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Investor Relations
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Debt Profile
Merrill Lynch & Co., Inc. and Subsidiaries (Unaudited)
Commercial Paper, Short- and Long-term Borrowings
ML & Co. is the primary issuer of all of Merrill Lynch's debt instruments. For local tax or regulatory reasons,
debt is also issued by certain subsidiaries.
Total borrowings at March 28, 2008 and December 28, 2007, which are comprised of short-term borrowings, long-term borrowings and junior subordinated notes (related to trust preferred securities), consisted of the following:
| (dollars in millions) |
Mar. 28, 2008 |
|
Dec. 28, 2007 |
| Senior debt issued by ML & Co. |
$150,976 |
|
$148,190 |
| Senior debt issued by subsidiaries - guaranteed by ML & Co. |
25,416 |
|
32,375 |
| Senior structured notes issued by ML & Co. |
46,802 |
|
45,133 |
| Senior structured notes issued by subsidiaries - guaranteed by ML & Co. |
14,500 |
|
13,904 |
| Subordinated debt issued by ML & Co. |
11,208 |
|
10,887 |
| Junior subordinated notes (related to trust preferred securities) |
5,183 |
|
5,154 |
| Other subsidiary financing - not guaranteed by ML & Co. |
11,121 |
|
5,597 |
| Other subsidiary financing - non-recourse |
21,063 |
|
29,801 |
| Total |
$286,269 |
|
$291,041 |
The above is excerpted from the Merrill Lynch Form 10-Q  for the fiscal year ended March 28, 2008.
Borrowings and Deposits
Borrowings and deposits at March 28, 2008 and December 28, 2007, are presented below:
| (dollars in millions) |
Mar. 28, 2008 |
|
Dec. 28, 2007 |
| Short-term borrowings |
|
|
|
| Commercial paper |
$10,254 |
|
$12,908 |
| Promissory notes |
$500 |
|
2,750 |
| Secured short-term borrowings |
$3,310 |
|
$4,851 |
| Other unsecured short-term borrowings |
7,569 |
|
4,405 |
| Total |
$21,633 |
|
$24,914 |
| Long-term borrowings(1) |
|
|
|
| Fixed-rate obligations(2) (4) |
$105,984 |
|
$102,020 |
| Variable-rate obligations(3) (4) |
151,870 |
|
156,743 |
| Zero-coupon contingent convertible debt (LYONs®) |
1,599 |
|
2,210 |
| Total |
$259,453 |
|
$260,973 |
| Deposits |
|
|
|
| U.S. |
$77,480 |
|
$76,634 |
| Non U.S. |
27,339 |
|
27,353 |
| Total |
$104,819 |
|
$103,987 |
(1) Excludes junior subordinated notes (related to trust preferred securities).
(2) Fixed-rate obligations are generally swapped to floating rates.
(3) Variable interest rates are generally based on rates such as LIBOR, the U.S. Treasury Bill Rate, or the Federal Funds Rate.
(4) Included are various equity-linked or other indexed instruments.
The above is excerpted from the Merrill Lynch Form 10-Q for the fiscal year ended March 28, 2008.
Long-term Debt Maturity Profile
At March 28, 2008, excluding junior subordinated notes, other subsidiary financing and the current portion of long-term debt, the weighted average maturity of our long-term unsecured borrowings was approximately 6.2 years based on contractual maturity dates. Including the current portion and assuming certain structured notes with contingent early redemption features are redeemed at the earliest possible date, the weighted average maturity was approximately 4.3 years.
The following chart presents our consolidated long-term borrowings maturity profile as of March 28, 2008 (quarterly for two years and annually thereafter):
Extendible notes are debt obligations that provide the holder an option to extend the note monthly but not beyond the stated final maturity date. These notes are included in long-term borrowings as the original maturity is greater than one year. Total extendible notes outstanding were not material at March 28, 2008 and were $1.8 billion at December 28, 2007, respectively.
The $72.7 billion of long-term debt maturing within the next twelve months consists of the following:
| (dollars in billions) |
|
|
|
| 2008 consolidated unsecured long-term debt maturities |
|
|
$72.7 |
Less: non-recourse debt and debt not
guaranteed by ML & Co |
|
|
6.0 |
| Less: warrant maturities (1) |
|
|
8.5 |
| ML & Co. maximum long-term debt maturities in 2008 |
|
|
58.2 |
| Less: ML & Co. debt that may potentially mature in 2008, final maturity beyond 2008 (2) |
|
|
8.5 |
| ML & Co. contractual long-term debt maturities within twelve months |
|
|
$49.7 |
(1) Warrants are fully funded customer facilitation trades.
(2) Consists of structured notes that are callable based on certain market triggers. See Note 9 to the Condensed Consolidated Financial Statements for further information on our structured notes.
The above is excerpted from the Merrill Lynch Form 10-Q for the fiscal year ended March 28, 2008.
Change in Long-term Borrowings
Major components of the change in long-term borrowings, excluding junior subordinated debt (related to trust preferred securities), for the three months ended March 28, 2008 were as follows:
| (dollars in billions) |
|
|
Mar. 28, 2008 |
| Beginning of year |
|
|
$261.0 |
| Issuance and resale |
|
|
23.8 |
| Settlement and repurchase |
|
|
(33.0) |
| Other(1) |
|
|
7.7 |
| Balance March 28, 2008(2) |
|
|
$259.5 |
(1) Relates to foreign exchange and other movements.
(2) See Note 9 to the Condensed Consolidated Financial Statements for the long-term borrowings maturity schedule.
The above is excerpted from the Merrill Lynch Form 10-Q for the fiscal year ended March 28, 2008.
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