| Consolidated Obligations |
Note 7 - Consolidated Obligations
In addition to being the primary obligor for all consolidated obligations issued on our behalf, we are jointly and severally liable with each of the other FHLBanks for the payment of the principal and interest on all of the FHLBanks' consolidated obligations outstanding. The par values of the FHLBanks' consolidated obligations outstanding at June 30, 2026 and December 31, 2025 totaled $1.3 trillion and $1.2 trillion, respectively. As provided by the Federal Home Loan Bank Act of 1932 and Finance Agency regulations, consolidated obligations are backed only by the financial resources of all FHLBanks.
Discount Notes. The following table presents our discount notes outstanding, all of which are due within one year of issuance.
| | | | | | | | | | | | | | | | Discount Notes | | June 30, 2026 | | December 31, 2025 | | Par value | | $ | 32,929,683 | | | $ | 27,553,574 | | | Unamortized discounts | | (130,551) | | | (122,625) | | | Unamortized concessions | | (300) | | | (285) | | | Fair-value hedging basis adjustments, net | | (1,328) | | | (13) | | | Book value | | $ | 32,797,504 | | | $ | 27,430,651 | | | | | | | | Weighted average effective interest rate | | 3.65 | % | | 3.74 | % |
CO Bonds. The following table presents the par value of our CO bonds outstanding by interest-rate payment type. | | | | | | | | | | | | | | | | Interest-Rate Payment Type | | June 30, 2026 | | December 31, 2025 | | Fixed-rate | | $ | 26,876,105 | | | $ | 28,208,870 | | | Simple variable-rate | | 23,945,500 | | | 23,816,000 | | | Step-up | | 608,500 | | | 708,500 | | | | | | | | | | | | | | | | | | Total CO bonds, par value | | $ | 51,430,105 | | | $ | 52,733,370 | |
The following table presents our CO bonds outstanding by contractual maturity.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Year of Contractual Maturity | | Amount | | WAIR% | | Amount | | WAIR% | | Due in 1 year or less | | $ | 22,116,020 | | | 3.20 | | | $ | 25,317,135 | | | 3.08 | | | Due after 1 through 2 years | | 13,052,380 | | | 3.53 | | | 11,355,960 | | | 3.42 | | | Due after 2 through 3 years | | 2,188,330 | | | 3.28 | | | 2,444,370 | | | 2.95 | | | Due after 3 through 4 years | | 1,907,520 | | | 3.70 | | | 1,912,030 | | | 3.91 | | | Due after 4 through 5 years | | 2,554,880 | | | 3.36 | | | 2,277,900 | | | 3.78 | | | Thereafter | | 9,610,975 | | | 3.82 | | | 9,425,975 | | | 3.66 | | | Total CO bonds, par value | | 51,430,105 | | | 3.43 | | | 52,733,370 | | | 3.31 | | | Unamortized premiums | | 15,183 | | | | | 18,720 | | | | | Unamortized discounts | | (5,848) | | | | | (6,408) | | | | | Unamortized concessions | | (17,189) | | | | | (16,334) | | | | | Fair-value hedging basis adjustments, net | | (495,603) | | | | | (482,711) | | | | | Total CO bonds, carrying value | | $ | 50,926,648 | | | | | $ | 52,246,637 | | | |
The following tables present the par value of our CO bonds outstanding by redemption feature and the earlier of the year of contractual maturity or next call date.
| | | | | | | | | | | | | | | | Redemption Feature | | June 30, 2026 | | December 31, 2025 | | Non-callable / non-putable | | $ | 28,510,705 | | | $ | 30,060,470 | | | Callable | | 22,919,400 | | | 22,672,900 | | | Total CO bonds, par value | | $ | 51,430,105 | | | $ | 52,733,370 | |
| | | | | | | | | | | | | | | | Year of Contractual Maturity or Next Call Date | | June 30, 2026 | | December 31, 2025 | | Due in 1 year or less | | $ | 37,488,920 | | | $ | 40,535,535 | | | Due after 1 through 2 years | | 12,068,880 | | | 9,774,460 | | | Due after 2 through 3 years | | 1,063,330 | | | 1,555,870 | | | Due after 3 through 4 years | | 276,120 | | | 218,130 | | | Due after 4 through 5 years | | 45,880 | | | 162,400 | | | Thereafter | | 486,975 | | | 486,975 | | | Total CO bonds, par value | | $ | 51,430,105 | | | $ | 52,733,370 | |
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