Federal Home Loan Bank of Chicago 8-K

What Happened
The Federal Home Loan Bank of Chicago filed a Form 8‑K on February 12, 2026 (Item 2.03) disclosing that it committed to issue several consolidated obligations (bonds and discount notes) on trade dates February 9–10, 2026. The Schedule A in the filing shows total par value reported of $2.27 billion, including fixed-rate callable bonds and several short‑term floating-rate/discount notes. The Bank noted consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, sold through the Office of Finance, and are not guaranteed by the U.S. government.

Key Details

• Total par reported on Schedule A: $2,270,000,000 (aggregate of all items reported).
• Fixed-rate bonds committed:
  • CUSIP 3130B9G95 — $10,000,000 par; 5.01% coupon; settlement 2/26/2026; maturity 2/26/2046; Bermudan callable (next call 2/26/2029).
  • CUSIP 3130B9GW4 — $5,000,000 par; 4.665% coupon; settlement 2/24/2026; maturity 2/24/2034; American callable (next call 2/24/2027).
  • CUSIP 3130B9HA1 — $5,000,000 par; 4.03% coupon; settlement 2/26/2026; maturity 2/26/2031; American callable (next call 2/26/2027).
• Short-term floating/discount notes (non-callable) committed:
  • CUSIP 3130B9H29 — $1,000,000,000 par; settlement 2/17/2026; maturity 7/16/2026 (single-index floater).
  • CUSIP 3130B9H45 — $1,000,000,000 par; settlement 2/18/2026; maturity 8/18/2026 (single-index floater).
  • CUSIP 3130B9H78 — $250,000,000 par; settlement 2/18/2026; maturity 9/18/2026 (single-index floater).
• The filing notes: (a) FHFA may require any Federal Home Loan Bank to repay obligations for which another FHLB is the primary obligor; (b) consolidated obligations are backed only by the financial resources of the eleven FHLBanks and not by the U.S. government; (c) Schedule A excludes certain short-term discount notes (≤1 year) in ordinary course and does not include related derivatives or hedges.

Why It Matters
This 8‑K tells investors the Bank raised short‑term and longer‑term funding through consolidated obligations, a routine but material funding source for Federal Home Loan Banks. The securities increase the Bank’s reported par indebtedness (aggregate $2.27B here) and include both long‑dated fixed coupons and large short‑term floating notes. Because consolidated obligations are joint obligations of all FHLBs and are not government‑guaranteed, investors should monitor the Bank’s periodic reports for overall consolidated obligations outstanding, related hedging activity, and any disclosure the Bank makes about materiality of specific issues.