Long-Term Debt

The composition of long-term debt is presented in the following table. Interest rates on floating rate notes are determined periodically by formulas based on certain money market rates or, in certain instances, by minimum interest rates as specified in the agreements governing the issues. Interest rates and maturity dates in effect at December 31, 2018 are shown in the below table.



				At December 31,
	Maturity Date Range	Interest Rate Range	Interest Rate Weighted Average	2018			2017
				(in millions)
Issued or acquired by HSBC USA:
Senior debt:
Fixed-rate notes	2019-2025	2.25% - 4.20%	3.01%	$	7,886		$	10,185
Floating-rate notes	2019	3.24%	3.24%	350			849
Structured notes	2019-2045	2.40% - 5.11%	3.41%	8,850			9,137
Total senior debt				17,086			20,171
Subordinated debt:
Fixed-rate notes	2020-2097	5.00% - 9.30%	6.16%	1,170			1,170
Floating-rate notes	2025	3.66%	3.66%	850			850
Total subordinated debt				2,020			2,020
Mark-to-market adjustment on fair value option debt				(243		)	1,125
Total issued or acquired by HSBC USA				18,863			23,316
Issued or acquired by HSBC Bank USA and its subsidiaries:
Senior debt:
Fixed-rate notes	2021-2026	3.67% - 4.37%	3.89%	4,927			—
Floating-rate notes	2019-2040	0.93% - 1.38%	1.33%	31			4,031
Structured notes	2019-2028	2.69% - 9.07%	5.85%	769			393
FHLB advances - floating-rate	2019-2036	2.50% - 3.33%	2.88%	2,100			3,100
Total senior debt				7,827			7,524
Subordinated fixed-rate notes	2020-2039	4.88% - 7.00%	5.70%	3,676			3,572
Long-term debt issued by VIE - fixed-rate	2019	17.20%	17.20%	66			73
Mark-to-market adjustment on fair value option debt				196			481
Total issued or acquired by HSBC Bank USA and its subsidiaries				11,765			11,650
Total long-term debt				$	30,628		$	34,966

At December 31, 2018 and 2017, we had structured notes totaling $9,314 million and $10,656 million, respectively, and subordinated debt totaling $1,935 million and $2,230 million, respectively, for which we have elected fair value option accounting and are therefore carried at fair value. See Note 15, "Fair Value Option," for further details.

As a member of the FHLB and the Federal Reserve Bank of New York, we have secured borrowing facilities which are collateralized by loans and investment securities. At December 31, 2018 and 2017, borrowings from the FHLB facility totaled $2,100 million and $3,100 million, respectively, which is included in long-term debt. Based upon the amounts pledged as collateral under these facilities, we have additional borrowing capacity of up to $15,721 million at December 31, 2018.

Maturities of long-term debt at December 31, 2018 were as follows:



	(in millions)
2019	$	5,799
2020	6,934
2021	5,495
2022	1,342
2023	981
Thereafter	10,077
Total	$	30,628