Annual report pursuant to Section 13 and 15(d)

Long-term Debt (Tables)

v3.3.1.900
Long-term Debt (Tables)
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Balance of Long-term Debt
The table below presents the balance of long-term debt at December 31, 2015 and 2014, and the related contractual rates and maturity dates as of December 31, 2015.
 
 
 
 
 
December 31
(Dollars in millions)
2015
 
2014
Notes issued by Bank of America Corporation
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 4.55%, ranging from 1.25% to 8.40%, due 2016 to 2045
$
109,861

 
$
113,037

Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 5.07%, due 2016 to 2044
13,900

 
14,590

Senior structured notes
17,548

 
22,168

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 5.19%, ranging from 2.40% to 8.57%, due 2016 to 2045
27,216

 
23,246

Floating, with a weighted-average rate of 0.94%, ranging from 0.43% to 2.68%, due 2016 to 2026
5,029

 
5,455

Junior subordinated notes (related to trust preferred securities):
 

 
 

Fixed, with a weighted-average rate of 6.78%, ranging from 5.25% to 8.05%, due 2027 to 2067
5,295

 
6,722

Floating, with a weighted-average rate of 1.08%, ranging from 0.87% to 1.53%, due 2027 to 2056
553

 
553

Total notes issued by Bank of America Corporation
179,402

 
185,771

Notes issued by Bank of America, N.A.
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 1.57%, ranging from 1.13% to 2.05%, due 2016 to 2018
7,483

 
2,740

Floating, with a weighted-average rate of 1.13%, ranging from 0.43% to 3.30%, due 2016 to 2041
4,942

 
3,028

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036
4,815

 
4,921

Floating, with a weighted-average rate of 0.80%, ranging from 0.79% to 0.81%, due 2016 to 2019
1,401

 
1,401

Advances from Federal Home Loan Banks:
 
 
 
Fixed, with a weighted-average rate of 5.34%, ranging from 0.01% to 7.72%, due 2016 to 2034
172

 
183

Floating, with a weighted-average rate of 0.41%, ranging from 0.35% to 0.63%, due 2016
6,000

 
10,500

Securitizations and other BANA VIEs
9,756

 
9,882

Other
2,985

 
2,811

Total notes issued by Bank of America, N.A.
37,554

 
35,466

Other debt
 

 
 

Senior notes:
 
 
 
Fixed, with a rate of 5.50%, due 2017 to 2021
30

 
1

Floating

 
21

Structured liabilities
14,974

 
15,971

Junior subordinated notes (related to trust preferred securities):
 
 
 
Fixed

 
340

Floating

 
66

Nonbank VIEs
4,317

 
3,425

Other
487

 
2,078

Total other debt
19,808

 
21,902

Total long-term debt
$
236,764

 
$
243,139

Schedule of Maturities of Long-term Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt by Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
 
Total
Bank of America Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
16,777

 
$
18,303

 
$
20,211

 
$
16,820

 
$
11,351

 
$
40,299

 
$
123,761

Senior structured notes
4,230

 
2,352

 
1,942

 
1,374

 
955

 
6,695

 
17,548

Subordinated notes
4,861

 
4,885

 
2,677

 
1,479

 
3

 
18,340

 
32,245

Junior subordinated notes

 

 

 

 

 
5,848

 
5,848

Total Bank of America Corporation
25,868

 
25,540

 
24,830

 
19,673

 
12,309

 
71,182

 
179,402

Bank of America, N.A.
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
3,048

 
3,648

 
5,709

 

 

 
20

 
12,425

Subordinated notes
1,056

 
3,447

 

 
1

 

 
1,712

 
6,216

Advances from Federal Home Loan Banks
6,003

 
10

 
10

 
15

 
12

 
122

 
6,172

Securitizations and other Bank VIEs (1)
1,290

 
3,550

 
2,300

 
2,450

 

 
166

 
9,756

Other
53

 
2,713

 
76

 
85

 
30

 
28

 
2,985

Total Bank of America, N.A.
11,450

 
13,368

 
8,095

 
2,551

 
42

 
2,048

 
37,554

Other debt
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes

 
1

 

 

 

 
29

 
30

Structured liabilities
3,110

 
2,029

 
1,175

 
882

 
1,034

 
6,744

 
14,974

Nonbank VIEs (1)
2,506

 
240

 
42

 
22

 

 
1,507

 
4,317

Other
400

 
57

 

 

 

 
30

 
487

Total other debt
6,016

 
2,327

 
1,217

 
904

 
1,034

 
8,310

 
19,808

Total long-term debt
$
43,334

 
$
41,235

 
$
34,142

 
$
23,128

 
$
13,385

 
$
81,540

 
$
236,764


(1) 
Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet.
Financial Instruments Subject to Mandatory Redemption Disclosure
The Trust Securities Summary table details the outstanding Trust Securities and the related Notes previously issued which remained outstanding at December 31, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
Trust Securities Summary
 
 
 
 
 
 
 
 
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
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
 
$
27

 
$
27

March 2035
5.63
%
 
Semi-Annual
 
Any time
Capital Trust VII (1)
August 2005
 
6

 
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
 
1

 
1

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
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 (2)
 
 
 

 
 

 
 

 
 
 
 
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
 
 
$
6,699

 
$
6,781

 
 

 
 
 
 
(1) 
Notes are denominated in British Pound. Presentation currency is U.S. Dollar.
(2) 
Call notices for Merrill Lynch Preferred Capital Trust III, IV and V were sent on December 29, 2015 and settled on January 29, 2016.