Federal Home Loan Bank of Chicago 8-K

What Happened
The Federal Home Loan Bank of Chicago filed an 8‑K (Feb 10, 2026) reporting that it committed to issue multiple consolidated obligation bonds and discount notes (trade dates Feb 4–6, 2026). The Schedule A entries show aggregate par amounts of $5,135,000,000 across fixed and variable-rate issues, including long maturities (e.g., 2046, 2056) and several large variable-rate floaters. Examples include CUSIP 3130B9FS4 ($1.5B floater), combined CUSIP 3130B9FR6 ($825M floater), and other fixed-rate callable bonds (e.g., $60M due 2/23/2035; $10M due 2/26/2046 and $50M/$15M/$15M/$10M smaller fixed tranches).

Key Details

• Total par amount reported on Schedule A: $5,135,000,000 (trade dates Feb 4–6, 2026).
• Major floaters: $1.5B (3130B9FS4), $775M + $50M = $825M (3130B9FR6), $750M (3130B9G3), $800M combined (3130B9G8 entries).
• Fixed-rate callable bonds include long maturities to 2056 (e.g., $50M at ~5.50%) and 2046 ($10M at 5.00%); other fixed notes include $60M maturing 2/23/2035 at ~4.456%.
• These consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks, sold via the Office of Finance, and are not U.S. government guaranteed; FHFA may require one FHLB to repay obligations of another.

Why It Matters
This filing shows how the Bank is funding operations and managing its liabilities: consolidated obligations are the primary source of debt funding for the Federal Home Loan Banks. The $5.135B in new commitments (mix of floaters and fixed/callable bonds, including long‑dated paper) affects the Bank’s future interest expense, maturity profile and interest‑rate exposure. Investors should note these are par amounts reported for trade/commitment purposes (they may differ from GAAP carrying amounts), Schedule A excludes short-term notes (≤1 year) and the Bank did not make a materiality determination for individual issues in the filing.