XML 44 R16.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Obligations
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Consolidated Obligations [Text Block] Consolidated Obligations
    Consolidated obligations consist of bonds and discount notes. The FHLBanks issue consolidated obligations through the Office of Finance as their agent. Bonds are issued primarily to raise intermediate- and long-term funds for the Bank and are not subject to any statutory or regulatory limits on their maturity. Discount notes are issued primarily to raise short-term funds for the Bank and have original maturities of up to one year. Discount notes sell at or below their face amount and are redeemed at par value when they mature.

    Although the Bank is primarily liable for the portion of consolidated obligations issued on its behalf, it is also jointly and severally liable with the other FHLBanks for the payment of principal and interest on all FHLBank System consolidated obligations. The Finance Agency, at its discretion, may require any FHLBank to make principal and/or interest payments due on any consolidated obligation, whether or not the primary obligor FHLBank has defaulted on the payment of that consolidated obligation. The Finance Agency has never exercised this discretionary authority. At December 31, 2025 and 2024, the total par value of outstanding consolidated obligations of the FHLBanks was $1,151.8 billion and $1,193.0 billion.

DISCOUNT NOTES

The following table summarizes the Bank’s discount notes (dollars in millions):
December 31, 2025December 31, 2024
AmountWeighted
Average
Interest
Rate 		AmountWeighted
Average
Interest
Rate
Par value$85,186 3.76 %$65,250 4.51 %
Discounts and concessions1
(586)(586)
Fair value hedging adjustments17 — 
Fair value option adjustments3 16 
Total$84,620 $64,680 

1    Concessions represent fees paid to dealers in connection with the issuance of certain consolidated obligation discount notes.
BONDS

The following table summarizes the Bank’s bonds outstanding by contractual maturity (dollars in millions):
December 31, 2025December 31, 2024
Year of Contractual MaturityAmountWeighted
Average
Interest
Rate 		AmountWeighted
Average
Interest
Rate
Due in one year or less$38,808 3.76 %$43,287 4.53 %
Due after one year through two years32,347 3.84 28,333 4.45 
Due after two years through three years3,577 4.11 2,712 3.85 
Due after three years through four years3,351 3.71 2,957 4.19 
Due after four years through five years2,399 3.44 4,021 4.01 
Thereafter8,706 4.52 7,278 4.11 
Total par value89,188 3.87 %88,588 4.41 %
Premiums28 30 
Discounts and concessions1
(23)(25)
Fair value hedging adjustments56 (22)
Total$89,249 $88,571 

1    Concessions represent fees paid to dealers in connection with the issuance of certain consolidated obligation bonds.
Bonds are issued with fixed or variable rate payment terms, such as SOFR. To meet the specific needs of certain investors, both fixed and variable rate bonds may also contain certain embedded features, which result in complex coupon payment terms and call features. When these consolidated bonds are issued, the Bank may enter into derivatives containing features that offset the terms and embedded options, if any, of the consolidated bond obligations.
The following table summarizes the Bank’s bonds outstanding by call features (dollars in millions):
December 31,
20252024
Non-callable or non-putable$37,814 $56,373 
Callable51,374 32,215 
Total par value$89,188 $88,588 

The following table summarizes the Bank’s bonds outstanding by year of contractual maturity or next call date (dollars in millions):
December 31,
Year of Contractual Maturity or Next Call Date20252024
Due in one year or less$79,984 $69,363 
Due after one year through two years3,609 12,793 
Due after two years through three years2,901 2,531 
Due after three years through four years1,594 1,952 
Due after four years through five years685 1,399 
Thereafter415 550 
Total par value$89,188 $88,588