v3.25.3
Consolidated Obligations
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Consolidated Obligations Consolidated Obligations
Consolidated obligations consist of bonds and discount notes. Although the Bank is primarily liable for its portion of consolidated obligations, the Bank is also jointly and severally liable with the other ten FHLBanks for the payment of principal and interest on all consolidated obligations of each of the FHLBanks. The par amounts of the 11 FHLBanks’ outstanding consolidated obligations were $1,184.1 billion at September 30, 2025 and $1,193.0 billion at December 31, 2024. Additional detailed information regarding consolidated obligations including general terms and interest rate payment terms can be found in Note 9 - Consolidated Obligations in the Bank’s 2024 Form 10-K.
The following table details interest rate payment terms for the Bank’s consolidated obligation bonds as of September 30, 2025 and December 31, 2024.
(in thousands)September 30, 2025December 31, 2024
Par value of consolidated bonds:  
Fixed-rate$30,550,200 $26,415,025 
Step-up1,100,000 1,341,000 
Floating-rate28,135,000 60,539,400 
Total par value$59,785,200 $88,295,425 
Maturity Terms. The following table presents a summary of the Bank’s consolidated obligation bonds outstanding by year of contractual maturity and weighted-average interest rate at September 30, 2025 and December 31, 2024.
 (dollars in thousands)
September 30, 2025December 31, 2024

Year of Contractual Maturity
AmountWeighted Average Interest RateAmountWeighted Average Interest Rate
Due in 1 year or less$44,640,140 3.82 %$69,412,265 4.34 %
Due after 1 year through 2 years5,522,500 2.69 8,746,000 2.14 
Due after 2 years through 3 years3,196,650 3.77 2,462,900 3.38 
Due after 3 years through 4 years1,503,410 3.91 2,484,125 3.64 
Due after 4 years through 5 years1,398,500 3.68 1,905,135 4.41 
Thereafter3,524,000 3.61 3,285,000 3.20 
Total par value$59,785,200 3.70 %$88,295,425 4.03 %
Bond premiums
$21,080 $21,576 
Bond discounts
(7,358)(8,766)
Concession fees
(6,800)(6,848)
Fair value hedging adjustments(138,797)(336,283)
Total book value$59,653,325 $87,965,104 
The following table presents the Bank’s consolidated obligation bonds outstanding between noncallable and callable as of September 30, 2025 and December 31, 2024.
(in thousands)September 30, 2025December 31, 2024
Noncallable$34,963,460 $65,083,925 
Callable24,821,740 23,211,500 
Total par value$59,785,200 $88,295,425 
The following table presents consolidated obligation bonds outstanding by the earlier of contractual maturity or next call date as of September 30, 2025 and December 31, 2024.
Year of Contractual Maturity or Next Call Date
(in thousands)
September 30, 2025December 31, 2024
Due in 1 year or less$54,585,140 $81,109,765 
Due after 1 year through 2 years1,619,000 3,376,500 
Due after 2 years through 3 years1,700,150 1,007,900 
Due after 3 years through 4 years657,410 1,713,125 
Due after 4 years through 5 years520,500 336,135 
Thereafter703,000 752,000 
Total par value$59,785,200 $88,295,425 

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 as of September 30, 2025 and December 31, 2024.
(dollars in thousands)September 30, 2025December 31, 2024
Book value $12,226,613 $11,685,159 
Par value$12,347,930 $11,777,387 
Weighted average interest rate (1)
4.08 %4.42 %
Note:
(1) Represents yield to maturity excluding concession fees and hedging adjustments.