MEDIUM- AND LONG-TERM DEBT

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



(in millions)	March 31, 2019		December 31, 2018
Parent company
Subordinated notes:
3.80% subordinated notes due 2026 (a)	$	256	$	250
Medium- and long-term notes:
2.125% notes due 2019 (a)	349		348
3.70% notes due 2023 (a)	869		861
4.00% notes due 2029 (a)	358		—
Total medium-term notes	1,576		1,209
Total parent company	1,832		1,459
Subsidiaries
Subordinated notes:
4.00% subordinated notes due 2025 (a)	349		343
7.875% subordinated notes due 2026 (a)	200		198
Total subordinated notes	549		541
Medium-term notes:
2.50% notes due 2020 (a)	667		663
Federal Home Loan Bank (FHLB) advances:
Floating-rate based on FHLB auction rate due 2026	2,800		2,800
Floating-rate based on FHLB auction rate due 2028	1,000		1,000
Total FHLB advances	3,800		3,800
Total subsidiaries	5,016		5,004
Total medium- and long-term debt	$	6,848	$	6,463


(a)	The fixed interest rates on these notes have been swapped to a variable rate and designated in a hedging relationship. Accordingly, carrying value has been adjusted to reflect the change in the fair value of the debt as a result of changes in the benchmark rate.

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

Comerica Bank (the Bank), a wholly-owned subsidiary of the Corporation, is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. The interest rate on the FHLB advances resets between four and eight weeks, based on the FHLB auction rate. At March 31, 2019, the weighted-average rate on the FHLB advances was 2.60%. Each note may be prepaid in full, without penalty, at each scheduled reset date. Borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. At March 31, 2019, $16.3 billion of real estate-related loans were pledged to the FHLB as collateral for current and potential future borrowings of approximately $4.6 billion.

On February 1, 2019, the Corporation issued $350 million of 4.00% senior notes maturing in 2029, swapped to a floating rate at 30-day LIBOR plus 129 basis points.

Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $10 million at March 31, 2019 and $8 million at December 31, 2018.