Consolidated Obligations

6 Months Ended

Jun. 30, 2019

Consolidated obligations, consisting of consolidated obligation bonds and discount notes, are the joint and several obligations of the 11 Federal Home Loan Banks (FHLBanks) and are backed only by the financial resources of the FHLBanks. The Federal Home Loan Banks Office of Finance (Office of Finance) tracks the amount of debt issued on behalf of each FHLBank. In addition, the Bank separately tracks its specific portion of consolidated obligations for which it is the primary obligor and records it as a liability.

Interest-rate Payment Terms. The following table presents the Bank’s consolidated obligation bonds by interest-rate payment type.



	As of June 30, 2019		As of December 31, 2018
Fixed-rate	$	29,000	$	21,217
Step up/down	1,644		4,379
Simple variable-rate	44,813		53,670
Total par value	$	75,457	$	79,266

Redemption Terms. The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity.



	As of June 30, 2019				As of December 31, 2018
	Amount			Weighted- average Interest Rate (%)	Amount			Weighted- average Interest Rate (%)
Due in one year or less	$	56,814		2.33	$	55,386		2.26
Due after one year through two years	7,072			2.16	13,292			2.30
Due after two years through three years	3,704			2.40	3,387			2.44
Due after three years through four years	3,804			2.29	3,884			2.27
Due after four years through five years	2,295			2.73	1,429			2.87
Due after five years	1,768			3.29	1,888			3.23
Total par value	75,457			2.35	79,266			2.31
Premiums	5				7
Discounts	(22		)		(18		)
Hedging adjustments	28				(141		)
Total	$	75,468			$	79,114

The following table presents the Bank’s consolidated obligation bonds outstanding by call feature.



	As of June 30, 2019		As of December 31, 2018
Noncallable	$	59,763	$	65,237
Callable	15,694		14,029
Total par value	$	75,457	$	79,266

The following table presents the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity, or for callable consolidated obligation bonds, by next call date.



	As of June 30, 2019		As of December 31, 2018
Due or callable in one year or less	$	65,979	$	65,560
Due or callable after one year through two years	5,478		10,874
Due or callable after two years through three years	1,149		982
Due or callable after three years through four years	309		429
Due or callable after four years through five years	1,289		168
Due or callable after five years	1,253		1,253
Total par value	$	75,457	$	79,266

Consolidated Obligation Discount Notes. Consolidated obligation discount notes are issued to raise short-term funds and have original contractual maturities of up to one year. These consolidated obligation discount notes are issued at less than their face amounts and redeemed at par value when they mature.

The following table presents the Bank’s participation in consolidated obligation discount notes.



	Book Value		Par Value		Weighted-average Interest Rate (%)
As of June 30, 2019	$	64,833	$	65,078	2.36
As of December 31, 2018	$	66,025	$	66,270	2.33