v3.26.3
Consolidated Obligations
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Consolidated Obligations
Note 7 — Consolidated Obligations
Consolidated obligations, consisting of bonds and discount notes, are jointly issued by the Federal Home Loan Banks (FHLBanks) through the Office of Finance, which serves as the FHLBanks’ agent. As provided by the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act) or by regulations governing the operations of the FHLBanks, all FHLBanks have joint and several liability for all FHLBank consolidated obligations, which are backed by the financial resources of the FHLBanks. The par value of the outstanding consolidated obligations of the FHLBanks was $1.3 trillion and $1.2 trillion at September 30, 2026, and December 31, 2025, respectively.
Redemption Terms. The following is a summary of the Bank’s participation in consolidated obligation bonds.
(Dollars in millions)September 30, 2026December 31, 2025
Contractual MaturityAmount
Outstanding		Weighted
Average
Interest Rate		Amount
Outstanding		Weighted
Average
Interest Rate
Within 1 year$30,761 3.80 %$32,836 3.43 %
After 1 year through 2 years3,799 3.60 8,580 3.58 
After 2 years through 3 years918 3.83 1,648 3.45 
After 3 years through 4 years1,584 4.28 2,266 4.25 
After 4 years through 5 years1,693 3.98 1,201 4.24 
After 5 years587 3.06 822 2.88 
Total par value39,342 3.80 %47,353 3.51 %
Unamortized discounts(2)(1)
Valuation adjustments for hedging activities(198)(95)
Fair value option valuation adjustments— (3)
Total$39,142 $47,254 
The Bank’s participation in consolidated obligation bonds by call features was as follows:
(In millions)September 30, 2026December 31, 2025
Par value of consolidated obligation bonds:
Non-callable$29,138 $30,482 
Callable10,204 16,871 
Total par value$39,342 $47,353 
The following is a summary of the Bank’s participation in consolidated obligation bonds outstanding, by the earlier of the year of contractual maturity or next call date.
(In millions)
Earlier of Contractual
Maturity or Next Call Date		September 30, 2026December 31, 2025
Within 1 year$35,702 $40,191 
After 1 year through 2 years3,263 6,774 
After 2 years through 3 years335 336 
After 3 years through 4 years15 25 
After 5 years27 27 
Total par value$39,342 $47,353 
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)
September 30, 2026$18,391 $18,447 3.73 %
December 31, 202517,074 17,161 3.71 %
(1)Represents yield to maturity excluding concession fees.
Interest Rate Payment Terms. Interest rate payment terms for consolidated obligation bonds are detailed in the following table.
(In millions)September 30, 2026December 31, 2025
Par value of consolidated obligation bonds:
Fixed rate$12,814 $21,722 
Adjustable rate26,448 25,271 
Step-up80 360 
Total consolidated obligation bonds, par value
$39,342 $47,353