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BORROWINGS | 12 Months Ended
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Dec. 31, 2017
Borrowings [abstract] |
BORROWINGS | he maturity of borrowings is as follows:
| Expected Maturity Date
|  |  |  |  | 2020 and |  | At December 31, (1)
| 2018 |  | 2019 |  | thereafter |  | 2017 |  | 2016
Fixed Rate | 1,112,760 |  |  | 13,929 |  |  | 19,942 |  |  | 1,146,631 |  |  | 404,926 |
Floating Rate | 392,810 |  |  | 409,015 |  |  | 1,273,451 |  |  | 2,075,276 |  |  | 813,709 |
Total | 1,505,570 |  |  | 422,944 |  |  | 1,293,393 |  |  | 3,221,907 |  |  | 1,218,635 |
(1) As most borrowings incorporate floating rates that approximate market rates and the contractual repricing occurs mostly every 1 month, the fair value of the borrowings approximates their carrying amount and it is not disclosed separately. The weighted average interest rates - which incorporate instruments denominated mainly in US dollars and Argentine pesos and which do not include the effect of derivative financial instruments nor the devaluation of these local currencies - at year-end were as follows:
| As of December 31,
| 2017 |  | 2016
Bank borrowings | 4.76 | % |  | 6.92 | %
The nominal average interest rates shown above were calculated using the rates set for each instrument in its corresponding currency and weighted using the dollar-equivalent outstanding principal amount of said instruments at December 31, 2017 and 2016, respectively.
24. | BORROWINGS (continued)
Breakdown of borrowings by currency is as follows:
|  |  |  | As of December 31,
Currencies |  | Contract |  | 2017 |  | 2016
USD |  | Floating |  | 2,061,106 |  |  | 790,772 |
USD |  | Fixed |  | 791,158 |  |  | 141,889 |
ARS |  | Floating |  | 2,377 |  |  | — |
ARS |  | Fixed |  | 328,060 |  |  | 234,576 |
COP |  | Floating |  | 11,793 |  |  | 23,520 |
COP |  | Fixed |  | 18,500 |  |  | 19,163 |
GTQ |  | Fixed |  | 8,913 |  |  | 8,715 |
|  |  |  | 3,221,907 |  |  | 1,218,635 |
USD: US dollars; ARS: Argentine pesos; COP: Colombian pesos; GTQ: Guatemalan quetzales. Ternium’s most significant borrowings as of December 31, 2017, were those incurred under Ternium México’s syndicated loan facilities, in order to improve its maturity profile in 2013 and under Tenigal’s syndicated loan facility, in order to finance the construction of its hot-dipped galvanizing mill in Pesquería, Mexico, and under Ternium Investments S.à r.l., in order to finance the acquisition of Ternium Brasil:
|  |  |  |  |  | In USD million |  |
Date |  | Borrower |  | Type |  | Original principal amount |  | Outstanding principal amount as of December 31, 2017 |  | Maturity
November 2013 |  | Ternium Mexico |  | Syndicated loan |  | 800 |  |  | 155 |  |  | November 2018
Years 2012 and 2013 |  | Tenigal |  | Syndicated loan |  | 200 |  |  | 125 |  |  | July 2022
September 2017 |  | Ternium Investments S.à r.l. |  | Syndicated loan |  | 1,500 |  |  | 1,500 |  |  | September 2022
The main covenants on these loan agreements are limitations on liens and encumbrances, limitations on the sale of certain assets and compliance with financial ratios (i.e. leverage ratio and interest coverage ratio). As of December 31, 2017, Ternium was in compliance with all of its covenants.

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