Federal Home Loan Bank of Chicago 8-K

What Happened
The Federal Home Loan Bank of Chicago filed a Form 8‑K (Item 2.03) on January 27, 2026 reporting the creation/commitment of consolidated obligations for which it is the primary obligor. Between January 21 and January 23, 2026 the Bank committed to issue five consolidated obligations with a combined par value of $430,000,000. These include four fixed‑rate bonds (par totals $80 million) and one variable single‑index floating note (par $350 million).

Key Details

• Filing: Form 8‑K, Item 2.03 — Creation of a Direct Financial Obligation (filed Jan 27, 2026).
• Trade dates: Jan 21–23, 2026; settlement dates in late Jan/early Feb 2026 (see Schedule A).
• Par amounts and coupons: $20M at 4.30%; $30M at 5.125%; $15M at 4.65%; $15M at 4.52%; and a $350M variable single‑index floater (non‑callable). Total par = $430,000,000.
• Consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks, sold through the Office of Finance, are not guaranteed by the U.S. government, and are subject to FHFA regulation (including potential FHFA requirement that one Bank repay obligations of another).

Why It Matters
Consolidated obligations are the Bank’s primary funding source; this filing notifies investors of new debt commitments and the Bank’s role as primary obligor for these issues. Because these obligations are joint liabilities of the Federal Home Loan Banks and are not U.S. government guaranteed, they carry credit exposure tied to the FHLB system. Note that Schedule A excludes short‑term discount notes (≤1 year) and reports par amounts at issuance, which may differ from amounts shown under GAAP or from total outstanding obligations reported in periodic filings.