Consolidated Obligations (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Maturities of Long-term Debt

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, 2025				December 31, 2024
Contractual Maturity	Amount 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 years	11,611		3.34		12,005		2.96
After 2 years through 3 years	1,925		3.45		1,920		2.62
After 3 years through 4 years	1,786		3.89		1,487		3.50
After 4 years through 5 years	2,893		4.49		2,706		4.35
After 5 years	777		2.77		777		2.76
Total par value	56,355		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

Schedule of Long-term Debt by Call Feature

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, 2025		December 31, 2024
Par value of consolidated obligation bonds:
Non-callable	$	33,792	$	40,207
Callable	22,563		18,345
Total par value	$	56,355	$	58,552

Schedule of Maturities of Long-term Debt by Contractual or Next Call Date

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, 2025		December 31, 2024
Within 1 year	$	49,726	$	49,795
After 1 year through 2 years	5,485		7,608
After 2 years through 3 years	1,072		1,101
After 3 years through 4 years	36		12
After 4 years through 5 years	9		9
After 5 years	27		27
Total par value	$	56,355	$	58,552

Schedule of Short-term Debt

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, 2024	14,378		14,460		4.41	%

Schedule of Interest Rate Payment Terms for Debt

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, 2025		December 31, 2024

Par value of consolidated obligation bonds:
Fixed rate	$	25,738	$	23,410
Adjustable rate	30,227		34,692
Step-up	390		450



Total consolidated obligation bonds, par value	$	56,355	$	58,552