Long-Term Debt

12 Months Ended

Dec. 31, 2021

Long-term Debt, Unclassified [Abstract]

Long-term Debt

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, 2021 are shown in the below table.

				At December 31,
	Maturity Date Range	Interest Rate Range	Interest Rate Weighted Average	2021		2020
				(in millions)
Issued or acquired by HSBC USA:
Senior debt:
Fixed-rate notes	2024 - 2030	1.12% - 4.20%	2.63%	$	6,347	$	2,990
Structured notes	2022 - 2045	.13 - 2.51	.62	6,346		7,938
Total senior debt				12,693		10,928
Subordinated debt:
Fixed-rate notes	2097	7.20	7.20	222		422
Floating-rate notes(1)				—		850
Total subordinated debt				222		1,272
Mark-to-market adjustment on fair value option debt				1,145		1,344
Total issued or acquired by HSBC USA				14,060		13,544
Issued or acquired by HSBC Bank USA and its subsidiaries:
Senior debt:
Floating-rate notes	2024 - 2040	.02 - .91	.31	25		42
Structured notes	2022 - 2028	(.08) - 3.04	1.22	488		394
FHLB advances - fixed-rate				—		3,250
FHLB advances - floating-rate	2036	.23	.23	1,000		1,000
Total senior debt				1,513		4,686
Subordinated fixed-rate notes	2034 - 2039	5.63 - 7.00	6.36	1,441		1,441
Mark-to-market adjustment on fair value option debt				222		308
Total issued or acquired by HSBC Bank USA and its subsidiaries				3,176		6,435
Total long-term debt				$	17,236	$	19,979

(1)During 2021, $850 million of floating-rate subordinated debt with HSBC North America was called and repaid.

At December 31, 2021 and 2020, we had structured notes totaling $7,997 million and $9,695 million, respectively, and subordinated debt totaling $945 million and $1,030 million, respectively, for which we have elected fair value option accounting and are therefore carried at fair value. See Note 17, "Fair Value Option," for further details. During 2019, HSBC Bank USA repurchased $1,269 million of its outstanding subordinated debt that was designated under fair value option and recorded a net pre-tax gain on extinguishment of $84 million.

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, 2021 and 2020, borrowings from the FHLB facility totaled $1,000 million and $4,250 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 $15,057 million at December 31, 2021.

Maturities of long-term debt at December 31, 2021 were as follows:

	(in millions)
2022	$	2,930
2023	1,593
2024	2,014
2025	4,474
2026	631
Thereafter	5,594
Total	$	17,236