Federal Home Loan Bank of Indianapolis 8-K

What Happened
The Federal Home Loan Bank of Indianapolis filed an 8-K (Item 2.03) dated January 22, 2026, reporting that it has become (or will become on settlement) the primary obligor on certain consolidated obligation bonds issued by the Federal Home Loan Banks (FHLBanks). The reported par amount of those bonds totals $402,000,000 with maturities ranging from 2028 through 2038. The filing was signed by Lana D. Buchman, Senior Financial Reporting Principal.

Key Details

• Total par amount: $402,000,000 (four bonds: $52M, $250M, $50M, $50M).
• Issue/trade and settlement highlights:
  • Two non-callable variable “Single Index Floater” bonds (par $52M and $250M) with maturities in January 2028 and first upcoming interest payment dates in April 2026.
  • Two American-style callable fixed-rate bonds (par $50M each) with coupons of 4.62% and 5.10% and maturities in 2033 and 2038 (call/amort dates beginning 2/3/2027).
• Consolidated obligations are joint and several obligations of the FHLBanks and are not guaranteed by the U.S. government.
• The filing notes par amounts disclosed may differ from amounts reported under GAAP (do not account for discounts, premiums, etc.) and excludes consolidated obligations with maturities of one year or less.

Why It Matters
This 8-K informs investors that the Bank is the primary obligor on longer-term consolidated debt issued through the FHLBanks, increasing its exposure to those joint funding obligations. Key takeaways for investors: the transaction size ($402M) and mix of floating and fixed-rate bonds affect the Bank’s interest-rate exposure and future cash interest obligations; these bonds are not U.S. government guaranteed; and reported par amounts may differ from accounting balances. Investors tracking the Bank’s funding profile, interest expense, or contingent obligations should note these items and the stated maturities and coupon rates.