Members' Subordinated Certificates (Tables)

12 Months Ended

May 31, 2021

Members' subordinated certificates

Schedule of Subordinated Borrowing

The following table presents, by issuance, subordinated deferrable debt outstanding and the weighted-average interest rates as of May 31, 2021 and 2020.

Table 8.1: Subordinated Deferrable Debt Outstanding and Weighted-Average Interest Rates

	May 31,
	2021				2020				Maturity and Call Dates
(Dollars in thousands)	Outstanding Amount		Weighted- Average Interest Rate		Outstanding Amount		Weighted-Average Interest Rate		Term in Years	Maturity	Call Date
Issuances of subordinated notes:
4.75% issuance 2013	$	400,000	4.75	%	$	400,000	4.75	%	30	2043	April 30, 2023
5.25% issuance 2016	350,000		5.25		350,000		5.25		30	2046	April 20, 2026
5.50% issuance 2019	250,000		5.50		250,000		5.50		45	2064	May 15, 2024
Total aggregate principal amount	1,000,000				1,000,000
Debt issuance costs	(13,685)				(13,881)
Total subordinated deferrable debt	$	986,315	5.11		$	986,119	5.11

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

The following table presents the principal amount of long-term debt maturing in each of the five fiscal years subsequent to May 31, 2021 and thereafter.

Table 7.2: Long-Term Debt—Maturities and Weighted-Average Interest Rates

(Dollars in thousands)	Maturity Amount		Weighted-Average Interest Rate
2022	$	2,597,519	1.81	%
2023	1,843,775		1.65
2024	1,652,300		2.18
2025	842,377		2.76
2026	2,428,251		2.86
Thereafter	11,520,073		3.03
Total	$	20,884,295	2.66

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, 2021 and 2020.

Table 9.1: Members’ Subordinated Certificates Outstanding and Weighted-Average Interest Rates

	May 31,
	2021				2020
(Dollars in thousands)	Amounts Outstanding		Weighted- Average Interest Rate		Amounts Outstanding		Weighted- Average Interest Rate
Membership subordinated certificates:
Certificates maturing 2021 through 2119	$	628,582			$	630,467
Subscribed and unissued (1)	12				16
Total membership subordinated certificates	628,594		4.95	%	630,483		4.95	%
Loan and guarantee subordinated certificates:
Interest-bearing loan subordinated certificates maturing through 2047	223,067				280,372
Non-interest-bearing loan subordinated certificates maturing through 2047	132,203				144,258
Subscribed and unissued (1)	45				45
Total loan subordinated certificates	355,315		2.61		424,675		2.71
Interest-bearing guarantee subordinated certificates maturing through 2044	31,581				43,700
Non-interest-bearing guarantee subordinated certificates maturing through 2037	—				14,590
Total guarantee subordinated certificates	31,581		6.06		58,290		4.43
Total loan and guarantee subordinated certificates	386,896		2.89		482,965		2.92
Member capital securities:
Securities maturing through 2050	239,170		5.00		226,170		5.00
Total members’ subordinated certificates	$	1,254,660	4.32		$	1,339,618	4.22

___________________________

(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 subsequent to May 31, 2021 and thereafter.

Table 9.2: Members’ Subordinated Certificate Maturities and Weighted-Average Interest Rates

(Dollars in thousands)	Amount Maturing(1)		Weighted-Average Interest Rate
2022	$	6,879	2.64	%
2023	18,820		3.87
2024	10,635		2.46
2025	10,458		2.87
2026	55,073		2.88
Thereafter	1,152,739		4.44
Total	$	1,254,604	4.32

___________________________

(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 $190 million are amortizing annually based on the unpaid principal balance of the related loan. Amortization payments on these certificates totaled $13 million in fiscal year 2021 and represented 7% of amortizing loan subordinated certificates outstanding.