Federal Home Loan Bank of Chicago 8-K

What Happened

• The Federal Home Loan Bank of Chicago filed an 8‑K on January 8, 2026 (Item 2.03) disclosing the creation of direct financial obligations — consolidated obligation bonds and discount notes — with trade dates of January 5–6, 2026. The Bank committed to consolidated obligations with a total par amount of $435,000,000, across four issues with maturities ranging from July 2026 to January 2038. Consolidated obligations are sold through the Office of Finance and are the joint and several obligations of the eleven Federal Home Loan Banks.

Key Details

• Total committed par amount: $435,000,000 across four consolidated obligations (trade dates 1/5/2026 and 1/6/2026).
• Issues (par, coupon, maturity, call/settlement highlights):
  • $200,000,000 — variable single‑index floater, non‑callable, trade 1/5/2026, settlement 1/6/2026, maturity 7/6/2026.
  • $25,000,000 — fixed 4.60% coupon, American callable (next call 1/26/2027), trade 1/5/2026, settlement 1/26/2026, maturity 1/26/2033.
  • $200,000,000 — fixed 3.64% coupon, Bermudan callable (next call 4/6/2026), trade 1/5/2026, settlement 1/6/2026, maturity 2/5/2027.
  • $10,000,000 — fixed 4.52% coupon, Bermudan callable (next call 1/12/2029), trade 1/6/2026, settlement 1/12/2026, maturity 1/12/2038.
• The filing notes consolidated obligations are backed only by the eleven Federal Home Loan Banks (not the U.S. government) and that the FHFA may require any Federal Home Loan Bank to repay obligations for which another Bank is the primary obligor.

Why It Matters

• For investors, this 8‑K shows how the Bank funds itself in the capital markets and that it assumed primary repayment obligation on specific consolidated obligations totaling $435M. These instruments will affect the Bank’s funding profile and future interest expense. Importantly, consolidated obligations are not government‑guaranteed and represent joint obligations of all eleven FHLBanks, a regulatory detail that affects credit and counterparty considerations. The Bank will report total consolidated obligations outstanding in its periodic SEC filings.