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v3.24.1.u1

Borrowings and debt | 12 Months Ended
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Dec. 31, 2023
Borrowings and debt |
Borrowings and debt | Borrowings consist of bilateral funding and syndicated loans obtained from international banks. Debt instruments consist of public and private issuances under the Bank's Euro Medium-Term Notes (“EMTN”) Program as well as the Short-a nd Long-Term Notes (“Certificados Bursatiles”) Program (the “Mexican Program”) in the Mexican local market as well as a Revolving Corporate Bond Program in Panama with a maximum amount of $300 million for the issuance of short and long term notes. The Bank’s funding activities include: (i) EMTN, which may be used to issue notes for up to $2.250 million, with maturities from 7 days up to a maximum of 30 years, at fixed or floating interest rates, or at discount, and in various currencies. The notes are generally issued in bearer or registered form through one or more authorized financial institutions; (ii) Short-and Long-Term Notes (“Certificados Bursatiles”) Program (the “Mexican Program”) in the Mexican local market, registered with the Mexican National Registry of Securities administered by the National Banking and Securities Commission of Mexico (“CNBV”, for its acronym in Spanish), for an authorized aggregate principal amount of 25 billion Mexican pesos with maturities from 1 day to 30 years (iii) a short and long term Revolving Corporate Bond Program in the Panamanian local market with a maximum amount of $300 million. Some borrowing agreements include various events of default and covenants relating to minimum capital adeq uacy ratios, incurrence of additional liens, and asset sales, as well as other customary covenants, representations and warranties. As of December 31, 2023, the Bank was in compliance with all those covenants. Carrying amount of borrowings and debt is detailed as follows:
| December 31, 2023
| Short-Term |  | Long-term |  |
| Borrowings |  | Debt |  |  |  | Borrowings |  | Debt |  |  |  | Total
Principal | 1,638,306 |  |  | 86,601 |  |  |  |  | 537,775 |  |  | 2,097,820 |  |  |  |  | 4,360,502 |
Transaction costs | (262) |  |  | (40) |  |  |  |  | (1,904) |  |  | (6,308) |  |  |  |  | (8,514) |
| 1,638,044 |  |  | 86,561 |  |  |  |  | 535,871 |  |  | 2,091,512 |  |  |  |  | 4,351,988 |
| December 31, 2022
| Short-Term |  | Long-term |  |
| Borrowings |  | Debt |  |  |  | Borrowings |  | Debt |  |  |  | Total
Principal | 2,153,351 |  |  | 42,255 |  |  |  |  | 650,275 |  |  | 1,580,727 |  |  |  |  | 4,426,608 |
Transaction costs | (1,376) |  |  | (5) |  |  |  |  | (2,952) |  |  | (5,764) |  |  |  |  | (10,097) |
| 2,151,975 |  |  | 42,250 |  |  |  |  | 647,323 |  |  | 1,574,963 |  |  |  |  | 4,416,511 |
Short-term borrowings and debt The breakdown of short-term (original maturity of less than one year) borrowings and debt, along with contractual interest rates, plus prepaid commissions, is as follows:
| December 31,
| 2023 |  | 2022
Short-term borrowings: |  |  |
At fixed interest rates | 732,336 |  | 1,584,776
At floating interest rates | 905,970 |  | 568,575
Principal | 1,638,306 |  | 2,153,351
Less: Transaction costs | (262) |  | (1,376)
Total short-term borrowings, net | 1,638,044 |  | 2,151,975
Short-term debt: |  |  |
At fixed interest rates | 1,536 |  | —
At floating interest rates | 85,065 |  | 42,255
Principal | 86,601 |  | 42,255
Less: Transaction costs | (40) |  | (5)
Total short-term debt, net | 86,561 |  | 42,250
Total short-term borrowings and debt | 1,724,605 |  | 2,194,225
Range of fixed interest rates on borrowings and debt in U.S. dollars | 5.44% to 6.50% |  | 1.53% to 6.52%
Range of floating interest rates on borrowings in U.S. dollars | 6.08% to 6.33% |  | 4.90% to 5.72%
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.77% to 12.65% |  | 10.97% to 12.00%
Range of floating interest rates on borrowings and debt in Euros | 4.51% to 4.69% |  | — | %
Range of fixed interest rates on borrowings and debt in Japanese yen | — | % |  | 0.84% to 1.23%
The outstanding balances of short-term borrowings and debt by currency, excluding prepaid commissions, are as follows:
| December 31,
| 2023 |  | 2022
US dollar | 1,084,872 |  |  | 1,593,531 |
Mexican peso | 576,527 |  |  | 405,830 |
Euro | 63,508 |  |  | — |
Japanese yen | — |  |  | 196,245 |
Carrying amount - principal | 1,724,907 |  |  | 2,195,606 |
Long-term borrowings and debt The breakdown of long-term borrowings and debt (original maturity of more than one year), along with contractual interest rates, plus prepaid commissions are as follows:
| December 31,
| 2023 |  | 2022
Long-term borrowings: |  |  |
At fixed interest rates | — |  | 75,000
At floating interest rates with due dates from May 2024 to May 2026 | 537,775 |  | 575,275
Principal | 537,775 |  | 650,275
Less: Transaction costs | (1,904) |  | (2,952)
Total long-term borrowings, net | 535,871 |  | 647,323
Long-term debt: |  |  |
At fixed interest rates with due dates from March 2024 to November 2034 | 1,456,290 |  | 1,136,743
At floating interest rates with due dates from November 2024 to August 2028 | 641,530 |  | 443,984
Principal | 2,097,820 |  | 1,580,727
Less: Transaction costs | (6,308) |  | (5,764)
Total long-term debt, net | 2,091,512 |  | 1,574,963
Total long-term borrowings and debt, net | 2,627,383 |  | 2,222,286
Range of fixed interest rates on borrowings and debt in U.S. dollars | 1.35% to 6.15% |  | 0.80% to 5.81%
Range of floating interest rates on borrowings and debt in U.S. dollars | 6.32% to 7.31% |  | 4.96% to 6.04%
Range of fixed interest rates on borrowings and debt in Mexican pesos | 6.50% to 10.78% |  | 6.50% to 9.20%
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.70% to 11.95% |  | 10.55% to 10.93%
Range of fixed interest rates on debt in Japanese yens | 0.40% to 1.35% |  | 0.40% to 1.27%
Range of fixed interest rates on debt in Euros | 0.90% to 3.75% |  | 0.23% to 3.75%
Range of fixed interest rates on debt in Australian dollars | 1.41% to 6.81% |  | 1.41% to 6.81%
Range of fixed interest rates on debt in Sterling pounds | 1.50 | % |  | 1.50 | %
Range of fixed interest rates on debt in Swiss francs | 0.35 | % |  | 0.35 | %
Long-term borrowings and debt (continued) The outstanding balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows:
| December 31,
| 2023 |  | 2022
US dollar | 1,149,021 |  |  | 1,155,275 |
Mexican peso | 1,241,023 |  |  | 845,867 |
Euro | 88,018 |  |  | 111,095 |
Japanese yen | 113,642 |  |  | 76,513 |
Australian dollar | 27,286 |  |  | 26,968 |
Swiss franc | 11,889 |  |  | 10,820 |
Sterling pound | 4,716 |  |  | 4,464 |
Carrying amount - principal | 2,635,595 |  |  | 2,231,002 |
Future payments of long-term borrowings and debt outstanding as of December 31, 2023, are as follows:
Year | Outstanding
2024 | 637,998 |
2025 | 1,005,496 |
2026 | 516,223 |
2027 | 311,123 |
2028 | 112,345 |
2029 | 42,162 |
2034 | 10,248 |
Carrying amount - principal | 2,635,595 |
The following table presents the reconciliation of movements of borrowings and debt arising from financing activities, as presented in the consolidated statement of cash flows :
| 2023 |  | 2022 |  | 2021
Balance as of January 1, | 4,416,511 |  |  | 3,304,178 |  |  | 1,966,271 |
Net (decrease) increase in short-term borrowings and debt | (500,650) |  |  | 579,065 |  |  | 1,196,710 |
Proceeds from long-term borrowings and debt | 496,342 |  |  | 1,038,110 |  |  | 266,640 |
Payments of long-term borrowings and debt | (221,306) |  |  | (536,792) |  |  | (97,520) |
Change in foreign currency rates | 157,440 |  |  | 45,460 |  |  | (27,528) |
Fair value adjustment due to hedge accounting relationship | 2,126 |  |  | (9,334) |  |  | (2,034) |
Other adjustments | 1,525 |  |  | (4,176) |  |  | 1,639 |
Balance as of December 31, | 4,351,988 |  |  | 4,416,511 |  |  | 3,304,178 |
The reconciliation of the movements of the equity accounts that are part of the financing activities are presented in the consolidated statement of changes in equity.

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