Federal Home Loan Bank of Dallas 8-K

What Happened

• The Federal Home Loan Bank of Dallas filed a Form 8‑K (dated Jan 22, 2026) reporting commitments to issue consolidated obligation bonds totaling $1.82 billion on trade dates Jan 16 and Jan 20, 2026. These consolidated obligations are debt securities sold through the Office of Finance and are joint and several obligations of the 11 Federal Home Loan Banks (not guaranteed by the U.S. government).
• The committed issues include two small fixed‑rate callable bonds and two larger non‑callable floating‑rate issues tied to overnight SOFR, with maturities ranging from July 23, 2026 to January 16, 2041.

Key Details

• Total committed par amount: $1,820,000,000 (two fixed‑rate bonds of $10M each + two SOFR floaters of $500M and $1.3B).
• Fixed issues: $10M maturing 1/28/2036 at 4.875% (trade date 1/16/2026); $10M maturing 1/16/2041 at 4.75% (trade date 1/16/2026). Both are callable (American and Bermudan styles).
• Floating issues: $500M and $1.3B, both non‑callable single‑index floaters tied to overnight SOFR, maturing 7/23/2026 (trade dates 1/16/2026 and 1/20/2026; settlement 1/23/2026).
• Filing notes Schedule A limitations: it excludes short‑term discount notes, may not show related derivatives or hedges, and does not state how proceeds will be used; the Bank also did not make a materiality determination for these bonds in the 8‑K.

Why It Matters

• This filing documents new debt commitments that affect the Bank’s funding profile and the consolidated obligations for which it is the primary obligor. Investors should note (a) these obligations are not U.S. government guaranteed and are backed only by the FHLBanks’ financial resources, and (b) the large SOFR‑linked floaters (totaling $1.8B) introduce variable interest exposure in the near term.
• The Bank’s periodic SEC filings will report total consolidated obligations outstanding and provide additional context (including accounting and hedging) not included in this 8‑K Schedule A.