18	Borrowings

	Year ended December 31,
	2018			2017
Non-current
Bank borrowings		29,214			34,626
Finance lease liabilities		-			59
Costs of issue of debt		(27	)		(40	)
		29,187			34,645
Current
Bank borrowings		508,143			930,957
Bank overdrafts		1,644			131
Finance lease liabilities		44			138
Costs of issue of debt		(11	)		(12	)
		509,820			931,214
Total Borrowings		539,007			965,859

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, 2018
Financial lease		44		-		-		-		-		-		44
Other borrowings		509,776		4,271		4,771		20,145		-		-		538,963
Total borrowings		509,820		4,271		4,771		20,145		-		-		539,007

Interest to be accrued (*)		8,182		1,175		1,166		169						10,692
Total		518,002		5,446		5,937		20,314		-		-		549,699

	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

(*) Includes the effect of hedge accounting.

Significant borrowings include:

			In million of USD
Disbursement date	Borrower	Type	Original & Outstanding	Final maturity
2018	Tamsa	Bank loans	347	2019
2018	Siderca	Bank loans	66	2019
2018	TuboCaribe	Bank loan	50	May 2019

As of

December 31, 2018,

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, 2018

and

2017,

considering hedge accounting where applicable.

		2018				2017
Total borrowings			3.98	%			3.73	%

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

Borrowings (Cont.)

Non-current borrowings

		Year ended December 31,
Currency	Interest rates	2018		2017
USD	Fixed		18,762		19,120
EUR	Fixed		9,023		13,828
EUR	Variable		1,402		1,638
Others	Variable		-		59
Total non-current borrowings			29,187		34,645

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

Current borrowings

		Year ended December 31,
Currency	Interest rates	2018		2017
USD	Variable		16,847		17,640
USD	Fixed		138,303		187,872
EUR	Variable		198		169
EUR	Fixed		4,178		839
MXN	Fixed		301,047		412,719
ARS	Fixed		49,125		311,829
Others	Variable		89		138
Others	Fixed		33		8
Total current borrowings			509,820		931,214

Borrowings evolution

	Year ended December 31, 2018
	Non current			Current
At the beginning of the year		34,645			931,214
Translation differences		(623	)		(8,191	)
Proceeds and repayments, net		(1,330	)		(411,570	)
Interests accrued less payments		(5	)		(6,646	)
Reclassifications		(3,500	)		3,500
Overdrafts variation		-			1,513
At the end of the year		29,187			509,820