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Medium- And Long-Term Debt | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Medium- And Long-Term Debt | MEDIUM- AND LONG-TERM DEBT Medium- and long-term debt is summarized as follows:
(in millions) | September 30, 2022 |  | December 31, 2021
Parent company |  |  |
Subordinated notes: |  |  |
3.80% subordinated notes due 2026 (a) | $ | 236 |  |  | $ | 265 |
Medium- and long-term notes: |  |  |
3.70% notes due July 2023(a) | 840 |  |  | 877 |
4.00% notes due 2029 (a) | 510 |  |  | 594 |
Total medium- and long-term notes | 1,350 |  |  | 1,471 |
Total parent company | 1,586 |  |  | 1,736 |
Subsidiaries |  |  |
Subordinated notes: |  |  |
4.00% subordinated notes due 2025 (a) | 331 |  |  | 363 |
7.875% subordinated notes due 2026 (a) | 166 |  |  | 190 |
5.332% subordinated notes due 2033 (a) | 458 |  |  | — |
Total subordinated notes | 955 |  |  | 553 |
Medium- and long-term notes: |  |  |
2.50% notes due 2024 (a) | 475 |  |  | 507 |
Total subsidiaries | 1,430 |  |  | 1,060 |
Total medium- and long-term debt | $ | 3,016 |  |  | $ | 2,796 |
(a)The fixed interest rates on these notes have been swapped to a variable rate and designated in a hedging relationship. Accordingly, carrying value has been adjusted to reflect the change in the fair value of the debt as a result of changes in the benchmark rate. Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital. Comerica Bank (the Bank), a wholly-owned subsidiary of the Corporation, is a member of the FHLB, which provides short-and long-term funding to its members through advances collateralized by real estate-related assets. Borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. At September 30, 2022, $17.9 billion of real estate-related loans and $1.1 billion of investment securities were pledged to the FHLB as collateral for $500 million in short-term advances and providing an additional $9.6 billion of potential future borrowings. In third quarter 2022, the Bank issued $500 million of fixed-to-floating rate subordinated notes due in 2033, with a rate of 5.332% for the first ten years. The rate on the subordinated notes will reset on August 25, 2032 to Secured Overnight Financing Rate (SOFR) plus 261 basis points until called or matured. Additionally, the Bank entered into a fair value fixed-to- floating rate swap in which the Bank received a fixed rate of 2.67% and will pay a floating rate based on the SOFR for the first 10 years. Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $9 million and $7 million at September 30, 2022 and December 31, 2021, respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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