Consolidated Obligations

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Consolidated Obligations [Text Block]

Consolidated Obligations

    Consolidated obligations consist of bonds and discount notes. 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 March 31, 2026 and December 31, 2025, the total par value of outstanding consolidated obligations of the FHLBanks was $1,204.4 billion and $1,151.8 billion.

DISCOUNT NOTES

The following table summarizes the Bank’s discount notes (dollars in millions):

	March 31, 2026				December 31, 2025
	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
Par value	$	85,352	3.56	%	$	85,186	3.76	%
Discounts and concessions1	(699)				(586)
Fair value hedging adjustments	(8)				17
Fair value option adjustments	(3)				3
Total	$	84,642			$	84,620

1    Concessions represent fees paid to dealers in connections 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):

	March 31, 2026				December 31, 2025
Year of Contractual Maturity	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
Due in one year or less	$	52,139	3.68	%	$	38,808	3.76	%
Due after one year through two years	32,900		3.77		32,347		3.84
Due after two years through three years	3,312		4.02		3,577		4.11
Due after three years through four years	3,259		3.53		3,351		3.71
Due after four years through five years	2,939		3.65		2,399		3.44
Thereafter	8,884		4.51		8,706		4.52
Total par value	103,433		3.78	%	89,188		3.87	%
Premiums	27				28
Discounts and concessions1	(22)				(23)
Fair value hedging adjustments	(21)				56
Total	$	103,417			$	89,249

1    Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation bonds.

The following table summarizes the Bank’s bonds outstanding by call features (dollars in millions):

	March 31, 2026		December 31, 2025
Non-callable or non-putable	$	47,373	$	37,814
Callable	56,060		51,374
Total par value	$	103,433	$	89,188

The following table summarizes the Bank’s bonds outstanding by year of contractual maturity or next call date (dollars in millions):

Year of Contractual Maturity or Next Call Date	March 31, 2026		December 31, 2025
Due in one year or less	$	94,314	$	79,984
Due after one year through two years	3,600		3,609
Due after two years through three years	2,871		2,901
Due after three years through four years	1,540		1,594
Due after four years through five years	693		685
Thereafter	415		415
Total par value	$	103,433	$	89,188

The following table summarizes the Bank’s bonds by interest rate payment terms (dollars in millions):

	March 31, 2026		December 31, 2025
Fixed rate	$	40,936	$	34,962
Simple variable rate	62,497		54,226
Total par value	$	103,433	$	89,188