NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 17. LONG-TERM DEBT  The following table is a summary of the Bancorp’s long-term borrowings at December 31:  The Bancorp pays down long-term debt in accordance with  contractual terms over maturity periods summarized in the above  table. Contractually obligated payments for long-term debt as of  December 31, 2010 are due over the following periods: $14  million in 2011; $15 million in 2012, $1.9 billion in 2013, $30  million in 2014, $1.0 billion in 2015 and $6.6 billion after 2015. At December 31, 2010 the Bancorp had outstanding principal  balances of $9.1 billion, discounts and premiums of negative $15  million and additions for mark-to-market adjustments on its  hedged debt of $439 million. At December 31, 2009, the Bancorp  had outstanding principal balances of $10.2 billion, discounts and  premiums of negative $15 million and additions for mark-to- market adjustments on its hedged debt of $272 million. The  Bancorp is in compliance with all debt covenants at December 31,  2010.  Under recent regulatory developments, certain of the  Bancorp’s trust preferred securities are callable at par as of certain  dates, or may become callable at par under certain circumstances. In April 2008, the Bancorp issued $750 million of senior notes to  third party investors. The senior notes bear a fixed rate of interest  of 6.25% per annum. The Bancorp entered into interest rate  swaps to convert $675 million to floating rate and, at December  31, 2010, paid a rate of 2.70%. The notes are unsecured, senior  obligations of the Bancorp. Payment of the full principal amount  of the notes will be due upon maturity on May 1, 2013. The notes  are not subject to redemption at the Bancorp's option at any time  prior to maturity. The subordinated floating-rate notes due in  2016 pay interest at three-month LIBOR plus 42 bp. The Bancorp  has entered into interest rate swaps to convert its subordinated  fixed-rate notes due in 2017 and 2018 to floating-rate, which pay  Parent Company Long-Term Borrowings  (a) Qualify as Tier I capital for regulatory capital purposes. See Note 29 for further information.  (b) Qualify as Tier II capital for regulatory capital purposes.  (c) Future periods of debt are floating.  interest at three-month LIBOR plus 42 bp and 25 bp, respectively,  at December 31, 2010. The rates paid on the swaps hedging the  subordinated floating-rate notes due in 2017 and 2018 were 0.72%  and 0.55%, respectively, at December 31, 2010. Of the $1.0 billion  in 8.25% subordinated fixed rate notes due in 2038, $705 million  were subsequently hedged to floating and paid a rate of 3.35% at  December 31, 2010. The 6.50% junior subordinated notes due in 2067 pay a fixed  rate of 6.50% until 2017, then convert to a floating rate at three- month LIBOR plus 137 bp until 2047. Thereafter, the notes pay a  floating rate at one-month LIBOR plus 237 bp. Junior subordinated notes due in 2067, with a carrying amount of $613  million and an outstanding principal balance of $575 million at  December 31, 2010, pay a fixed rate of 7.25% until 2057, then  convert to a floating rate at three-month LIBOR plus 257 bp. The  Bancorp entered into interest rate swaps to convert $500 million  of the fixed-rate debt into a floating rate. At December 31, 2010,  the weighted-average rate paid on these swaps was 1.01%. Junior  subordinated notes due in 2067, with a carrying amount of $907  million and an outstanding principal balance of $863 million at  December 31, 2010, pay a fixed rate of 7.25% until 2057, then  convert to a floating rate at three-month LIBOR plus 303 bp  thereafter. The Bancorp entered into interest rate swaps to  convert $700 million of the fixed-rate debt into a floating rate. At  December 31, 2010, the weighted-average rate paid on the swaps  was 1.44%. The obligations were issued to Fifth Third Capital  Trusts IV, V and VI, respectively. The Bancorp has fully and  unconditionally guaranteed all obligations under the trust preferred securities issued by Fifth Third Capital Trusts IV, V and  VI. In addition, the Bancorp entered into replacement capital  covenants for the benefit of holders of long-term debt senior to  the junior subordinated notes that limits, subject to certain  Fifth Third Bancorp 99  ($ in millions)  Maturity Interest Rate  2010 2009 Parent Company  Senior:  Fixed-rate notes 2013 6.25%  $797 785 Subordinated:  (b) Floating-rate notes  2016 0.72%  250 250 Fixed-rate notes 2017 5.45%  613 572 Fixed-rate notes  2018 4.50%  584 533 2038 8.25%  1,034 1,024 Junior subordinated:  (a) Fixed-rate notes  (c) 2067 6.50% 750 750 7.25% 613 606 Fixed-rate notes  (c) 2067 7.25% 907 886 2068 8.88% 400 389 Subsidiaries  Senior:  Floating-rate bank notes  2013 0.39%  499 500 Fixed-rate bank notes - 804 Subordinated:  (b) Fixed-rate bank notes 2015 4.75%  561 544 Junior subordinated:  (a) Floating-rate bank notes 2032 - 2033 3.40% - 4.15%  51 52 Floating-rate debentures  2033 - 2034 3.09% - 3.20%  67 67 Floating-rate debentures  2035 1.72% - 1.99%  62 62 FHLB advances  2011 - 2040 0% - 8.34%  1,561 2,564 Notes associated with consolidated VIEs:  Automobile loan securitizations:  Fixed-rate notes  2013 4.81%  99 - Floating-rate notes  2013 - 2015 0.76% - 2.26%  460 - Home equity securitization:  Floating-rate notes  2023 0.51%  133 - Other  2011 - 2039 Varies  117 119 Total  $9,558 10,507