v3.25.1
Consolidated Obligations
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Consolidated Obligations
Note 7 — Consolidated Obligations
Consolidated obligations, consisting of bonds and discount notes, are jointly issued by the Federal Home Loan Banks (FHLBanks) through the Office of Finance, which serves as the FHLBanks’ agent. For more information on the issuance and allocation of consolidated obligations, see “Item 8. Financial Statements and Supplementary Data – Note 1 – Summary of Significant Accounting Policies” in the Bank’s 2024 Form 10-K.
As provided by the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act) or by regulations governing the operations of the FHLBanks, all FHLBanks have joint and several liability for all FHLBank consolidated obligations. For a discussion of the joint and several liability regulation, see “Item 8. Financial Statements and Supplementary Data – Note 15 – Commitments and Contingencies” in the Bank’s 2024 Form 10-K.
Redemption Terms. The following is a summary of the Bank’s participation in consolidated obligation bonds at March 31, 2025, and December 31, 2024.
(Dollars in millions)March 31, 2025December 31, 2024
Contractual MaturityAmount
Outstanding		Weighted
Average
Interest Rate		Amount
Outstanding		Weighted
Average
Interest Rate
Within 1 year$37,363 4.10 %$39,657 4.40 %
After 1 year through 2 years11,611 3.34 12,005 2.96 
After 2 years through 3 years1,925 3.45 1,920 2.62 
After 3 years through 4 years1,786 3.89 1,487 3.50 
After 4 years through 5 years2,893 4.49 2,706 4.35 
After 5 years777 2.77 777 2.76 
Total par value56,355 3.92 %58,552 4.00 %
Unamortized discounts(1)(1)
Valuation adjustments for hedging activities(265)(363)
Fair value option valuation adjustments(10)(14)
Total$56,079 $58,174 
The Bank’s participation in consolidated obligation bonds outstanding includes callable bonds. For more information related to the Bank’s callable bond transactions, see “Item 8. Financial Statements and Supplementary Data – Note 8 – Consolidated Obligations” in the Bank’s 2024 Form 10-K.
The Bank’s participation in consolidated obligation bonds by call features at March 31, 2025, and December 31, 2024, was as follows:
(In millions)March 31, 2025December 31, 2024
Par value of consolidated obligation bonds:
Non-callable$33,792 $40,207 
Callable22,563 18,345 
Total par value$56,355 $58,552 
The following is a summary of the Bank’s participation in consolidated obligation bonds outstanding at March 31, 2025, and December 31, 2024, by the earlier of the year of contractual maturity or next call date.
(In millions)
Earlier of Contractual
Maturity or Next Call Date		March 31, 2025December 31, 2024
Within 1 year$49,726 $49,795 
After 1 year through 2 years5,485 7,608 
After 2 years through 3 years1,072 1,101 
After 3 years through 4 years36 12 
After 4 years through 5 years9 9 
After 5 years27 27 
Total par value$56,355 $58,552 
The Bank’s participation in consolidated obligation discount notes, all of which are due within one year, was as follows:
(Dollars in millions)
Carrying Value
Par Value
Weighted-Average Interest Rate(1)
March 31, 2025$12,668 $12,755 4.23 %
December 31, 202414,378 14,460 4.41 %
(1)Represents yield to maturity excluding concession fees.
Interest Rate Payment Terms. Interest rate payment terms for consolidated obligation bonds at March 31, 2025, and December 31, 2024, are detailed in the following table. For information on the general terms and types of consolidated obligation bonds outstanding, see “Item 8. Financial Statements and Supplementary Data – Note 8 – Consolidated Obligations” in the Bank’s 2024 Form 10-K.
(In millions)March 31, 2025December 31, 2024
Par value of consolidated obligation bonds:
Fixed rate$25,738 $23,410 
Adjustable rate30,227 34,692 
Step-up390 450 
Total consolidated obligation bonds, par value
$56,355 $58,552