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Medium- And Long-Term Debt
 12 Months Ended
Dec. 31, 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)
December 3120222021
Parent company
Subordinated notes:
3.80% subordinated notes due 2026 (a)
$237 $265 
Medium- and long-term notes:
3.70% notes due 2023 (a)
841 877 
4.00% notes due 2029 (a)
515 594 
Total medium- and long-term notes1,356 1,471 
Total parent company1,593 1,736 
Subsidiaries
Subordinated notes:
4.00% subordinated notes due 2025 (a)
331 363 
7.875% subordinated notes due 2026 (a)
165 190 
5.332% subordinated notes due 2033 (a)
459 — 
Total subordinated notes955 553 
Medium- and long-term notes:
2.50% notes due 2024 (a)
476 507 
Total subsidiaries1,431 1,060 
Total medium- and long-term debt$3,024 $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. The Bank held no outstanding long-term advances at both December 31, 2022 and 2021.
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 December 31, 2022 and 2021, respectively.
At December 31, 2022, the principal maturities of medium- and long-term debt were as follows:
(in millions) 
Years Ending December 31
  
2023$850 
2024500 
2025350 
2026400 
2027— 
Thereafter1,050 
Total$3,150