v3.26.1
Consolidated Obligations
 6 Months Ended
Jun. 30, 2026
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 $1,330.8 billion at June 30, 2026 and $1,151.8 billion at December 31, 2025.
The following table details interest rate payment terms for the Bank’s consolidated obligation bonds as of June 30, 2026 and December 31, 2025.
(in thousands)June 30, 2026December 31, 2025
Par value of consolidated bonds:
Fixed-rate$27,842,410 $28,211,750 
Step-up815,000 1,075,000 
Floating-rate52,761,500 21,600,500 
Total par value$81,418,910 $50,887,250 

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 June 30, 2026 and December 31, 2025.
 (dollars in thousands)
June 30, 2026December 31, 2025

Year of Contractual Maturity
AmountWeighted Average Interest RateAmountWeighted Average Interest Rate
Due in 1 year or less$64,494,750 3.50 %$38,903,990 3.34 %
Due after 1 year through 2 years8,916,900 3.61 3,468,100 3.25 
Due after 2 years through 3 years1,820,260 3.75 2,634,525 3.56 
Due after 3 years through 4 years1,194,500 3.58 1,328,135 3.93 
Due after 4 years through 5 years1,685,500 3.55 1,249,500 3.39 
Thereafter3,307,000 3.73 3,303,000 3.58 
Total par value$81,418,910 3.53 %$50,887,250 3.38 %
Bond premiums
$17,227 $19,442 
Bond discounts
(6,293)(6,909)
Concession fees
(7,838)(6,488)
Fair value hedging adjustments(72,679)(98,044)
Total consolidated obligation bonds$81,349,327 $50,795,251 
The following table presents the Bank’s consolidated obligation bonds outstanding between noncallable and callable as of June 30, 2026 and December 31, 2025.

(in thousands)June 30, 2026December 31, 2025
Noncallable$60,020,410 $26,784,760 
Callable21,398,500 24,102,490 
Total par value$81,418,910 $50,887,250 
The following table presents consolidated obligation bonds outstanding by the earlier of contractual maturity or next call date as of June 30, 2026 and December 31, 2025.
Year of Contractual Maturity or Next Call Date
(in thousands)
June 30, 2026December 31, 2025
Due in 1 year or less$71,031,750 $45,619,490 
Due after 1 year through 2 years7,950,400 1,746,100 
Due after 2 years through 3 years813,260 1,908,025 
Due after 3 years through 4 years562,000 431,135 
Due after 4 years through 5 years442,500 519,500 
Thereafter619,000 663,000 
Total par value$81,418,910 $50,887,250 

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 June 30, 2026 and December 31, 2025.

(dollars in thousands)June 30, 2026December 31, 2025
Book value $29,428,993 $16,697,025 
Par value$29,777,806 $16,813,630 
Weighted average interest rate (1)
3.72 %3.83 %
Note:
(1) Represents yield to maturity excluding concession fees and hedging adjustments.