Federal Home Loan Bank of Chicago 8-K

What Happened

• The Federal Home Loan Bank of Chicago (the Bank) filed an 8-K (Item 2.03) on January 13, 2026, reporting that it became the primary obligor on multiple consolidated obligation bonds sold through the Office of Finance. The trades occurred on January 7–9, 2026 with settlements primarily in January 2026. The reported par amount across the listed issues is $3,255,000,000. These consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks and are not guaranteed by the U.S. government; FHFA rules permit the FHFA to require any FHLB to repay obligations for which another FHLB is primary obligor.

Key Details

• Total par amount reported on Schedule A: $3,255,000,000 across issuances with trade dates Jan 7–9, 2026.
• Large issues include two $1.0 billion fixed-rate bonds (coupons ~3.615% and 3.62%). Other notable par amounts: $500M, $250M, $200M, $70M, $65M, $60M, $20M, $15M, $10M.
• Coupons on the reported issues ranged roughly from about 3.615% up to ~5.320%; most bonds are fixed-rate and many are callable (American, Bermudan or European call styles).
• Maturities on the schedule span near-term callable dates (2026–2027 call/next-pay dates shown) and longer-dated final maturities (examples in the schedule extend into the 2030s–2050s). Schedule A excludes discount notes with maturities of one year or less.

Why It Matters

• For investors, this filing discloses the Bank’s role as primary obligor on material consolidated-debt issuances totaling $3.255B, which affects the Bank’s debt profile and future interest obligations.
• Consolidated obligations are backed only by the FHLBanks collectively (not the federal government), so credit considerations are based on the Banks’ financial resources and FHFA regulation rather than a U.S. Treasury guarantee.
• The callable features and range of maturities are relevant to interest-rate risk and prepayment/call risk; Schedule A shows par amounts at face value and may differ from amounts in GAAP financials (discounts/premiums not reflected).