Annual report pursuant to Section 13 and 15(d)

Long-term Debt (Tables)

v2.4.0.8
Long-term Debt (Tables)
12 Months Ended
Dec. 31, 2013
Long-term Debt, Unclassified [Abstract]  
Balance of Long-term Debt
The table below presents the balance of long-term debt at December 31, 2013 and 2012, and the related contractual rates and maturity dates as of December 31, 2013.
 
 
 
 
 
December 31
(Dollars in millions)
2013
 
2012
Notes issued by Bank of America Corporation (1)
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 4.99%, ranging from 1.25% to 8.83%, due 2014 to 2042
$
109,845

 
$
114,493

Floating, with a weighted-average rate of 0.99%, ranging from 0.05% to 4.99%, due 2014 to 2044
22,268

 
24,698

Senior structured notes
30,575

 
33,962

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 5.83%, ranging from 2.40% to 10.20%, due 2014 to 2038
22,379

 
24,118

Floating, with a weighted-average rate of 1.13%, ranging from 0.57% to 2.97%, due 2016 to 2026
1,798

 
1,767

Junior subordinated notes (related to trust preferred securities):
 

 
 

Fixed, with a weighted-average rate of 6.84%, ranging from 5.25% to 8.05%, due 2027 to perpetual
6,685

 
6,655

Floating, with a weighted-average rate of 0.92%, ranging from 0.79% to 1.24%, due 2027 to 2056
553

 
567

Total notes issued by Bank of America Corporation
194,103

 
206,260

Notes issued by Bank of America, N.A.
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 2.97%, ranging from 0.07% to 7.72%, due 2014 to 2187
1,670

 
181

Floating, with a weighted-average rate of 0.70%, ranging from 0.35% to 0.75%, due 2016 to 2041
3,684

 
2,686

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036
4,876

 
5,230

Floating, with a weighted-average rate of 0.53%, ranging from 0.25% to 0.54%, due 2016 to 2019
1,401

 
1,401

Advances from Federal Home Loan Banks:
 
 
 
Fixed, with a weighted-average rate of 4.91%, ranging from 0.01% to 7.72%, due 2014 to 2034
1,441

 
6,225

Floating, with a weighted-average rate of 0.28%, ranging from 0.27% to 0.29%, due 2015 to 2016
3,001

 

Total notes issued by Bank of America, N.A.
16,073

 
15,723

Other debt
 

 
 

Senior notes:
 
 
 
Fixed, with a weighted-average rate of 5.01%, ranging from 4.00% to 5.50%, due 2014 to 2021
194

 
262

Floating, with a weighted-average rate of 2.55%, ranging from 1.93% to 2.71%, due 2014 to 2015
115

 
705

Structured liabilities
16,913

 
16,127

Junior subordinated notes (related to trust preferred securities):
 
 
 
Fixed, with a weighted-average rate of 7.14%, ranging from 7.00% to 7.28%, perpetual
340

 
340

Floating, with a weighted-average rate of 0.87%, due 2027
66

 
979

Other
2,422

 
933

Total other debt
20,050

 
19,346

Total long-term debt excluding consolidated VIEs
230,226

 
241,329

Long-term debt of consolidated VIEs
19,448

 
34,256

Total long-term debt
$
249,674

 
$
275,585


(1)
On October 1, 2013, the merger of Merrill Lynch & Co., Inc. into Bank of America Corporation was completed. Effective with this merger, Bank of America Corporation assumed outstanding Merrill Lynch & Co., Inc. debt including trust preferred securities.
Schedule of Maturities of Long-term Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt by Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2014
 
2015
 
2016
 
2017
 
2018
 
Thereafter
 
Total
Bank of America Corporation (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
24,820

 
$
15,365

 
$
18,164

 
$
18,273

 
$
20,311

 
$
35,180

 
$
132,113

Senior structured notes
6,360

 
5,561

 
3,429

 
1,421

 
1,989

 
11,815

 
30,575

Subordinated notes
4

 
1,263

 
5,247

 
5,676

 
3,312

 
8,675

 
24,177

Junior subordinated notes

 

 

 

 

 
7,238

 
7,238

Total Bank of America Corporation
31,184

 
22,189

 
26,840

 
25,370

 
25,612

 
62,908

 
194,103

Bank of America, N.A.
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
19

 

 
2,492

 
2,664

 

 
179

 
5,354

Subordinated notes

 

 
1,082

 
3,664

 

 
1,531

 
6,277

Advances from Federal Home Loan Banks
1,263

 
1,503

 
1,504

 
11

 
11

 
150

 
4,442

Total Bank of America, N.A.
1,282

 
1,503

 
5,078

 
6,339

 
11

 
1,860

 
16,073

Other debt
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
284

 
24

 

 
1

 

 

 
309

Structured liabilities
3,614

 
2,049

 
1,520

 
1,723

 
1,281

 
6,726

 
16,913

Junior subordinated notes

 

 

 

 

 
406

 
406

Other
200

 
56

 
930

 
743

 
37

 
456

 
2,422

Total other debt
4,098

 
2,129

 
2,450

 
2,467

 
1,318

 
7,588

 
20,050

Total long-term debt excluding consolidated VIEs
36,564

 
25,821

 
34,368

 
34,176

 
26,941

 
72,356

 
230,226

Long-term debt of consolidated VIEs
9,512

 
1,255

 
1,797

 
1,522

 
191

 
5,171

 
19,448

Total long-term debt
$
46,076

 
$
27,076

 
$
36,165

 
$
35,698

 
$
27,132

 
$
77,527

 
$
249,674


(1) 
On October 1, 2013, the merger of Merrill Lynch & Co., Inc. into Bank of America Corporation was completed. Effective with this merger, Bank of America Corporation assumed outstanding Merrill Lynch & Co., Inc. debt including trust preferred securities.
Summary Of Outstanding Trust And Hybrid Securities And Related Notes
The Trust Securities Summary table details the outstanding Trust Securities and the related Notes previously issued which remained outstanding at December 31, 2013. For more information on Trust Securities for regulatory capital purposes, see Note 16 – Regulatory Requirements and Restrictions.
 
 
 
 
 
 
 
 
 
 
 
 
Trust Securities Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
 
 
December 31, 2013
 
 
 
 
 
 
Issuer
Issuance Date
 
Aggregate
Principal
Amount
of Trust
Securities
 
Aggregate
Principal
Amount
of the
Notes
Stated Maturity
of the Trust Securities
Per Annum Interest
Rate of the Notes
 
Interest Payment
Dates
 
Redemption Period
Bank of America
 
 
 

 
 

 
 

 
 
 
 
Capital Trust VI
March 2005
 
$
36

 
$
37

March 2035
5.63
%
 
Semi-Annual
 
Any time
Capital Trust VII (1)
August 2005
 
7

 
7

August 2035
5.25

 
Semi-Annual
 
Any time
Capital Trust VIII
August 2005
 
524

 
540

August 2035
6.00

 
Quarterly
 
On or after 8/25/10
Capital Trust XI
May 2006
 
658

 
678

May 2036
6.63

 
Semi-Annual
 
Any time
Capital Trust XV
May 2007
 
2

 
2

June 2056
3-mo. LIBOR +80 bps

 
Quarterly
 
On or after 6/01/37
NationsBank
 
 
 

 
 

 
 

 
 
 
 
Capital Trust III
February 1997
 
131

 
136

January 2027
3-mo. LIBOR +55 bps

 
Quarterly
 
On or after 1/15/07
BankAmerica
 
 
 

 
 

 
 

 
 
 
 
Capital III
January 1997
 
103

 
106

January 2027
3-mo. LIBOR +57 bps

 
Quarterly
 
On or after 1/15/02
Barnett
 
 
 

 
 

 
 

 
 
 
 
Capital III
January 1997
 
64

 
66

February 2027
3-mo. LIBOR +62.5 bps

 
Quarterly
 
On or after 2/01/07
Fleet
 
 
 

 
 

 
 

 
 
 
 
Capital Trust V
December 1998
 
79

 
82

December 2028
3-mo. LIBOR +100 bps

 
Quarterly
 
On or after 12/18/03
BankBoston
 
 
 

 
 

 
 

 
 
 
 
Capital Trust III
June 1997
 
53

 
55

June 2027
3-mo. LIBOR +75 bps

 
Quarterly
 
On or after 6/15/07
Capital Trust IV
June 1998
 
102

 
106

June 2028
3-mo. LIBOR +60 bps

 
Quarterly
 
On or after 6/08/03
MBNA
 
 
 

 
 

 
 

 
 
 
 
Capital Trust B
January 1997
 
70

 
73

February 2027
3-mo. LIBOR +80 bps

 
Quarterly
 
On or after 2/01/07
Countrywide
 
 
 

 
 

 
 

 
 
 
 
Capital III
June 1997
 
200

 
206

June 2027
8.05

 
Semi-Annual
 
Only under special event
Capital IV
April 2003
 
500

 
515

April 2033
6.75

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

 
1,496

November 2036
7.00

 
Quarterly
 
On or after 11/01/11
Merrill Lynch
 
 
 

 
 

 
 

 
 
 
 
Preferred Capital Trust III
January 1998
 
750

 
901

Perpetual
7.00

 
Quarterly
 
On or after 3/08
Preferred Capital Trust IV
June 1998
 
400

 
480

Perpetual
7.12

 
Quarterly
 
On or after 6/08
Preferred Capital Trust V
November 1998
 
850

 
1,021

Perpetual
7.28

 
Quarterly
 
On or after 9/08
Capital Trust I
December 2006
 
1,050

 
1,051

December 2066
6.45

 
Quarterly
 
On or after 12/11
Capital Trust II
May 2007
 
950

 
951

June 2067
6.45

 
Quarterly
 
On or after 6/12
Capital Trust III
August 2007
 
750

 
751

September 2067
7.375

 
Quarterly
 
On or after 9/12
Total
 
 
$
8,774

 
$
9,260

 
 

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