Consolidated Obligations

Detailed information regarding consolidated obligations including general terms and interest rate payment terms can be found in Note 14 to the audited financial statements in the Bank's 2011 Form 10-K.

The following table details interest rate payment terms for consolidated obligation bonds as of September 30, 2012 and December 31, 2011.



	September 30, 2012			December 31, 2011
(in thousands)	September 30, 2012			December 31, 2011
Par value of consolidated bonds:
Fixed-rate	$	30,900,956		$	34,298,965
Step-up	1,488,000			215,000
Floating-rate	860,000			620,000
Total par value	33,248,956			35,133,965
Bond premiums	105,053			125,933
Bond discounts	(19,704		)	(23,290		)
Hedging adjustments	331,147			376,428
Total book value	$	33,665,452		$	35,613,036

At September 30, 2012 and December 31, 2011, 53.9% and 52.6%, respectively, of the Banks' fixed-rate bonds were swapped to a floating rate and 1.2% and 3.2%, respectively, of the Banks' floating-rate bonds were swapped to a different variable-rate index.

Maturity Terms. The following table presents a summary of the Bank’s consolidated obligation bonds outstanding by year of contractual maturity as of September 30, 2012 and December 31, 2011.



	September 30, 2012				December 31, 2011
(dollars in thousands) Year of Contractual Maturity	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
Due in 1 year or less	$	13,676,555	1.26	%	$	15,402,750	1.02	%
Due after 1 year through 2 years	5,954,470		1.99		4,692,105		2.58
Due after 2 years through 3 years	5,012,840		2.55		3,673,570		2.87
Due after 3 years through 4 years	1,730,790		2.75		4,490,540		2.82
Due after 4 years through 5 years	1,493,050		2.66		1,588,490		3.40
Thereafter	4,226,790		2.90		3,104,090		4.04
Index amortizing notes	1,154,461		4.50		2,182,420		4.65
Total par value	$	33,248,956	2.05	%	$	35,133,965	2.25	%

The following table presents the Bank’s consolidated obligation bonds outstanding between noncallable and callable as of September 30, 2012 and December 31, 2011.



	September 30, 2012		December 31, 2011
(in thousands)	September 30, 2012		December 31, 2011
Noncallable	$	28,092,456	$	32,250,465
Callable	5,156,500		2,883,500
Total par value	$	33,248,956	$	35,133,965

The following table presents consolidated obligation bonds outstanding by the earlier of contractual maturity or next call date as of September 30, 2012 and December 31, 2011.



(in thousands) Year of Contractual Maturity or Next Call Date	September 30, 2012		December 31, 2011
Due in 1 year or less	$	18,437,555	$	17,205,750
Due after 1 year through 2 years	4,264,470		4,678,105
Due after 2 years through 3 years	4,748,340		3,612,070
Due after 3 years through 4 years	1,649,790		4,383,540
Due after 4 years through 5 years	1,138,050		1,383,490
Thereafter	1,856,290		1,688,590
Index amortizing notes	1,154,461		2,182,420
Total par value	$	33,248,956	$	35,133,965

Consolidated Obligation Discount Notes. Consolidated obligation discount notes are issued to raise short-term funds. Discount notes are consolidated obligations with original maturities up to one year. These notes are issued at less than their face amount and redeemed at par value when they mature. The following table details the Bank’s consolidated obligation discount notes, all of which are due within one year, as of September 30, 2012 and December 31, 2011.



(dollars in thousands)	September 30, 2012			December 31, 2011
Book value	$	20,888,257		$	10,921,498
Par value	20,893,996			10,922,000
Weighted average interest rate ⁽¹⁾	0.13		%	0.03		%

Note:

⁽¹⁾Represents an implied rate.

At September 30, 2012,