Borrowings

	Year ended December 31,
	2017			2016
Non-current
Bank borrowings		34,626			31,544
Finance lease liabilities		59			35
Costs of issue of debt		(40	)		(37	)
		34,645			31,542
Current
Bank borrowings		930,957			807,252
Bank overdrafts		131			1,320
Finance lease liabilities		138			130
Costs of issue of debt		(12	)		(8	)
		931,214			808,694
Total Borrowings		965,859			840,236

The maturity of borrowings is as follows:

	1 year or less		1 - 2 years		2 – 3 years		3 - 4 years		4 - 5 years		Over 5 years		Total
At December 31, 2017
Financial lease		138		59		-		-		-		-		197
Other borrowings		931,076		4,876		4,484		4,978		20,248		-		965,662
Total borrowings		931,214		4,935		4,484		4,978		20,248		-		965,859

Interest to be accrued (*)		14,512		1,212		1,203		1,190		174		-		18,290
Total		945,726		6,147		5,687		6,168		20,422		-		984,149

	1 year or less		1 - 2 years		2 – 3 years		3 - 4 years		4 - 5 years		Over 5 years		Total
At December 31, 2016
Financial lease		130		35		-		-		-		-		165
Other borrowings		808,564		1,198		3,739		3,360		3,632		19,578		840,071
Total borrowings		808,694		1,233		3,739		3,360		3,632		19,578		840,236

Interest to be accrued (*)		6,461		1,172		1,161		1,142		1,116		237		11,289
Total		815,155		2,405		4,900		4,502		4,748		19,815		851,525

(*) Includes the effect of hedge accounting.

Significant borrowings include:

			In million of USD
Disbursement date	Borrower	Type	Original & Outstanding	Final maturity
2017	Tamsa	Bank loans	404	2018
2017	Siderca	Bank loans	311	2018
Dec-17	TuboCaribe	Bank loan	150	Dec-18

As of

December 31, 2017,

Tenaris was in compliance with all of its covenants.

The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of

December 31, 2017

and

2016

(considering hedge accounting where applicable).

		2017				2016
Total borrowings			3.73	%			1.97	%

Breakdown of long-term borrowings by currency and rate is as follows:

Non-current borrowings

		Year ended December 31,
Currency	Interest rates	2017		2016
USD	Fixed		19,120		19,461
EUR	Fixed		13,828		10,701
Others	Variable		1,697		1,380
Total non-current borrowings			34,645		31,542

Breakdown of short-term borrowings by currency and rate is as follows:

Current borrowings

		Year ended December 31,
Currency	Interest rates	2017		2016
USD	Variable		17,640		17,081
USD	Fixed		187,872		200,448
EUR	Variable		169		99
EUR	Fixed		839		841
MXN	Fixed		412,719		391,318
ARS	Fixed		311,829		197,637
ARS	Variable		-		1,041
Others	Variable		138		35
Others	Fixed		8		194
Total current borrowings			931,214		808,694

Borrowings evolution

	Year ended December 31, 2017
	Non current			Current
At the beginning of the year		31,542			808,694
Translation differences		1,649			(3,622	)
Proceeds and repayments, net		1,510			105,142
Interests Accrued less payments		(19	)		21,880
Reclassifications		(309	)		309
Other Movements		272			-
Overdrafts variation		-			(1,189	)
At the end of the year		34,645			931,214