Federal Home Loan Bank of Chicago 8-K

What Happened

• The Federal Home Loan Bank of Chicago filed a Form 8‑K on January 15, 2026, reporting that it committed to issue multiple consolidated obligation bonds and notes for which it is the primary obligor. The reported trade dates are January 12–13, 2026 and the aggregate par amount on Schedule A is $1,615,000,000.
• Notable items on Schedule A include a $1.5 billion bond maturing July 13, 2026 (coupon 3.62%, European optional redemption), a $30 million non‑callable bond maturing June 8, 2029 (coupon 3.625%), and longer‑dated issues of $20M (2031), $20M (2031), $20M (2033) and $25M (2051) with coupons ranging from 3.825% to 5.42%.

Key Details

• Trade dates: January 12 and January 13, 2026; settlement dates in mid‑to‑late January 2026.
• Total par amount reported on Schedule A: $1,615,000,000.
• Largest single commitment: $1,500,000,000 maturing 7/13/2026, 3.62% coupon (European call date 4/13/2026).
• Consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks, are backed only by those Banks (not guaranteed by the U.S. government), and FHFA may require one Bank to repay obligations for another.

Why It Matters

• This filing reports new debt issuance commitments that affect the Bank’s funding profile and the amount of consolidated obligations for which it is the primary obligor. Investors should note the maturity mix (near‑term and long‑dated paper) and coupon levels.
• Because consolidated obligations are joint obligations of all Federal Home Loan Banks and are not government‑guaranteed, exposure and repayment responsibility can affect the Bank’s funding and credit profile. The filing also notes Schedule A excludes short‑term discount notes (≤1 year) and that par amounts may differ from amounts shown under GAAP; total consolidated obligations outstanding will be reported in the Bank’s periodic SEC filings.