Medium- And Long-Term Debt

6 Months Ended

Jun. 30, 2015

MEDIUM- AND LONG-TERM DEBT

Medium- and long-term debt is summarized as follows:



(in millions)	June 30, 2015		December 31, 2014
Parent company
Subordinated notes:
4.80% subordinated notes due 2015 (a)	$	—	$	304
3.80% subordinated notes due 2026 (a)	253		257
Medium-term notes:
3.00% notes due 2015	300		300
2.125% notes due 2019 (a)	350		347
Total parent company	903		1,208
Subsidiaries
Subordinated notes:
5.75% subordinated notes due 2016 (a)	665		670
5.20% subordinated notes due 2017 (a)	541		548
7.875% subordinated notes due 2026 (a)	221		227
Total subordinated notes	1,427		1,445
Medium-term notes:
2.50% notes due 2020 (a)	495		—
Other notes:
6.0% - 6.4% fixed-rate notes due 2020	16		22
Total subsidiaries	1,938		1,467
Total medium- and long-term debt	$	2,841	$	2,675


(a)	The carrying value of medium- and long-term debt has been adjusted to reflect the gain or loss attributable to the risk hedged with interest rate swaps.

Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital.

Comerica Bank, a wholly-owned subsidiary of the Corporation (the Bank), is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. Actual borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. At June 30, 2015, $14 billion of real estate-related loans were pledged to the FHLB as blanket collateral for potential future borrowings of approximately $6 billion.

In the second quarter 2015, the Bank issued $500 million of 2.50% medium-term notes due 2020, which were swapped to a floating rate based on six-month LIBOR. Proceeds were used for general corporate purposes.