Borrowings

	Year ended December 31,
	2019			2018
Non-current
Bank borrowings		40,896			29,214
Costs of issue of debt		(16	)		(27	)
		40,880			29,187
Current
Bank borrowings		781,258			508,143
Bank overdrafts		24			1,644
Finance lease liabilities		-			44
Costs of issue of debt		(10	)		(11	)
		781,272			509,820
Total Borrowings		822,152			539,007

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, 2019
Other borrowings		781,272		17,307		23,573		-		-		-		822,152
Total borrowings		781,272		17,307		23,573		-		-		-		822,152

Interest to be accrued (*)		11,370		1,045		117				-		-		12,532
Total		792,642		18,352		23,690		-		-		-		834,684

	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

(*) Includes the effect of hedge accounting.

Significant borrowings include:

			In million of USD
Disbursement date	Borrower	Type	Original & Outstanding	Final maturity
2019	Tamsa	Bank loans	621	2020
2019	Siderca	Bank loans	60	2020

As of

December 31, 2019,

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, 2019

and

2018,

considering hedge accounting where applicable.

		2019				2018
Total borrowings			3.18	%			3.98	%

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

Non-current borrowings

		Year ended December 31,
Currency	Interest rates	2019		2018
USD	Fixed		18,370		18,762
SAR	Fixed		16,106		-
EUR	Fixed		5,108		9,023
EUR	Variable		1,296		1,402
Total non-current borrowings			40,880		29,187

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

Current borrowings

		Year ended December 31,
Currency	Interest rates	2019		2018
USD	Variable		17,092		16,847
USD	Fixed		274,799		138,303
EUR	Variable		80		198
EUR	Fixed		3,772		4,178
MXN	Fixed		424,964		301,047
ARS	Fixed		86		49,125
SAR	Variable		35,666		-
SAR	Fixed		24,797		-
Others	Variable		16		89
Others	Fixed		-		33
Total current borrowings			781,272		509,820

Borrowings evolution

	Year ended December 31, 2019
	Non current			Current
At the beginning of the year		29,187			509,820
Translation differences		(229	)		669
Proceeds and repayments, net		(4,582	)		203,931
Interests accrued less payments		304			2,950
Reclassifications		(11,733	)		11,733
Increase due to Business Combinations		27,933			53,789
Overdrafts variation		-			(1,620	)
At the end of the year		40,880			781,272

The carrying amounts of assets pledged as security for current and non-current borrowings are immaterial for the years

2019

and

2018.