v3.26.1
Consolidated Obligations
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] Consolidated Obligations
Consolidated obligations are the joint and several obligations of the FHLBanks and consist of consolidated obligation bonds and discount notes. Consolidated obligations are backed only by the financial resources of the 11 FHLBanks. Consolidated obligations are not obligations of, nor are they guaranteed by, the U.S. government. For additional information regarding the FHLBanks’ joint and several liability on consolidated obligations, see Note 16.
The par amounts of the 11 FHLBanks’ outstanding consolidated obligations were approximately $1.204 trillion and $1.152 trillion at March 31, 2026 and December 31, 2025, respectively. The Bank was the primary obligor on $88.2 billion and $98.8 billion (at par value), respectively, of these consolidated obligations.
 Interest Rate Payment Terms. The following table summarizes the Bank’s consolidated obligation bonds outstanding by interest rate payment terms at March 31, 2026 and December 31, 2025 (in thousands, at par value).

March 31, 2026December 31, 2025
Fixed-rate$34,210,075 $31,954,475 
Variable-rate SOFR-indexed22,748,500 21,849,500 
Step-up3,687,000 4,522,000 
Step-down15,000 15,000 
Total par value$60,660,575 $58,340,975 

At both March 31, 2026 and December 31, 2025, 86 percent of the Bank’s fixed-rate consolidated obligation bonds (including step-up and step-down bonds) were swapped to a variable rate.

Redemption Terms. The following is a summary of the Bank’s consolidated obligation bonds outstanding at March 31, 2026 and December 31, 2025, by contractual maturity (dollars in thousands):
 March 31, 2026December 31, 2025
Contractual MaturityAmountWeighted Average
Interest Rate		AmountWeighted Average
Interest Rate
Due in one year or less$42,331,810 3.25 %$38,701,685 3.11 %
Due after one year through two years5,926,050 3.29 7,329,730 2.57 
Due after two years through three years2,224,585 3.27 2,339,430 3.20 
Due after three years through four years2,038,130 3.88 2,484,130 3.94 
Due after four years through five years1,879,000 3.51 1,486,000 4.05 
Due after five years6,261,000 3.85 6,000,000 3.60 
Total par value60,660,575 3.34 %58,340,975 3.15 %
Premiums7,247  8,517  
Discounts(1,141) (1,278) 
Debt issuance costs(2,795)(3,036)
Hedging adjustments(473,025) (459,622) 
Total$60,190,861  $57,885,556  

At March 31, 2026 and December 31, 2025, the Bank’s consolidated obligation bonds outstanding included the following (in thousands, at par value):
March 31, 2026December 31, 2025
Non-callable bonds$31,940,075 $31,777,075 
Callable bonds28,720,500 26,563,900 
Total par value$60,660,575 $58,340,975 
The following table summarizes the Bank’s consolidated obligation bonds outstanding at March 31, 2026 and December 31, 2025, by the earlier of contractual maturity or next possible call date (in thousands, at par value):
Contractual Maturity or Next Call DateMarch 31, 2026December 31, 2025
Due in one year or less$55,011,810 $52,120,085 
Due after one year through two years3,039,050 3,773,330 
Due after two years through three years1,622,585 1,464,430 
Due after three years through four years726,130 777,130 
Due after four years through five years216,000 161,000 
Due after five years45,000 45,000 
Total par value$60,660,575 $58,340,975 

     Discount Notes. At March 31, 2026 and December 31, 2025, the Bank’s consolidated obligation discount notes, all of which are due within one year, were as follows (dollars in thousands):
Book ValuePar ValueWeighted
Average Implied
Interest Rate
March 31, 2026$27,317,808 $27,491,162 3.56 %
December 31, 2025$40,185,289 $40,436,121 3.72 %