Short-Term Borrowings

Short-term borrowings at August 31, 2018 and November 30, 2017 include the following and mature in one year or less (in thousands):



	August 31, 2018		November 30, 2017
Bank loans (1)	$	324,021	$	304,651
Floating rate puttable notes	57,985		108,240
Equity-linked notes	—		23,324
Total short-term borrowings	$	382,006	$	436,215


(1)	Bank loans include loans entered into, pursuant to a Master Loan Agreement, between the Bank of New York Mellon and us.

At August 31, 2018, the weighted average interest rate on short-term borrowings outstanding is 3.39% per annum. Average daily short-term borrowings outstanding were $422.9 million and $498.6 million for the three and nine months ended August 31, 2018, respectively, $436.7 million and $474.2 million for the three and nine months ended August 31, 2017, respectively.

During the nine months ended August 31, 2018, we issued equity-linked notes with a principal amount of $70.5 million, which matured on July 12, 2018. In addition, during the nine months ended August 31, 2018, our floating rate puttable notes with principal amounts of €30.0 million and €11.0 million matured on April 8, 2018 and May 3, 2018, respectively and our equity-linked notes with a principal amount of $23.3 million matured on December 7, 2017. See Note 4, Fair Value Disclosures, for further information.

During the nine months ended August 31, 2017, we issued equity-linked notes with principal amounts of $30.6 million, which matured on July 18, 2017, and $4.2 million, which matured on September 20, 2017. See Note 4, Fair Value Disclosures, for further information.

The Bank of New York Mellon has agreed to make revolving intraday credit advances (“Intraday Credit Facility”) for an aggregate committed amount of $150.0 million. The Intraday Credit Facility contains financial covenants, which includes a minimum regulatory net capital requirement for Jefferies LLC. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. During the nine months ended August 31, 2018, we were in compliance with debt covenants under the Intraday Credit Facility.