Long-Term Debt |
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) | | June 30, 2021 | | December 31, 2020 | Debt issued by MUAH | | | | | Senior debt: | | | | | Fixed rate 3.50% notes due June 2022 | | $ | 400 | | | $ | 399 | | Fixed rate 3.00% notes due February 2025 | | 398 | | | 398 | | Senior debt due to MUFG Bank, Ltd: | | | | | Floating rate debt due December 2023. This note, which bears interest at 0.99% above 3-month LIBOR, had a rate of 1.10% at June 30, 2021 and 1.23% at December 31, 2020 | | 1,625 | | | 1,625 | | Floating rate debt due December 2023. This note, which bears interest at 0.94% above 3-month LIBOR, had a rate of 1.05% at June 30, 2021 and 1.15% at December 31, 2020 | | 1,765 | | | 1,765 | | 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 June 30, 2021 and 0.76% at December 31, 2020 | | 26 | | | 27 | | Floating rate debt due March 2024. This note, which bears interest at 0.76% above 3-month LIBOR, had a rate of 0.88% at June 30, 2021 and 0.98% at December 31, 2020 | | 775 | | | 775 | | Floating rate debt due June 2024. This note, which bears interest at 0.79% above 3-month LIBOR, had a rate of 0.91% at June 30, 2021 and 1.00% at December 31, 2020 | | 750 | | | 750 | | Floating rate debt due September 2024. This note, which bears interest at 0.82% above 3-month LIBOR, had a rate of 0.94% at June 30, 2021 and 1.03% at December 31, 2020 | | 750 | | | 750 | | Floating rate debt due December 2024. This note, which bears interest at 0.84% above 3-month LIBOR, had a rate of 0.96% at June 30, 2021 and 1.06% at December 31, 2020 | | 750 | | | 750 | | Floating rate debt due March 2024. This note, which bears interest at 0.66% above 3-month LIBOR, had a rate of 0.78% at June 30, 2021 | | 90 | | | — | | Junior subordinated debt payable to trusts: | | | | | Floating rate note due September 2036. This note had an interest rate of 1.92% at December 31, 2020 | | — | | | 37 | | Total debt issued by MUAH | | 7,329 | | | 7,276 | | Debt issued by MUB | | | | | Senior debt: | | | | | Fixed rate 2.10% notes due December 2022 | | 699 | | | 699 | | Floating rate debt due December 2022. These notes, which bear interest at 0.71% above SOFR, had a rate of 0.76% at June 30, 2021 and 0.78% at December 31, 2020 | | 300 | | | 300 | | Floating rate debt due March 2022. This note, which bears interest at 0.60% above 3-month LIBOR, had a rate of 0.73% at June 30, 2021 and 0.83% at December 31, 2020 | | 300 | | | 300 | | Fixed rate 3.15% notes due April 2022 | | 998 | | | 998 | | Fixed rate FHLB of San Francisco advances due between November 2021 and September 2026. These notes bear a combined weighted average rate of 2.37% at June 30, 2021 and 2.76% at December 31, 2020 | | 4,074 | | | 4,575 | | Other | | 13 | | | 12 | | Total debt issued by MUB | | 6,384 | | | 6,884 | | Debt issued by other MUAH subsidiaries | | | | | Senior debt due to MUFG Bank, Ltd: | | | | | Various fixed rate borrowings due between August 2021 and September 2027 with a weighted average interest rate of 1.45% (between 1.23% and 2.44%) at June 30, 2021 and 1.48% (between 1.23% and 2.44%) at December 31, 2020 | | 312 | | | 323 | | | | | | | Non-recourse debt due to MUFG Bank, Ltd: | | | | | Various floating rate non-recourse borrowings due December 2021. These notes, which bear interest above 1- or 3-month LIBOR had an interest rate of 1.01% at June 30, 2021 and 0.51% at December 31, 2020 | | 3 | | | 3 | | Fixed rate non-recourse borrowings due between July 2022 and July 2023 with a weighted average interest rate of 3.20% (between 2.18% and 3.72%) at June 30, 2021 and 3.15% (between 1.96% and 3.72%) at December 31, 2020 | | 93 | | | 119 | | Other non-recourse debt: | | | | | Fixed rate 5.34% non-recourse borrowings due December 2026 | | 24 | | | 26 | | Total debt issued by other MUAH subsidiaries | | 432 | | | 471 | | Total long-term debt | | $ | 14,145 | | | $ | 14,631 | |
A summary of maturities for the Company's long-term debt at June 30, 2021 is presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | | Debt issued by MUAH | | Debt issued by MUB | | Debt issued by other MUAH subsidiaries | | Total | 2021 | | $ | — | | | $ | 1,425 | | | $ | 24 | | | $ | 1,449 | | 2022 | | 400 | | | 2,298 | | | 37 | | | 2,735 | | 2023 | | 3,416 | | | 1 | | | 96 | | | 3,513 | | 2024 | | 3,115 | | | 1 | | | — | | | 3,116 | | 2025 | | 398 | | | 601 | | | — | | | 999 | | Thereafter | | — | | | 2,058 | | | 275 | | | 2,333 | | Total long-term debt | | $ | 7,329 | | | $ | 6,384 | | | $ | 432 | | | $ | 14,145 | |
The Company uses derivative instruments to manage interest rate risk by converting a portion of its fixed rate debt to variable rate debt. The effective rate adjustments related to these hedges are included in interest expense on long-term debt. For additional information on these derivative instruments, see Note 9 "Derivative Instruments and Other Financial Instruments Used For Hedging" to these consolidated financial statements.
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