

	Weighted-average Rate					December 31
(Dollars in millions)			Interest Rates		Maturity Dates	2020		2019
Notes issued by Bank of America Corporation (1)
Senior notes:
Fixed	3.05	%	0.25 - 8.05	%	2021 - 2051	$	174,385	$	140,265
Floating	0.74		0.09 - 4.96		2021 - 2044	16,788		19,552
Senior structured notes						17,033		16,941
Subordinated notes:
Fixed	4.89		2.94 - 8.57		2021 - 2045	23,337		21,632
Floating	1.15		0.88 - 1.41		2022 - 2026	799		782
Junior subordinated notes:
Fixed	6.71		6.45 - 8.05		2027 - 2066	738		736
Floating	1.03		1.03		2056	1		1
Total notes issued by Bank of America Corporation						233,081		199,909
Notes issued by Bank of America, N.A.
Senior notes:
Fixed	3.34		3.34		2023	511		508
Floating	0.33		0.28 - 0.49		2021 - 2041	2,323		6,519
Subordinated notes	6.00		6.00		2036	1,883		1,744
Advances from Federal Home Loan Banks:
Fixed	0.99		0.01 - 7.72		2021 - 2034	599		112
Floating						—		2,500
Securitizations and other BANA VIEs (2)						6,296		8,373
Other						683		402
Total notes issued by Bank of America, N.A.						12,295		20,158
Other debt
Structured liabilities						16,792		20,442
Nonbank VIEs (2)						757		347
Other						9		—
Total notes issued by nonbank and other entities						17,558		20,789
Total long-term debt						$	262,934	$	240,856

During 2020, the Corporation issued $56.9 billion of long-term debt consisting of $43.8 billion of notes issued by Bank of America Corporation, $4.8 billion of notes issued by Bank of America, N.A. and $8.3 billion of other debt. During 2019, the Corporation issued $52.5 billion of long-term debt consisting of $29.3 billion of notes issued by Bank of America Corporation, $10.9 billion of notes issued by Bank of America, N.A. and $12.3 billion of other debt.

During 2020, the Corporation had total long-term debt maturities and redemptions in the aggregate of $47.1 billion consisting of $22.6 billion for Bank of America Corporation, $11.5 billion for Bank of America, N.A. and $13.0 billion of other debt. During 2019, the Corporation had total long-term debt maturities and redemptions in the aggregate of $50.6 billion consisting of $21.1 billion for Bank of America Corporation, $19.9 billion for Bank of America, N.A. and $9.6 billion of other debt.

Bank of America Corporation and Bank of America, N.A. maintain various U.S. and non-U.S. debt programs to offer both senior and subordinated notes. The notes may be denominated in U.S. dollars or foreign currencies. At December 31, 2020 and 2019, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $54.6 billion and $49.6 billion. Foreign currency contracts may be used to convert certain foreign currency-denominated debt into U.S. dollars.

At December 31, 2020, long-term debt of consolidated VIEs in the table above included debt from credit card, residential mortgage, home equity and other VIEs of $6.3 billion, $491 million, $178 million and $111 million, respectively. Long-term debt of VIEs is collateralized by the assets of the VIEs. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.

The weighted-average effective interest rates for total long-term debt (excluding senior structured notes), total fixed-rate debt and total floating-rate debt were 3.02 percent, 3.29 percent and 0.71 percent, respectively, at December 31, 2020, and 3.26 percent, 3.55 percent and 1.92 percent, respectively, at December 31, 2019. The Corporation’s ALM activities maintain an overall interest rate risk management strategy that incorporates the use of interest rate contracts to manage fluctuations in earnings caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not have a significantly adverse effect on earnings and capital. The weighted-average rates are the contractual interest rates on the debt and do not reflect the impacts of derivative transactions.

Debt outstanding of $4.8 billion at December 31, 2020 was issued by BofA Finance LLC, a consolidated finance subsidiary

of Bank of America Corporation, the parent company, and is fully and unconditionally guaranteed by the parent company.

The table below shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2020. Included in the table are certain structured notes issued by the Corporation that contain provisions whereby the borrowings are redeemable at the option of the holder (put options) at specified dates prior to maturity. Other structured notes have coupon or repayment terms linked to the performance of debt or equity securities, indices, currencies or commodities, and the maturity may be accelerated based on the value of a referenced index or security. In both cases, the Corporation or a subsidiary may be required to settle the obligation for cash or other securities prior to the contractual maturity date. These borrowings are reflected in the table as maturing at their contractual maturity date.



Long-term Debt by Maturity

(Dollars in millions)	2021		2022		2023		2024		2025		Thereafter		Total
Bank of America Corporation
Senior notes	$	8,888	$	15,380	$	23,872	$	21,407	$	15,723	$	105,903	$	191,173
Senior structured notes	469		2,034		597		190		549		13,194		17,033
Subordinated notes	371		393		—		3,351		5,537		14,484		24,136
Junior subordinated notes	—		—		—		—		—		739		739
Total Bank of America Corporation	9,728		17,807		24,469		24,948		21,809		134,320		233,081
Bank of America, N.A.
Senior notes	1,340		975		511		—		—		8		2,834
Subordinated notes	—		—		—		—		—		1,883		1,883
Advances from Federal Home Loan Banks	502		3		1		—		18		75		599
Securitizations and other Bank VIEs (1)	4,056		1,241		977		—		—		22		6,296
Other	112		16		189		—		279		87		683
Total Bank of America, N.A.	6,010		2,235		1,678		—		297		2,075		12,295
Other debt
Structured Liabilities	4,613		2,414		2,221		655		859		6,030		16,792
Nonbank VIEs (1)	1		—		—		—		—		756		757
Other	—		—		—		—		—		9		9
Total other debt	4,614		2,414		2,221		655		859		6,795		17,558
Total long-term debt	$	20,352	$	22,456	$	28,368	$	25,603	$	22,965	$	143,190	$	262,934

(1) Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.