Federal Home Loan Bank of Chicago 8-K

What Happened
The Federal Home Loan Bank of Chicago filed a Current Report on Form 8‑K (Item 2.03) on March 12, 2026, reporting the creation of direct financial obligations — consolidated obligation bonds and notes — for which the Bank is the primary obligor. Schedule A in the filing shows four consolidated obligations committed on trade dates March 9–10, 2026 with combined par amounts of $605,000,000, including a $510M variable single‑index floater maturing 9/16/2026 and three fixed‑rate callable bonds maturing between 2027 and 2056. The report was signed by Rene Cornejo, Senior Vice President.

Key Details

• Total par reported on Schedule A: $605,000,000 (sum of four issues).
• 3/9/2026: $510,000,000 variable single‑index floater, settlement 3/16/2026, maturity 9/16/2026 (non‑callable).
• 3/10/2026: $65,000,000 fixed 4.625%, settlement 3/24/2026, maturity 3/24/2034, American callable 3/24/2027.
• 3/10/2026: $10,000,000 fixed 5.020%, settlement 3/26/2026, maturity 3/3/2056, Bermudan callable 3/3/2032; and $20,000,000 fixed 3.740%, settlement 3/12/2026, maturity 8/12/2027, Bermudan callable 8/12/2026.

Why It Matters
Consolidated obligations are the primary funding vehicle for the Federal Home Loan Banks and are joint and several obligations of all 11 FHLBs; they are not guaranteed by the U.S. government. These issuances change the Bank’s near‑term funding profile and interest‑rate exposure (notably a large short‑dated floating issue and several callable fixed‑rate bonds). The filing notes Schedule A excludes short‑term discount notes (≤1 year) and does not reflect any related derivatives; the Bank will report total consolidated obligations outstanding in its periodic SEC filings.