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

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.