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) disclosing the creation/assumption of multiple consolidated obligations (debt securities) with trade dates February 2–3, 2026. Schedule A lists ten consolidated obligation issues with individual par amounts ranging from $10 million to $1.05 billion and aggregate par of approximately $4.34 billion. Maturities in the schedule span near‑term through longer‑dated paper (examples include maturities through 2043), and issues include both variable single‑index floaters and fixed‑rate callable bonds.

Key Details

• Filing: Current Report on Form 8‑K, Item 2.03 — Creation of a Direct Financial Obligation (filed Feb 5, 2026).
• Trade dates and amounts: trade dates Feb 2–3, 2026; Schedule A shows par amounts such as $1,000,000,000; $1,050,000,000; $1,000,000,000; $500,000,000; several $250,000,000 issues; plus smaller issues ($30M, $10M, etc.), totaling ~ $4.34B.
• Security types and features: many issues are Variable Single Index Floaters; several are fixed‑rate callable bonds (e.g., a fixed bond with a 3.662% coupon, $30M par; a 4.000% fixed bond, $10M par; a longer‑dated fixed callable with ~5.17% coupon). Call styles include Bermudan and American provisions.
• Legal/credit notes: consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, are not guaranteed by the U.S. government, and are backed only by the FHLBs’ financial resources. FHFA regulations permit the FHFA to require one Bank to repay obligations for which another Bank is the primary obligor. The Bank noted it has not made a judgment as to materiality of any particular obligation. Schedule A excludes short discount notes (≤1 year) issued in the ordinary course.

Why It Matters
This filing notifies investors that the Bank has added or assumed several consolidated‑obligation debt issues, which affects the Bank’s funding profile and reported primary‑obligor consolidated obligations. Because consolidated obligations are joint obligations of all Federal Home Loan Banks and are not U.S. government guaranteed, investors should view these as FHLB‑backed debt rather than federally guaranteed debt. Total consolidated obligations outstanding for which this Bank is primary obligor will be reported in its periodic filings; Schedule A here provides transaction‑level detail but does not replace periodic reporting of outstanding balances.