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BORROWINGS
 12 Months Ended
Dec. 31, 2021
Borrowings [abstract]  
BORROWINGS BORROWINGS
As of December 31,
20212020
(i) Non-current
Bank borrowings659,999 1,334,369 
Less: debt issue costs(3,534)(7,080)
656,465 1,327,289 
(ii) Current
Bank borrowings825,139 399,249 
Less: debt issue costs(2,566)(3,645)
822,573 395,604 
Total Borrowings1,479,038 1,722,893 
        
The maturity of borrowings is as follows:
Expected Maturity Date
202220232024 and thereafterAt December 31, (1)
20212020
Fixed Rate174,965 — — 174,965 129,949 
Floating Rate647,607 124,698 531,768 1,304,073 1,592,944 
Total822,572 124,698 531,768 1,479,038 1,722,893 
(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.
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,
20212020
Bank borrowings1.45 %1.43 %
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, 2021 and 2020, respectively.
Breakdown of borrowings by currency is as follows:
As of December 31,
CurrenciesContract20212020
$Floating1,252,543 1,557,483 
$Fixed129,000 113,268 
ARSFloating— 8 
MXNFloating16,310 6,256 
COPFloating35,220 29,197 
COPFixed40,783 16,681 
GTQFixed5,182 — 
1,479,038 1,722,893 
$: U.S. dollars; ARS: Argentine pesos; COP: Colombian pesos; GTQ: Guatemalan quetzales; MXN: Mexican pesos.
23.    BORROWINGS (continued)
Ternium’s most significant borrowings as of December 31, 2021, 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 Pesquería, 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
DateBorrowerTypeOriginal principal amountOutstanding principal amount as of December 31, 2021Maturity
Years 2012 and 2013TenigalSyndicated loan200 25 July 2022
September 2017Ternium Investments S.à r.l.Syndicated loan1,500 375 September 2022
June 2018Ternium MexicoSyndicated loan1,000 250 June 2023
August 2019Ternium BrasilSyndicated loan500 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, 2021, Ternium was in compliance with all of its covenants.