Long-Term Debt

9 Months Ended

Aug. 31, 2022

The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands):


	Maturity	Effective Interest Rate	August 31, 2022		November 30, 2021
Unsecured long-term debt:
1.000% Euro Medium Term Notes	July 19, 2024	1.00%	$	501,444	$	564,985
4.850% Senior Notes (1)	January 15, 2027	5.04%	714,423		775,550
6.450% Senior Debentures	June 8, 2027	5.46%	364,589		366,556
4.150% Senior Notes	January 23, 2030	4.26%	991,266		990,525
2.750% Senior Notes (1)	October 15, 2032	4.26%	401,353		460,724
6.250% Senior Debentures	January 15, 2036	6.03%	497,800		505,267
6.500% Senior Notes	January 20, 2043	6.09%	409,588		409,926
2.625% Senior Notes (1)	October 15, 2031	3.11%	922,252		988,059
5.000% Callable Note due 2027	June 16, 2027	5.00%	24,772		—
4.500% Callable Note due 2025	July 22, 2025	4.50%	6,147		—
5.000% Callable Note due 2028	February 17, 2028	5.00%	9,882		—
Floating Rate Senior Notes	October 29, 2071	2.19%	61,712		61,703
Unsecured Credit Facility	August 3, 2023	3.31%	249,421		348,951
Structured notes (2)	Various	Various	1,517,410		1,843,598
Total unsecured long-term debt			6,672,059		7,315,844
Secured long-term debt
Secured Credit Facilities			800,275		623,982
Secured Bank Loan			100,000		100,000
Total long-term debt (3)			$	7,572,334	$	8,039,826

(1)The carrying values of these senior notes include net gains of $188.0 million and $38.6 million in the nine months ended August 31, 2022 and 2021, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 4, Derivative Financial Instruments, for further information.

(2)These structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value.

(3)The Total Long-term debt has a fair value of $7.33 billion and $8.64 billion at August 31, 2022 and November 30, 2021, respectively, which would be classified as Level 2 and Level 3 in the fair value hierarchy.

During the nine months ended August 31, 2022, long-term debt decreased by $467.5 million to $7.57 billion at August 31, 2022, as presented in our Consolidated Statements of Financial Condition, primarily due to fair value changes in our structured notes, gains on certain of our senior notes associated with interest rate swaps based on their designation as fair value hedges and approximately $66.2 million of net repayments related to our unsecured long-term debt, partially offset by structured notes issuances, net of retirements, of approximately $162.5 million and net issuances of approximately $93.7 million related to our secured credit facilities. At August 31, 2022, all of our structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. Gains and losses in the fair value of structured notes resulting from non-credit components are recognized within Other adjustments on the Consolidated Statements of Cash Flow.

At August 31, 2022 and November 30, 2021, our borrowings under several credit facilities classified within Long-term debt in our Consolidated Statements of Financial Condition amounted to $1.05 billion and $972.9 million, respectively. Interest on these credit facilities is based on adjusted London Interbank Offered Rate (“LIBOR”) rates or other adjusted rates, as defined in the various credit agreements. The credit facility agreements contain certain covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At August 31, 2022, we were in compliance with all covenants under theses credit facilities.

In addition, one of our subsidiaries has a Loan and Security Agreement with a bank for a term loan (“Secured Bank Loan”). At both August 31, 2022 and November 30, 2021, borrowings under the Secured Bank Loan amounted to $100.0 million and are also classified within Long-term debt in our Consolidated Statements of Financial Condition. The Secured Bank Loan matures on September 13, 2024, has an interest rate of 1.25% plus LIBOR and is collateralized by certain trading securities. The agreement contains certain covenants that, among other things, restricts lien or encumbrance upon any of the pledged collateral. At August 31, 2022, we were in compliance with all covenants under the Secured Bank Loan.