Annual report pursuant to Section 13 and 15(d)

Long-term Debt

v2.4.0.6
Long-term Debt
 12 Months Ended
Dec. 31, 2011
Long-term Debt, Unclassified [Abstract]  
Long-term Debt [Text Block]
Long-term Debt
Long-term debt consists of borrowings having an original maturity of one year or more. The table below presents the balance of long-term debt at December 31, 2011 and 2010, and the related contractual rates and maturity dates at December 31, 2011.
 
 
 
 
 
December 31
(Dollars in millions)
2011
 
2010
Notes issued by Bank of America Corporation
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 4.81%, ranging from 1.42% to 7.85%, due 2012 to 2043
$
95,199

 
$
85,157

Floating, with a weighted-average rate of 1.46%, ranging from 0.23% to 6.64%, due 2012 to 2041
28,064

 
36,162

Senior structured notes
18,920

 
18,796

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 5.39%, ranging from 1.80% to 10.20%, due 2012 to 2038
24,509

 
26,553

Floating, with a weighted-average rate of 2.02%, ranging from 0.12% to 5.06%, due 2016 to 2019
704

 
705

Junior subordinated notes (related to trust preferred securities):
 

 
 

Fixed, with a weighted-average rate of 6.93%, ranging from 5.25% to 11.45%, due 2026 to 2055
12,859

 
15,709

Floating, with a weighted-average rate of 1.14%, ranging from 0.80% to 3.81%, due 2027 to 2056
1,165

 
3,514

Total notes issued by Bank of America Corporation
181,420

 
186,596

Notes issued by Merrill Lynch & Co., Inc. and subsidiaries
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 5.64%, ranging from 1.10% to 17.61%, due 2012 to 2037
41,103

 
43,495

Floating, with a weighted-average rate of 1.77%, ranging from 0.03% to 5.18%, due 2012 to 2044
18,480

 
27,447

Senior structured notes
27,578

 
38,891

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 6.04%, ranging from 2.61% to 8.13%, due 2016 to 2038
11,454

 
9,423

Floating, with a weighted-average rate of 1.59%, ranging from 0.98% to 2.89%, due 2017 to 2026
1,207

 
1,935

Junior subordinated notes (related to trust preferred securities):
 

 
 

Fixed, with a weighted-average rate of 6.91%, ranging from 6.45% to 7.38%, due 2048 to perpetual
3,600

 
3,576

Other long-term debt
701

 
986

Total notes issued by Merrill Lynch & Co., Inc. and subsidiaries
104,123

 
125,753

Notes issued by Bank of America, N.A. and other subsidiaries
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 5.06%, ranging from 4.00% to 7.61%, due 2012 to 2027
164

 
169

Floating, with a weighted-average rate of 0.28%, ranging from 0.21% to 0.77%, due 2012 to 2051
8,029

 
12,562

Senior structured notes
—

 
1,319

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036
5,273

 
5,194

Floating, with a weighted-average rate of 0.83%, ranging from 0.37% to 0.85%, due 2016 to 2019
1,401

 
2,023

Total notes issued by Bank of America, N.A. and other subsidiaries
14,867

 
21,267

Other debt
 

 
 

Senior structured notes
1,187

 
—

Subordinated notes:
 
 
 
Fixed, with a weighted average rate of 6.87%, ranging from 6.63% to 7.13%, due 2012
983

 
—

Advances from Federal Home Loan Banks:
 

 
 

Fixed, with a weighted-average rate of 3.42%, ranging from 0.95% to 7.72%, due 2012 to 2034
18,798

 
41,001

Other
1,833

 
2,801

Total other debt
22,801

 
43,802

Total long-term debt excluding consolidated VIEs
323,211

 
377,418

Long-term debt of consolidated VIEs
49,054

 
71,013

Total long-term debt
$
372,265

 
$
448,431



Bank of America Corporation, Merrill Lynch & Co., Inc. and subsidiaries, 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, 2011 and 2010, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $117.0 billion and $145.9 billion. Foreign currency contracts are used to convert certain foreign currency-denominated debt into U.S. dollars.
At December 31, 2011, long-term debt of consolidated VIEs included credit card, automobile, home equity and other VIEs of $33.1 billion, $2.9 billion, $3.1 billion and $10.0 billion, respectively. Long-term debt of VIEs is collateralized by the assets of the VIEs. For more information, see Note 8 – Securitizations and Other Variable Interest Entities. The majority of the floating rates are based on three- and six-month LIBOR.

At December 31, 2011 and 2010, Bank of America Corporation had approximately $69.8 billion and $88.4 billion of authorized, but unissued corporate debt and other securities under its existing U.S. shelf registration statements. At December 31, 2011 and 2010, Bank of America, N.A. had approximately $67.3 billion and $53.3 billion of authorized, but unissued bank notes under its existing $75 billion bank note program. Long-term bank notes issued and outstanding under the program totaled $6.3 billion and $7.1 billion at December 31, 2011 and 2010. At both December 31, 2011 and 2010, Bank of America, N.A. had approximately $20.6 billion of authorized, but unissued mortgage notes under its $30.0 billion mortgage bond program.
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 4.35 percent, 5.17 percent and 1.38 percent, respectively, at December 31, 2011 and 3.96 percent, 5.02 percent and 1.09 percent, respectively, at December 31, 2010. 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 that are caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not significantly adversely affect earnings and capital. The above weighted-average rates are the contractual interest rates on the debt and do not reflect the impacts of derivative transactions.
The weighted-average interest rate for debt, excluding senior structured notes, issued by Merrill Lynch & Co., Inc. and subsidiaries was 4.74 percent and 4.11 percent at December 31, 2011 and 2010. As of December 31, 2011, the Corporation has not assumed or guaranteed the $105.6 billion of long-term debt that was issued or guaranteed by Merrill Lynch & Co., Inc. or its subsidiaries prior to the acquisition of Merrill Lynch by the Corporation. All existing Merrill Lynch & Co., Inc. guarantees of securities issued by certain Merrill Lynch subsidiaries under various non-U.S. securities offering programs will remain in full force and effect as long as those securities are outstanding, and the Corporation has not assumed any of those prior Merrill Lynch & Co., Inc. guarantees or otherwise guaranteed such securities.
Certain senior structured notes are accounted for under the fair value option. For more information on these senior structured notes, see Note 23 – Fair Value Option.
The table below represents the carrying value for aggregate annual maturities of long-term debt at December 31, 2011.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt by Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2012
 
2013
 
2014
 
2015
 
2016
 
Thereafter
 
Total
Bank of America Corporation
$
43,877

 
$
9,967

 
$
19,166

 
$
13,895

 
$
20,575

 
$
73,940

 
$
181,420

Merrill Lynch & Co., Inc. and subsidiaries
22,494

 
16,579

 
17,784

 
4,415

 
3,897

 
38,954

 
104,123

Bank of America, N.A. and other subsidiaries
5,776

 
—

 
29

 
—

 
1,134

 
7,928

 
14,867

Other debt
13,738

 
4,888

 
1,658

 
380

 
15

 
2,122

 
22,801

Total long-term debt excluding consolidated VIEs
85,885

 
31,434

 
38,637

 
18,690

 
25,621

 
122,944

 
323,211

Long-term debt of consolidated VIEs
11,530

 
14,353

 
9,201

 
1,330

 
2,898

 
9,742

 
49,054

Total long-term debt
$
97,415

 
$
45,787

 
$
47,838

 
$
20,020

 
$
28,519

 
$
132,686

 
$
372,265



Included in the above table are certain structured notes 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 above table as maturing at their earliest put or redemption date.
Trust Preferred and Hybrid Securities
Trust preferred securities (Trust Securities) are primarily issued by trust companies (the Trusts) that are not consolidated. These Trust Securities are mandatorily redeemable preferred security obligations of the Trusts. The sole assets of the Trusts generally are junior subordinated deferrable interest notes of the Corporation or its subsidiaries (the Notes). The Trusts generally are 100 percent-owned finance subsidiaries of the Corporation. Obligations associated with the Notes are included in the long-term debt table on page 216.
Certain of the Trust Securities were issued at a discount and may be redeemed prior to maturity at the option of the Corporation. The Trusts generally have invested the proceeds of such Trust Securities in the Notes. Each issue of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate. The Corporation has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes. During any such extension period, distributions on the Trust Securities will also be deferred and the Corporation’s ability to pay dividends on its common and preferred stock will be restricted.
The Trust Securities generally are subject to mandatory redemption upon repayment of the related Notes at their stated maturity dates or their earlier redemption at a redemption price equal to their liquidation amount plus accrued distributions to the date fixed for redemption and the premium, if any, paid by the Corporation upon concurrent repayment of the related Notes.
Periodic cash payments and payments upon liquidation or redemption with respect to Trust Securities are guaranteed by the Corporation or its subsidiaries to the extent of funds held by the Trusts (the Preferred Securities Guarantee). The Preferred Securities Guarantee, when taken together with the Corporation’s other obligations including its obligations under the Notes, generally will constitute a full and unconditional guarantee, on a subordinated basis, by the Corporation of payments due on the Trust Securities.
Hybrid Income Term Securities (HITS) totaling $1.6 billion were issued by the Trusts to institutional investors during 2007. The BAC Capital Trust XIII Floating-Rate Preferred HITS had a distribution rate of three-month LIBOR plus 40 bps and the BAC Capital Trust XIV Fixed-to-Floating Rate Preferred HITS had an initial distribution rate of 5.63 percent. Both series of HITS represent beneficial interests in the assets of the respective capital trust, which consist of a series of the Corporation’s junior subordinated notes and a stock purchase contract for a specified series of the Corporation’s preferred stock. The Corporation will remarket the junior subordinated notes underlying each series of HITS on or about the five-year anniversary of the issuance to obtain sufficient funds for the capital trusts to buy the Corporation’s preferred stock under the stock purchase contracts. Following the successful remarketing of the notes and the subsequent purchase of the Corporation’s preferred stock under the stock purchase contracts, the preferred stock will constitute the sole asset of the applicable trust.
In connection with the HITS, the Corporation entered into two replacement capital covenants for the benefit of investors in certain series of the Corporation’s long-term indebtedness (Covered Debt). As of December 31, 2011, the Corporation’s 6.625% Junior Subordinated Notes due 2036 constitute the Covered Debt under the covenant corresponding to the Floating-Rate Preferred HITS and the Corporation’s 5.625% Junior Subordinated Notes due 2035 constitute the Covered Debt under the covenant corresponding to the Fixed-to-Floating Rate Preferred HITS. These covenants generally restrict the ability of the Corporation and its subsidiaries to redeem or purchase the HITS and related securities unless the Corporation has obtained the prior approval of the Federal Reserve if required under the Federal Reserve’s capital guidelines, the redemption or purchase price of the HITS does not exceed the amount received by the Corporation from the sale of certain qualifying securities, and such replacement securities qualify as Tier 1 capital and are not “restricted core capital elements” under the Federal Reserve’s guidelines.
In 2011, as part of the exchange agreements described in Note 15 – Shareholders’ Equity, the Corporation issued 282 million shares of common stock valued at $1.6 billion and senior notes valued at $1.5 billion in exchange for $3.8 billion aggregate liquidation amount of previously issued Trust Securities. Upon the exchange, the Corporation immediately surrendered the Trust Securities to the unconsolidated Trusts for cancellation, resulting in the cancellation of an equal amount of junior subordinated notes that had a carrying value of $4.3 billion, resulting in a gain on extinguishment of debt of $1.2 billion. In addition, the Corporation issued 26 million shares of common stock valued at $138 million and senior notes valued at $505 million in exchange for $917 million aggregate liquidation amount of HITS. Upon the exchange, the Corporation immediately surrendered the HITS to the unconsolidated Trusts for cancellation, resulting in the cancellation of an equal amount of junior subordinated notes that had a carrying value of $915 million, and the cancellation of a corresponding amount of the underlying stock purchase contract, resulting in a
$12 million loss on extinguishment of debt and an increase to additional paid-in capital of $284 million. For additional information regarding these exchanges, see Note 15 – Shareholders’ Equity.
The table below lists each series of Trust Securities or HITS, and the corresponding aggregate liquidation preference covered by the Exchange Agreements.
 
 
Negotiated Exchanges
 
 
 
 
Aggregate Liquidation Amount Exchanged
 
(Dollars in millions)
HITS
 
Trust XIII
$
559

Trust XIV
358

Trust Securities
 
BAC Capital Trust I
1

BAC Capital Trust II
2

BAC Capital Trust III
1

BAC Capital Trust IV
8

BAC Capital Trust V
4

BAC Capital Trust VI
823

BAC Capital Trust VII (1)
1,114

BAC Capital Trust VIII
4

BAC Capital Trust X
9

BAC Capital Trust XI
198

BAC Capital Trust XV
446

NB Capital Trust II
76

NB Capital Trust III
269

NB Capital Trust IV
73

Fleet Capital Trust II
47

Bank of America Capital III
226

Fleet Capital Trust V
142

BankBoston Capital Trust III
136

BankBoston Capital Trust IV
95

MBNA Capital B
165

Total exchanged
$
4,756

(1) Notes were denominated in British Pound. Presentation currency is U.S. Dollar.

The Trust Securities Summary table details the outstanding Trust Securities, HITS and the related Notes previously issued which remained outstanding at December 31, 2011, as originated by Bank of America Corporation and its predecessor companies and subsidiaries, after consideration of the exchange agreements. For additional information on Trust Securities for regulatory capital purposes, see Note 18 – Regulatory Requirements and Restrictions.
 
 
 
 
 
 
 
 
 
 
 
 
Trust Securities Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
Issuer
Issuance Date
 
Aggregate
Principal
Amount
of Trust
Securities
 
Aggregate
Principal
Amount
of the
Notes
Stated Maturity
of the Notes
Per Annum Interest
Rate of the Notes
 
Interest Payment
Dates
 
Redemption Period
Bank of America
 
 
 

 
 

 
 

 
 
 
 
Capital Trust I
December 2001
 
$
574

 
$
592

December 2031
7.00
%
 
3/15,6/15,9/15,12/15
 
On or after 12/15/06
Capital Trust II
January 2002
 
898

 
926

February 2032
7.00

 
2/1,5/1,8/1,11/1
 
On or after 2/01/07
Capital Trust III
August 2002
 
500

 
516

August 2032
7.00

 
2/15,5/15,8/15,11/15
 
On or after 8/15/07
Capital Trust IV
April 2003
 
367

 
379

May 2033
5.88

 
2/1,5/1,8/1,11/1
 
On or after 5/01/08
Capital Trust V
November 2004
 
514

 
530

November 2034
6.00

 
2/3,5/3,8/3,11/3
 
On or after 11/03/09
Capital Trust VI
March 2005
 
177

 
208

March 2035
5.63

 
3/8,9/8
 
Any time
Capital Trust VII (1)
August 2005
 
260

 
258

August 2035
5.25

 
2/10,8/10
 
Any time
Capital Trust VIII
August 2005
 
526

 
542

August 2035
6.00

 
2/25,5/25,8/25,11/25
 
On or after 8/25/10
Capital Trust X
March 2006
 
891

 
919

March 2055
6.25

 
3/29,6/29,9/29,12/29
 
On or after 3/29/11
Capital Trust XI
May 2006
 
802

 
833

May 2036
6.63

 
5/23,11/23
 
Any time
Capital Trust XII
August 2006
 
863

 
890

August 2055
6.88

 
2/2,5/2,8/2,11/2
 
On or after 8/02/11
Capital Trust XIII
February 2007
 
141

 
141

March 2043
3-mo. LIBOR +40 bps

 
3/15,6/15,9/15,12/15
 
On or after 3/15/17
Capital Trust XIV
February 2007
 
492

 
492

March 2043
5.63

 
3/15,9/15
 
On or after 3/15/17
Capital Trust XV
May 2007
 
54

 
54

June 2056
3-mo. LIBOR +80 bps

 
3/1,6/1,9/1,12/1
 
On or after 6/01/37
NationsBank
 
 
 

 
 

 
 

 
 
 
 
Capital Trust II
December 1996
 
289

 
300

December 2026
7.83

 
6/15,12/15
 
On or after 12/15/06
Capital Trust III
February 1997
 
231

 
246

January 2027
3-mo. LIBOR +55 bps

 
1/15,4/15,7/15,10/15
 
On or after 1/15/07
Capital Trust IV
April 1997
 
427

 
442

April 2027
8.25

 
4/15,10/15
 
On or after 4/15/07
BankAmerica
 
 
 

 
 

 
 

 
 
 
 
Institutional Capital A
November 1996
 
450

 
464

December 2026
8.07

 
6/30,12/31
 
On or after 12/31/06
Institutional Capital B
November 1996
 
300

 
309

December 2026
7.70

 
6/30,12/31
 
On or after 12/31/06
Capital II
December 1996
 
450

 
464

December 2026
8.00

 
6/15,12/15
 
On or after 12/15/06
Capital III
January 1997
 
174

 
186

January 2027
3-mo. LIBOR +57 bps

 
1/15,4/15,7/15,10/15
 
On or after 1/15/02
Barnett
 
 
 

 
 

 
 

 
 
 
 
Capital III
January 1997
 
250

 
258

February 2027
3-mo. LIBOR +62.5 bps

 
2/1,5/1,8/1,11/1
 
On or after 2/01/07
Fleet
 
 
 

 
 

 
 

 
 
 
 
Capital Trust II
December 1996
 
203

 
211

December 2026
7.92

 
6/15,12/15
 
On or after 12/15/06
Capital Trust V
December 1998
 
108

 
116

December 2028
3-mo. LIBOR +100 bps

 
3/18,6/18,9/18,12/18
 
On or after 12/18/03
Capital Trust VIII
March 2002
 
534

 
550

March 2032
7.20

 
3/15,6/15,9/15,12/15
 
On or after 3/08/07
Capital Trust IX
July 2003
 
175

 
180

August 2033
6.00

 
2/1,5/1,8/1,11/1
 
On or after 7/31/08
BankBoston
 
 
 

 
 

 
 

 
 
 
 
Capital Trust III
June 1997
 
114

 
122

June 2027
3-mo. LIBOR +75 bps

 
3/15,6/15,9/15,12/15
 
On or after 6/15/07
Capital Trust IV
June 1998
 
155

 
163

June 2028
3-mo. LIBOR +60 bps

 
3/8,6/8,9/8,12/8
 
On or after 6/08/03
Progress
 
 
 

 
 

 
 

 
 
 
 
Capital Trust I
June 1997
 
9

 
9

June 2027
10.50

 
6/1,12/1
 
On or after 6/01/07
Capital Trust II
July 2000
 
6

 
6

July 2030
11.45

 
1/19,7/19
 
On or after 7/19/10
Capital Trust III
November 2002
 
10

 
10

November 2032
3-mo. LIBOR +335 bps

 
2/15,5/15,8/15,11/15
 
On or after 11/15/07
Capital Trust IV
December 2002
 
5

 
5

January 2033
3-mo. LIBOR +335 bps

 
1/7,4/7,7/7,10/7
 
On or after 1/07/08
MBNA
 
 
 

 
 

 
 

 
 
 
 
Capital Trust A
December 1996
 
250

 
258

December 2026
8.28

 
6/1,12/1
 
On or after 12/01/06
Capital Trust B
January 1997
 
115

 
124

February 2027
3-mo. LIBOR +80 bps

 
2/1,5/1,8/1,11/1
 
On or after 2/01/07
Capital Trust D
June 2002
 
300

 
309

October 2032
8.13

 
1/1,4/1,7/1,10/1
 
On or after 10/01/07
Capital Trust E
November 2002
 
200

 
206

February 2033
8.10

 
2/15,5/15,8/15,11/15
 
On or after 2/15/08
ABN AMRO North America
 
 
 

 
 

 
 

 
 
 
 
Series I
May 2001
 
77

 
77

Perpetual
3-mo. LIBOR +175 bps

 
2/15,5/15,8/15,11/15
 
On or after 11/08/12
Series II
May 2001
 
77

 
77

Perpetual
3-mo. LIBOR +175 bps

 
3/15,6/15,9/15,12/15
 
On or after 11/08/12
Series III
May 2001
 
77

 
77

Perpetual
3-mo. LIBOR +175 bps

 
1/15,4/15,7/15,10/15
 
On or after 11/08/12
Series IV
May 2001
 
77

 
77

Perpetual
3-mo. LIBOR +175 bps

 
2/28,5/30,8/30,11/30
 
On or after 11/08/12
Series V
May 2001
 
77

 
77

Perpetual
3-mo. LIBOR +175 bps

 
3/30,6/30,9/30,12/30
 
On or after 11/08/12
Series VI
May 2001
 
77

 
77

Perpetual
3-mo. LIBOR +175 bps

 
1/30,4/30,7/30,10/30
 
On or after 11/08/12
Series VII
May 2001
 
88

 
88

Perpetual
3-mo. LIBOR +175 bps

 
3/15,6/15,9/15,12/15
 
On or after 11/08/12
Series IX
June 2001
 
70

 
70

Perpetual
3-mo. LIBOR +175 bps

 
3/5,6/5,9/5,12/5
 
On or after 11/08/12
Series X
June 2001
 
53

 
53

Perpetual
3-mo. LIBOR +175 bps

 
3/12,6/12,9/12,12/12
 
On or after 11/08/12
Series XI
June 2001
 
27

 
27

Perpetual
3-mo. LIBOR +175 bps

 
3/26,6/26,9/26,12/26
 
On or after 11/08/12
Series XII
June 2001
 
80

 
80

Perpetual
3-mo. LIBOR +175 bps

 
1/10,4/10,7/10,10/10
 
On or after 11/08/12
Series XIII
June 2001
 
70

 
70

Perpetual
3-mo. LIBOR +175 bps

 
1/24,4/24,7/24,10/24
 
On or after 11/08/12
LaSalle
 
 
 

 
 

 
 

 
 
 
 
Series I
August 2000
 
491

 
491

Perpetual
3-mo. LIBOR +105.5 bps
thereafter

 
3/15,6/15,9/15,12/15
 
On or after 9/15/10
Series J
September 2000
 
94

 
94

Perpetual
3-mo. LIBOR +105.5 bps
thereafter

 
3/15,6/15,9/15,12/15
 
On or after 9/15/10
Countrywide
 
 
 

 
 

 
 

 
 
 
 
Capital III
June 1997
 
200

 
206

June 2027
8.05

 
6/15,12/15
 
Only under special event
Capital IV
April 2003
 
500

 
515

April 2033
6.75

 
1/1,4/1,7/1,10/1
 
On or after 4/11/08
Capital V
November 2006
 
1,495

 
1,496

November 2036
7.00

 
2/1,5/1,8/1,11/1
 
On or after 11/01/11
Merrill Lynch
 
 
 

 
 

 
 

 
 
 
 
Preferred Capital Trust III
January 1998
 
750

 
900

Perpetual
7.00

 
3/30,6/30,9/30,12/30
 
On or after 3/08
Preferred Capital Trust IV
June 1998
 
400

 
480

Perpetual
7.12

 
3/30,6/30,9/30,12/30
 
On or after 6/08
Preferred Capital Trust V
November 1998
 
850

 
1,021

Perpetual
7.28

 
3/30,6/30,9/30,12/30
 
On or after 9/08
Capital Trust I
December 2006
 
1,050

 
1,051

December 2066
6.45

 
3/15,6/15,9/15,12/15
 
On or after 12/11
Capital Trust II
May 2007
 
950

 
951

June 2062
6.45

 
3/15,6/15,9/15,12/15
 
On or after 6/12
Capital Trust III
August 2007
 
750

 
751

September 2062
7.375

 
3/15,6/15,9/15,12/15
 
On or after 9/12
Total
 
 
$
20,194

 
$
21,024

 
 

 
 
 
 
(1) 
Notes were denominated in British Pound. Presentation currency is U.S. Dollar.