US Bancorp adds on $8bn in long-term debt

Interest expense from LTD rises to $569 million in Q4

US Bancorp picked up $8.4 billion of long-term debt (LTD) in the last quarter of 2023, up 19.5% from the previous three months, bringing the bank’s total to $51.5 billion, the highest since the onset of the Covid-19 pandemic.

With an average interest rate of 4.62% – 20 basis points higher than in the third quarter – the increase in the LTD stock prompted interest expense stemming from it to rise to $569 million from $488 million over the period.

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