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BORROWINGS | 12 Months Ended
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Dec. 31, 2020
Borrowings [abstract] |
BORROWINGS | BORROWINGS
|  | As of December 31,
|  | 2020 |  | 2019
(i) Non-current |  |  |  |
Bank borrowings |  | 1,334,369 |  |  | 1,639,604 |
Less: debt issue costs |  | (7,080) |  |  | (10,712) |
|  | 1,327,289 |  |  | 1,628,892 |
(ii) Current |  |  |  |
Bank borrowings |  | 399,249 |  |  | 564,497 |
Less: debt issue costs |  | (3,645) |  |  | (4,715) |
|  | 395,604 |  |  | 559,782 |
Total Borrowings |  | 1,722,893 |  |  | 2,188,674 |
The maturity of borrowings is as follows:
|  | Expected Maturity Date
|  | 2021 |  | 2022 |  | 2023 and thereafter |  | At December 31, (1)
|  |  |  |  | 2020 |  | 2019
Fixed Rate |  | 129,949 |  |  | — |  |  | — |  |  | 129,949 |  |  | 165,623 |
Floating Rate |  | 265,655 |  |  | 659,942 |  |  | 667,347 |  |  | 1,592,944 |  |  | 2,023,051 |
Total |  | 395,604 |  |  | 659,942 |  |  | 667,347 |  |  | 1,722,893 |  |  | 2,188,674 |
(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. Fixed rate borrowings are uncommitted short-term revolving loans and their fair value approximates to their carrying amount. 23. BORROWINGS (continued) The weighted average interest rates - which incorporate instruments denominated mainly in U.S. dollars 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,
|  | 2020 |  | 2019
Bank borrowings |  | 1.43 | % |  | 2.94 | %
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, 2020 and 2019, respectively. Breakdown of borrowings by currency is as follows:
|  |  |  | As of December 31,
Currencies |  | Contract |  | 2020 |  | 2019
$ |  | Floating |  | 1,557,483 |  |  | 1,977,617 |
$ |  | Fixed |  | 113,268 |  |  | 148,712 |
ARS |  | Floating |  | 8 |  |  | 10 |
MXN |  | Floating |  | 6,256 |  |  | 14,789 |
COP |  | Floating |  | 29,197 |  |  | 30,634 |
COP |  | Fixed |  | 16,681 |  |  | 16,912 |
|  |  |  | 1,722,893 |  |  | 2,188,674 |
$: U.S. dollars; ARS: Argentine pesos; COP: Colombian pesos; MXN: Mexican pesos. Ternium’s most significant borrowings as of December 31, 2020, were those incurred under Ternium México’s syndicated loan facilities, in order to finance the construction of its hot rolling mill, hot-dip galvanizing and painting lines in Pesqueria, under Tenigal’s syndicated loan facility, in order to finance the construction of its hot-dipped galvanizing mill in Pesquería, Mexico, under Ternium Investments S.à r.l., in order to finance the acquisition of Ternium Brasil, and under Ternium Brasil's syndicated loan facility, in order to finance solely activities related to its exports of goods:
|  |  |  |  |  | In $ million |  |
Date |  | Borrower |  | Type |  | Original principal amount |  | Outstanding principal amount as of December 31, 2020 |  | Maturity
Years 2012 and 2013 |  | Tenigal |  | Syndicated loan |  | 200 |  |  | 50 |  |  | July 2022
September 2017 |  | Ternium Investments S.à r.l. |  | Syndicated loan |  | 1,500 |  |  | 400 |  |  | September 2022
June 2018 |  | Ternium Mexico |  | Syndicated loan |  | 1,000 |  |  | 500 |  |  | June 2023
August 2019 |  | Ternium Brasil |  | Syndicated loan |  | 500 |  |  | 500 |  |  | August 2024
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). As of December 31, 2020, Ternium was in compliance with all of its covenants.

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