Federal Home Loan Bank of Chicago 8-K

What Happened
The Federal Home Loan Bank of Chicago filed an 8-K on Feb 3, 2026 (Item 2.03) reporting that it committed to issue consolidated obligation bonds and discount notes as the primary obligor. Trade dates on Schedule A are Jan 28–30, 2026. The commitments total $2.84 billion in par value and include both fixed-rate callable bonds and large variable-rate (single-index floater) instruments.

Key Details

• Total par amount committed as primary obligor: $2,840,000,000 (trade dates 1/28/2026–1/30/2026).
• Largest issues: $1.25 billion (CUSIP 3130B9DD9), $1.00 billion (CUSIP 3130B9CY4), and $500 million (CUSIP 3130B9DF4).
• Fixed-rate callable bonds included: $20M at 5.322% (matures 1/30/2041, next call 7/30/2026), $10M at 4.601% (matures 8/2/2033, next call 2/2/2027), $30M at 3.823% (matures 2/11/2030, next call 2/11/2028), $30M at 3.943% (matures 2/18/2031, next call 2/18/2028).
• Several large non-callable single-index floating-rate notes were issued with short maturities in 2026–2026 (par amounts $1.00B, $1.25B, $0.50B).
• Consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks, backed only by the Banks (not U.S. government-guaranteed). FHFA may require any FHLB to repay obligations for which another FHLB is primary obligor.

Why It Matters
This filing documents the Bank’s use of the capital markets to raise funding—consolidated obligations are a primary source of liquidity for the Federal Home Loan Banks. Retail investors should note the size ($2.84B) and mix of long-term fixed-rate callable bonds and large short-term floating-rate notes, which affect the Bank’s interest expense and refinancing profile. Also important: these securities are backed by the Federal Home Loan Banks collectively and are not guaranteed by the U.S. government; the FHFA has regulatory authority that can affect repayment responsibilities. The Bank will report aggregate consolidated obligations outstanding in its periodic SEC filings.