Medium- And Long-Term Debt

3 Months Ended

Mar. 31, 2025

MEDIUM- AND LONG-TERM DEBT

Medium- and long-term debt is summarized as follows:


(in millions)	March 31, 2025		December 31, 2024
Parent company
Subordinated notes:
3.80% subordinated notes due 2026	$	245	$	243
Medium- and long-term notes:
4.00% notes due 2029	528		519
5.982% notes due 2030	999		984
Total medium- and long-term notes	1,527		1,503
Total parent company	1,772		1,746
Subsidiaries
Subordinated notes:
4.00% subordinated notes due 2025	347		345
7.875% subordinated notes due 2026	157		157
5.332% subordinated notes due 2033	463		451
Total subordinated notes	967		953


FHLB advances:
5.07% advance due March 2025	—		1,000
4.79% advance due 2026	999		997
4.49% advance due 2027	999		992
4.49% advance due 2028	996		985
Total FHLB advances	2,994		3,974
Total subsidiaries	3,961		4,927
Total medium- and long-term debt	$	5,733	$	6,673

Fixed interest rates have been swapped to a variable rate and designated in a hedging relationship for all notes outstanding at both March 31, 2025 and December 31, 2024. Accordingly, carrying value has been adjusted to reflect the change in 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 Comerica, Incorporated, 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 March 31, 2025, FHLB borrowings were $3.4 billion, with remaining capacity for future borrowing of $13.4 billion, secured by real estate-related loans totaling $22.1 billion and investment securities totaling $5.9 billion.

Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $10 million at both March 31, 2025 and December 31, 2024, respectively.