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	2023		2022
				(in millions)
Issued or acquired by HSBC USA:
Senior debt:
Fixed-rate notes	2024 - 2030	1.12% - 5.63%	3.42%	$	9,165	$	7,261
Structured notes	2024 - 2045	5.40 - 7.55	6.02	5,977		7,598
Total senior debt				15,142		14,859
Subordinated fixed-rate notes	2097	7.20	7.20	223		222
Mark-to-market adjustment on fair value option debt				374		(334)
Total issued or acquired by HSBC USA				15,739		14,747
Issued by HSBC Bank USA and its subsidiaries:
Senior debt:
Floating-rate notes	2024 - 2040	5.48 - 6.35	5.76	34		30
Structured notes	2024 - 2028	3.04 - 5.71	4.89	441		453
FHLB advances - floating-rate	2036	5.72	5.72	1,000		1,000
Total senior debt				1,475		1,483
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				6		(80)
Total issued by HSBC Bank USA and its subsidiaries				2,922		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
2025	6,329
2026	1,124
2027	894
2028	1,225
Thereafter	4,379
Total	$	18,661