Members' Subordinated Certificates (Tables)

12 Months Ended

May 31, 2020

The following table presents subordinated deferrable debt outstanding and the weighted-average interest rates as of

May 31, 2020 and 2019.



	May 31,
	2020					2019
(Dollars in thousands)	Amount			Weighted- Average Interest Rate		Amount			Weighted-Average Interest Rate
4.75% due 2043 with a call date of April 30, 2023	$	400,000		4.75	%	$	400,000		4.75	%
5.25% due 2046 with a call date of April 20, 2026	350,000			5.25		350,000			5.25
5.50% due 2064 with a call date of May 15, 2024	250,000			5.50		250,000			5.50	%
Debt issuance costs	(13,881		)			(13,980		)
Total subordinated deferrable debt	$	986,119		5.11		$	986,020		5.11

Schedule of amount of members' subordinated certificates maturing in each of the five fiscal years

The following table presents the amount of long-term debt maturing in each of the five fiscal years subsequent to

May 31, 2020 and thereafter.



(Dollars in thousands)	Amount Maturing		Weighted-Average Interest Rate
2021	$	2,016,164	2.41	%
2022	2,517,356		2.12
2023	1,221,908		2.33
2024	1,117,749		3.00
2025	807,793		2.77
Thereafter	12,031,054		3.24
Total	$	19,712,024	2.92

Subordinated certificates

Members' subordinated certificates

Schedule of Subordinated Borrowing

The following table displays members’ subordinated certificates and the weighted-average interest rates as of May 31, 2020 and 2019.



	May 31,
	2020				2019
(Dollars in thousands)	Amounts Outstanding		Weighted- Average Interest Rate		Amounts Outstanding		Weighted- Average Interest Rate
Membership subordinated certificates:
Certificates maturing 2020 through 2119	$	630,467			$	630,466
Subscribed and unissued ⁽¹⁾	16				8
Total membership subordinated certificates	630,483		4.95	%	630,474		4.95	%
Loan and guarantee subordinated certificates:
Interest-bearing loan subordinated certificates maturing through 2045	280,372				290,259
Non-interest-bearing loan subordinated certificates maturing through 2047	144,258				150,152
Subscribed and unissued ⁽¹⁾	45				45
Total loan subordinated certificates	424,675		2.71		440,456		2.73
Interest-bearing guarantee subordinated certificates maturing through 2044	43,700				47,878
Non-interest-bearing guarantee subordinated certificates maturing through 2037	14,590				17,151
Total guarantee subordinated certificates	58,290		4.43		65,029		4.49
Total loan and guarantee subordinated certificates	482,965		2.92		505,485		2.95
Member capital securities:
Securities maturing through 2050	226,170		5.00		221,170		5.00
Total members’ subordinated certificates	$	1,339,618	4.22		$	1,357,129	4.21

^{___________________________}

⁽¹⁾ The subscribed and unissued subordinated certificates represent subordinated certificates that members are required to purchase. Upon collection of full payment of the subordinated certificate amount, the certificate will be reclassified from subscribed and unissued to outstanding.

Schedule of amount of members' subordinated certificates maturing in each of the five fiscal years

The following table presents the amount of members’ subordinated certificates maturing in each of the five fiscal years following May 31, 2020 and thereafter.



(Dollars in thousands)	Amount Maturing⁽¹⁾		Weighted-Average Interest Rate
2021	$	40,511	3.60	%
2022	13,339		3.07
2023	22,321		3.70
2024	15,240		2.37
2025	24,212		1.66
Thereafter	1,223,934		4.34
Total	$	1,339,557	4.22

^{___________________________}

⁽¹⁾Excludes $0.06 million in subscribed and unissued member subordinated certificates for which a payment has been received, but no certificate has been issued. Amortizing member loan subordinated certificates totaling $239 million are amortizing annually based on the unpaid principal balance of the related loan. Amortization payments on these certificates totaled $14 million in fiscal year 2020 and represented 6% of amortizing loan subordinated certificates outstanding.