Federal Home Loan Bank of Dallas 8-K

What Happened

• The Federal Home Loan Bank of Dallas (the Bank) filed a Form 8‑K (Item 2.03) on December 29, 2025, disclosing commitments to issue consolidated obligation bonds on trade dates December 22 and December 23, 2025. Consolidated obligations are debt securities sold through the Office of Finance and are joint and several obligations of the 11 Federal Home Loan Banks; they are not obligations of, nor guaranteed by, the U.S. government.
• The schedule shows two bond commitments: a $15.0 million Bermudan-call fixed bond (CUSIP 3130B8YD8) settling 12/30/2025, maturing 12/26/2029, 4.00% coupon (next call 6/26/2026); and a $1.0 billion non-callable fixed bond (CUSIP 3130B8YT3) settling 12/24/2025, maturing 6/24/2026, 3.61% coupon.

Key Details

• Total par amount reported: $1,015,000,000 (two consolidated obligation bonds).
• Trade dates: 12/22/2025 (Bermudan callable, 4.00%, $15M) and 12/23/2025 (non-callable, 3.61%, $1.0B).
• Maturities: 12/26/2029 (longer-term callable issue) and 6/24/2026 (short-term fixed, non-callable).
• Filing notes: the Bank did not make a materiality determination; Schedule A excludes consolidated obligation discount notes (<=1 year) and does not show related derivatives or how proceeds will be used; par amounts may differ from GAAP amounts due to discounts/premiums or hedging.

Why It Matters

• These entries show how the Bank raises funding through consolidated obligations — a primary source of liquidity — and update investors on new debt commitments and their terms (coupon, maturity, call features).
• Because consolidated obligations are obligations of the FHLBanks and not government‑guaranteed, investors should treat this as bank-issued debt. The filing provides specific terms but does not state whether proceeds will refinance other debt or be used for other purposes, nor does it assess materiality.