Medium- And Long-Term Debt

6 Months Ended

Jun. 30, 2024

MEDIUM- AND LONG-TERM DEBT

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


(in millions)	June 30, 2024		December 31, 2023
Parent company
Subordinated notes:
3.80% subordinated notes due 2026	$	239	$	241
Medium- and long-term notes:

4.00% notes due 2029	513		523
5.982% notes due 2030	978		—
Total medium- and long-term notes	1,491		523
Total parent company	1,730		764
Subsidiaries
Subordinated notes:
4.00% subordinated notes due 2025	339		337
7.875% subordinated notes due 2026	157		162
5.332% subordinated notes due 2033	450		466
Total subordinated notes	946		965
Medium- and long-term notes:
2.50% notes due 2024	499		489

FHLB advances:
5.07% advance due 2025	993		995
4.79% advance due 2026	986		997
4.49% advance due 2027	982		999
4.49% advance due 2028	976		997
Total FHLB advances:	3,937		3,988
Total subsidiaries	5,382		5,442
Total medium- and long-term debt	$	7,112	$	6,206

Fixed interest rates have been swapped to a variable rate and designated in a hedging relationship for all notes outstanding at June 30, 2024 and December 31, 2023. Accordingly, carrying value has been adjusted to reflect the change in 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 Comerica, Incorporated, is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. Borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. At June 30, 2024, FHLB borrowings were $5.3 billion (which included $1.3 billion in short-term advances), with remaining capacity for future borrowing of $12.0 billion, secured by real estate-related loans and investment securities collateral.

Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $12 million and $6 million at June 30, 2024 and December 31, 2023, respectively.