Federal Home Loan Bank of Chicago: creates consolidated obligations of $3,877,300,000

What happened

• The Federal Home Loan Bank of Chicago filed a Current Report on Form 8-K dated Oct 6, 2026, reporting the creation of consolidated obligations committed to be issued with trade dates Sep 30, 2026 through Oct 2, 2026. The Schedule A in the filing lists consolidated obligations for which the Bank is the primary obligor with aggregate par amount of $3,877,300,000.
• The filing states that consolidated obligations, which consist of bonds and discount notes, "are by regulation the joint and several obligations of the eleven Federal Home Loan Banks" and "are not guaranteed by the United States government." The filing also notes FHFA regulations authorizing the FHFA to require any Federal Home Loan Bank to repay principal or interest on consolidated obligations for which another Bank is the primary obligor.

Key details

• Schedule A lists 20 consolidated obligations committed to be issued, with trade dates Sep 30, 2026, Oct 1, 2026 and Oct 2, 2026, and settlement dates in Oct 2026.
• Total principal at par reported on Schedule A: $3,877,300,000.
• Examples from Schedule A: a $766,000,000 issuance (trade date Sep 30, 2026; maturity Jan 5, 2027); callable bonds with coupons of 6.850% and 7.000% (each $15,000,000); Bermudan callable fixed bonds with coupons of 4.950% ($25,000,000), 5.100% ($10,000,000) and 5.150% ($10,000,000). Many other entries are variable single index floaters.
• The filing notes Schedule A excludes consolidated obligation discount notes with maturity of one year or less issued in the ordinary course and that the Bank has not made a judgment as to the materiality of any particular consolidated obligation.

Why it may matter

• The filing reports Item 2.03, "Creation of a direct financial obligation," and provides the consolidated obligations committed to be issued for which the Bank is the primary obligor, including terms, trade dates, settlement dates and par amounts.
• The filing also explains limits of Schedule A (exclusions for short-term discount notes, lack of GAAP adjustments to par amounts, and absence of associated derivative positions).
• This filing does not show why the insider traded or why the company acted.