Federal Home Loan Bank of Indianapolis 8-K

What Happened
The Federal Home Loan Bank of Indianapolis filed an 8-K (Item 2.03) on December 23, 2025, reporting it has become (or will become on settlement) the primary obligor on certain consolidated obligation bonds issued by the Federal Home Loan Banks. The commitments cover four bond placements with a combined par amount of $260,000,000 and settlement dates in December 2025.

Key Details

• Total par amount: $260,000,000 across four consolidated obligation bonds.
• Largest issuance: $200,000,000 non‑callable single‑index floating‑rate bond (trade date 12/18/2025; settlement 12/29/2025; maturity 12/29/2027).
• Fixed‑rate issues: $15,000,000 and $10,000,000 step‑up fixed bonds (trade dates 12/17–12/18/2025; settlement 12/19/2025; maturity 12/19/2028; coupon 3.750%).
• Shorter‑term fixed: $35,000,000 fixed constant bond (settlement 12/23/2025; maturity 9/23/2026; coupon 3.550%).
• Some bonds are callable (Bermudan optional principal redemption) while the $200M floater is non‑callable.
• Consolidated obligations are joint and several obligations of the FHLBanks and are not guaranteed by the U.S. government. Report signed by Lana D. Buchman on December 23, 2025.

Why It Matters
This filing shows FHLB Indianapolis taking on primary obligor responsibility for $260M of longer‑term FHLBank consolidated debt. Retail investors should note the size, maturity profile and mix of rate types (large floating‑rate exposure plus fixed step‑up and fixed constant coupons), because these features affect the bank’s future interest expense, funding profile and refinancing timing. The bonds are FHLBank consolidated obligations and are not U.S. government guaranteed.