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Long-Term Debt
12 Months Ended
Dec. 31, 2023
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, 2023 are shown in the below table.
At December 31,
Maturity Date
Range
Interest Rate
Range
Interest Rate
Weighted
Average
20232022
 (in millions)
Issued or acquired by HSBC USA:
Senior debt:
Fixed-rate notes2024 - 2030
1.12% - 5.63%
3.42%$9,165 $7,261 
Structured notes2024 - 2045
5.40 - 7.55
6.025,977 7,598 
Total senior debt15,142 14,859 
Subordinated fixed-rate notes2097
7.20
7.20223 222 
Mark-to-market adjustment on fair value option debt374 (334)
Total issued or acquired by HSBC USA15,739 14,747 
Issued by HSBC Bank USA and its subsidiaries:
Senior debt:
Floating-rate notes2024 - 2040
5.48 - 6.35
5.7634 30 
Structured notes2024 - 2028
3.04 - 5.71
4.89441 453 
FHLB advances - floating-rate20365.725.721,000 1,000 
Total senior debt1,475 1,483 
Subordinated fixed-rate notes2034 - 2039
5.63 - 7.00
6.361,441 1,441 
Mark-to-market adjustment on fair value option debt6 (80)
Total issued by HSBC Bank USA and its subsidiaries2,922 2,844 
Total long-term debt$18,661 $17,591 
At December 31, 2023 and 2022, we had structured notes totaling $6,790 million and $7,672 million, respectively, and subordinated debt totaling $749 million and $706 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.
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 both December 31, 2023 and 2022, borrowings from the FHLB facility totaled $1,000 million 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 $24,524 million at December 31, 2023.
Maturities of long-term debt at December 31, 2023 were as follows:
  
(in millions)
2024$4,710 
20256,329 
20261,124 
2027894 
20281,225 
Thereafter4,379 
Total$18,661