Annual report pursuant to Section 13 and 15(d)

Long-term Debt

v2.4.0.6
Long-term Debt
12 Months Ended
Dec. 31, 2012
Long-term Debt, Unclassified [Abstract]  
Long-term Debt
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, 2012 and 2011, and the related contractual rates and maturity dates as of December 31, 2012.
 
 
 
 
 
December 31
(Dollars in millions)
2012
 
2011
Notes issued by Bank of America Corporation
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 5.26%, ranging from 1.50% to 7.63%, due 2013 to 2043
$
79,575

 
$
95,199

Floating, with a weighted-average rate of 1.15%, ranging from 0.16% to 5.21%, due 2013 to 2041
13,439

 
28,064

Senior structured notes
21,936

 
18,920

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 5.39%, ranging from 2.40% to 10.20%, due 2013 to 2038
14,787

 
24,509

Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 3.66%, due 2016 to 2019
449

 
704

Junior subordinated notes (related to trust preferred securities):
 

 
 

Fixed, with a weighted-average rate of 6.79%, ranging from 5.25% to 11.45%, due 2027 to 2036
3,186

 
12,859

Floating, with a weighted-average rate of 1.03%, ranging from 0.89% to 3.69%, due 2027 to 2056
567

 
1,165

Total notes issued by Bank of America Corporation
133,939

 
181,420

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

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 5.79%, ranging from 1.63% to 15.00%, due 2013 to 2034
35,064

 
41,103

Floating, with a weighted-average rate of 0.67%, ranging from 0.12% to 5.06%, due 2013 to 2044
11,964

 
18,480

Senior structured notes
27,288

 
27,578

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 5.98%, ranging from 2.61% to 8.13%, due 2016 to 2038
9,331

 
11,454

Floating, with a weighted-average rate of 0.89%, ranging from 0.73% to 2.88%, due 2017 to 2026
1,318

 
1,207

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 2017 to 2067
3,809

 
3,600

Other long-term debt
992

 
701

Total notes issued by Merrill Lynch & Co., Inc. and subsidiaries
89,766

 
104,123

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

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 7.00%, due 2014
178

 
164

Floating, with a weighted-average rate of 0.53%, ranging from 0.39% to 0.75%, due 2026 to 2051
2,686

 
8,029

Subordinated notes:
 

 
 

Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036
5,230

 
5,273

Floating, with a weighted-average rate of 0.60%, ranging from 0.36% to 0.61%, due 2016 to 2019
1,401

 
1,401

Total notes issued by Bank of America, N.A. and other subsidiaries
9,495

 
14,867

Other debt
 

 
 

Senior structured notes
864

 
1,187

Subordinated notes

 
983

Advances from Federal Home Loan Banks:
 

 
 

Fixed, with a weighted-average rate of 4.87%, ranging from 0.01% to 7.72%, due 2013 to 2034
6,277

 
18,798

Other
988

 
1,833

Total other debt
8,129

 
22,801

Total long-term debt excluding consolidated VIEs
241,329

 
323,211

Long-term debt of consolidated VIEs
34,256

 
49,054

Total long-term debt
$
275,585

 
$
372,265


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, 2012 and 2011, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $95.3 billion and $117.0 billion. Foreign currency contracts may be used to convert certain foreign currency-denominated debt into U.S. dollars.
At December 31, 2012, long-term debt of consolidated VIEs in the table above included credit card, automobile, home equity and other VIEs of $22.3 billion, $713 million, $2.3 billion and $8.9 billion, respectively. Long-term debt of VIEs is collateralized by the assets of the VIEs. For more information, see Note 7 – Securitizations and Other Variable Interest Entities.
At December 31, 2012 and 2011, Bank of America Corporation had approximately $154.9 billion and $69.8 billion of authorized, but unissued corporate debt and other securities under its existing U.S. shelf registration statements. At December 31, 2012 and 2011, Bank of America, N.A. had approximately $65.5 billion and $62.4 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 $5.6 billion and $6.3 billion at December 31, 2012 and 2011. At both December 31, 2012 and 2011, 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 4.71 percent, 5.52 percent and 0.93 percent, respectively, at December 31, 2012 and 4.35 percent, 5.17 percent and 1.38 percent, respectively, at December 31, 2011. 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 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 4.73 percent and 4.74 percent at December 31, 2012 and 2011. As of December 31, 2012, the Corporation has not assumed or guaranteed the $89.0 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 22 – Fair Value Option.
The table below shows the carrying value for aggregate annual maturities of long-term debt at December 31, 2012.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt by Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2013
 
2014
 
2015
 
2016
 
2017
 
Thereafter
 
Total
Bank of America Corporation
$
12,457

 
$
20,888

 
$
16,812

 
$
20,401

 
$
19,575

 
$
43,806

 
$
133,939

Merrill Lynch & Co., Inc. and subsidiaries
24,000

 
18,207

 
5,156

 
3,542

 
8,886

 
29,975

 
89,766

Bank of America, N.A. and other subsidiaries
62

 
1

 

 
1,095

 
6,472

 
1,865

 
9,495

Other debt
4,858

 
1,547

 
204

 
15

 
17

 
1,488

 
8,129

Total long-term debt excluding consolidated VIEs
41,377

 
40,643

 
22,172

 
25,053

 
34,950

 
77,134

 
241,329

Long-term debt of consolidated VIEs
13,820

 
8,734

 
1,460

 
2,091

 
1,815

 
6,336

 
34,256

Total long-term debt
$
55,197

 
$
49,377

 
$
23,632

 
$
27,144

 
$
36,765

 
$
83,470

 
$
275,585


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.
In 2012, in a combination of tender offers, calls and open-market transactions, the Corporation purchased senior and subordinated long-term debt with a carrying value of $12.4 billion and recorded net gains of $1.3 billion in connection with these transactions.
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 223.
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.
In 2012, as described in Note 14 – Shareholders’ Equity, the Corporation entered into various agreements with certain Trust Securities holders pursuant to which the Corporation issued 19 million shares of common stock valued at $159 million and paid $9.4 billion in cash in exchange for $9.8 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 $9.9 billion, resulting in a gain on extinguishment of debt of $282 million
During 2012, the Corporation remarketed the remaining outstanding $141 million in aggregate principal amount of its BAC Capital Trust XIII Floating-Rate Preferred Hybrid Income Term Securities (HITS) and the remaining outstanding $493 million in aggregate principal amount of its BAC Capital Trust XIV Fixed-to-Floating Rate Preferred HITS. The Corporation repurchased and retired all of the remarketable notes in the remarketings. The net proceeds from the remarketing of the BAC Capital Trust XIII Floating-Rate Preferred HITS were used to satisfy the obligations of Trust XIII under a stock purchase contract agreement, pursuant to which Trust XIII was obligated to purchase, and the Corporation was obligated to sell, 1,409 shares of the Corporation’s Series F Floating Rate Non-Cumulative Preferred Stock (Series F Preferred Stock). The net proceeds from the remarketing of the BAC Capital Trust XIV Fixed-to-Floating Rate Preferred HITS were used to satisfy the obligations of Trust XIV under a stock purchase contract agreement, pursuant to which Trust XIV was obligated to purchase, and the Corporation was obligated to sell, 4,926 shares of the Corporation’s Series G Adjustable Rate Non-Cumulative Preferred Stock (Series G Preferred Stock). Following the remarketing of the notes and the subsequent purchase of the Corporation’s preferred stock under the stock purchase contracts, the preferred stock constitutes the sole asset of the applicable trust.
In 2011, 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.
The table below lists each series of Trust Securities or HITS, and the corresponding aggregate liquidation preference covered by the Exchange Agreements described in Note 14 – Shareholders’ Equity, and other redemption activity.
 
 
 
 
 
 
Negotiated Exchanges
 
 
 
 
 
 
 
 
 
 
 
 
2012 Aggregate Liquidation Amount Exchanged
 
2011 Aggregate Liquidation Amount Exchanged
 
Total Aggregate Liquidation Amount Exchanged
 
(Dollars in millions)
HITS
 
 
 
 
 
Trust XIII
$

 
$
559

 
$
559

Trust XIV

 
358

 
358

Trust Securities
 
 
 
 
 
Bank of America Capital Trust I
574

 
1

 
575

Bank of America Capital Trust II
898

 
2

 
900

Bank of America Capital Trust III
499

 
1

 
500

Bank of America Capital Trust IV
367

 
8

 
375

Bank of America Capital Trust V
514

 
4

 
518

Bank of America Capital Trust VI
141

 
823

 
964

Bank of America Capital Trust VII (1)
212

 
1,114

 
1,326

Bank of America Capital Trust VIII
2

 
4

 
6

Bank of America Capital Trust X
891

 
9

 
900

Bank of America Capital Trust XI
144

 
198

 
342

Bank of America Capital Trust XII
863

 

 
863

Bank of America Capital Trust XV
50

 
446

 
496

NationsBank Capital Trust II
289

 
76

 
365

NationsBank Capital Trust III
98

 
269

 
367

NationsBank Capital Trust IV
427

 
73

 
500

BankAmerica Capital II
450

 

 
450

BankAmerica Capital III
68

 
226

 
294

BankAmerica Institutional Capital A
450

 

 
450

BankAmerica Institutional Capital B
300

 

 
300

Barnett Capital III
186

 

 
186

Fleet Capital Trust II
203

 
47

 
250

Fleet Capital Trust V
29

 
142

 
171

Fleet Capital Trust VIII
534

 

 
534

Fleet Capital Trust IX
175

 

 
175

BankBoston Capital Trust III
59

 
136

 
195

BankBoston Capital Trust IV
52

 
96

 
148

Progress Capital Trust I
9

 

 
9

Progress Capital Trust III
10

 

 
10

MBNA Capital Trust A
250

 

 
250

MBNA Capital Trust B
45

 
165

 
210

MBNA Capital Trust D
300

 

 
300

MBNA Capital Trust E
200

 

 
200

LaSalle Series I
455

 

 
455

LaSalle Series J
67

 

 
67

Total exchanged
$
9,811

 
$
4,757

 
$
14,568


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

On May 25, 2012, the Corporation completed the repurchase of $134 million aggregate liquidation amount of capital securities of BAC Capital Trust VI, pursuant to a previously announced tender offer for such securities, and the related cancellation and retirement of the underlying 5.625% Junior Subordinated Notes, due 2035 of the Corporation issued to and held by BAC Capital Trust VI. As a result of this repurchase of capital securities and the related cancellation and retirement of the underlying 5.625% Junior Subordinated Notes, the series of covered debt benefiting from the Corporation’s replacement capital covenant, executed February 16, 2007 in connection with the issuance by BAC Capital Trust XIV of its 5.63% Fixed-to-Floating Rate Preferred Hybrid Income Term Securities (the Replacement Capital Covenant), was redesignated. Effective as of May 25, 2012, the 5.625% Junior Subordinated Notes ceased being the covered debt under the Replacement Capital Covenant. Also effective as of May 25, 2012, the Corporation’s 6.875% Junior Subordinated Notes, due 2055 underlying the capital securities of BAC Capital Trust XII, became the covered debt with respect to and in accordance with the terms of the Replacement Capital Covenant.
The Trust Securities Summary table details the outstanding Trust Securities and the related Notes previously issued which remained outstanding at December 31, 2012, as originated by Bank of America Corporation and its predecessor companies and subsidiaries. For additional information on Trust Securities for regulatory capital purposes, see Note 17 – 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 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
%
 
3/8,9/8
 
Any time
Capital Trust VII (1)
August 2005
 
9

 
9

August 2035
5.25

 
2/10,8/10
 
Any time
Capital Trust VIII
August 2005
 
524

 
540

August 2035
6.00

 
2/25,5/25,8/25,11/25
 
On or after 8/25/10
Capital Trust XI
May 2006
 
658

 
678

May 2036
6.63

 
5/23,11/23
 
Any time
Capital Trust XV
May 2007
 
4

 
4

June 2056
3-mo. LIBOR +80 bps

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

 
 

 
 

 
 
 
 
Capital Trust III
February 1997
 
133

 
137

January 2027
3-mo. LIBOR +55 bps

 
1/15,4/15,7/15,10/15
 
On or after 1/15/07
BankAmerica
 
 
 

 
 

 
 

 
 
 
 
Capital III
January 1997
 
106

 
109

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
 
64

 
66

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 V
December 1998
 
79

 
82

December 2028
3-mo. LIBOR +100 bps

 
3/18,6/18,9/18,12/18
 
On or after 12/18/03
BankBoston
 
 
 

 
 

 
 

 
 
 
 
Capital Trust III
June 1997
 
55

 
57

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
 
102

 
106

June 2028
3-mo. LIBOR +60 bps

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

 
 

 
 

 
 
 
 
Capital Trust II
July 2000
 
6

 
6

July 2030
11.45

 
1/19,7/19
 
On or after 7/19/10
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 B
January 1997
 
70

 
73

February 2027
3-mo. LIBOR +80 bps

 
2/1,5/1,8/1,11/1
 
On or after 2/01/07
ABN AMRO North America
 
 
 

 
 

 
 

 
 
 
 
Series I
May 2001
 
77

 
77

Perpetual
3-mo. LIBOR +275 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 +275 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 +275 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 +275 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 +275 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 +275 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 +275 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 +275 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 +275 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 +275 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 +275 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 +275 bps

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

 
 

 
 

 
 
 
 
Series I
August 2000
 
36

 
36

Perpetual
3-mo. LIBOR +105.5 bps

 
3/15,6/15,9/15,12/15
 
On or after 9/15/10
Series J
September 2000
 
27

 
27

Perpetual
3-mo. LIBOR +105.5 bps

 
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

 
901

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
 
 
$
9,709

 
$
10,194

 
 

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