaries. Simultaneously with the funding of the BTMU Loan on March 31, 2017, the Bank prepaid three loans from BTMU totaling $3.5 billion.