Federal Home Loan Bank of Chicago 8-K

What Happened

• The Federal Home Loan Bank of Chicago filed an 8-K (Item 2.03) on December 23, 2025, reporting the creation of direct financial obligations — consolidated obligation bonds and notes — for which it is the primary obligor. The filing includes a Schedule A listing consolidated obligations traded December 17–19, 2025 and settled in late December 2025.
• The Schedule A commitments total $355,000,000 in par value across multiple issues (various CUSIPs). Notable entries include two $100 million non‑callable bonds maturing July 1, 2026, carrying a 3.56% coupon. Coupons on listed issues range roughly from about 3.50% to 5.53%, and the issues include both non‑callable and callable (American and Bermudan) structures.

Key Details

• Filing date: December 23, 2025 (Current Report on Form 8-K, Item 2.03).
• Total par amount on Schedule A: $355,000,000 (sum of listed committed issues).
• Coupon range on listed issues: ~3.50% to 5.53%; maturities include short‑term (mid‑2026) and longer dated notes.
• Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, issued through the Office of Finance and not guaranteed by the U.S. government.

Why It Matters

• These issuances affect the Bank’s borrowings and liquidity profile and add to the consolidated obligations for which it is the primary obligor. Investors should note consolidated obligations are backed only by the Federal Home Loan Banks (not the U.S. government) and are subject to FHFA rules that can reallocate repayment responsibility among the Banks.
• The Schedule A in the 8‑K lists trade/settlement details and par amounts but excludes certain short‑term discount notes and may not match GAAP amounts reported in periodic financial statements (discounts/premiums not reflected). Investors should consult the Bank’s periodic reports for total consolidated obligations outstanding and for further financial impact.