Consolidated Obligations

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Consolidated Obligations

CONSOLIDATED OBLIGATIONS

Consolidated Obligation Bonds: Table 8.1 presents FHLBank’s participation in consolidated obligation bonds outstanding as of June 30, 2024 and December 31, 2023 (dollar amounts in thousands):

Table 8.1

	06/30/2024				12/31/2023
Year of Contractual Maturity	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
Due in one year or less	$	34,655,725	4.89	%	$	28,152,305	4.90	%
Due after one year through two years	9,574,220		4.49		9,327,370		4.21
Due after two years through three years	4,066,610		2.35		4,294,125		2.01
Due after three years through four years	1,691,350		2.89		1,780,895		2.01
Due after four years through five years	1,474,000		3.62		1,467,440		2.96
Thereafter	4,925,005		3.19		4,387,255		2.63
Total par value	56,386,910		4.40	%	49,409,390		4.15	%
Premiums	11,423				12,874
Discounts	(2,473)				(3,108)
Concession fees	(11,970)				(11,424)
Hedging adjustments	(324,734)				(360,243)
TOTAL	$	56,059,156			$	49,047,489

FHLBank issues optional principal redemption bonds (callable bonds) that may be redeemed in whole or in part at the discretion of FHLBank on predetermined call dates in accordance with terms of bond offerings. FHLBank’s consolidated obligation bonds outstanding as of June 30, 2024 and December 31, 2023 includes callable bonds totaling $18,362,300,000 and $22,940,000,000, respectively. Table 8.2 summarizes FHLBank’s consolidated obligation bonds outstanding by year of maturity, or by the next call date for callable bonds as of June 30, 2024 and December 31, 2023 (in thousands):

Table 8.2

Year of Maturity or Next Call Date	06/30/2024		12/31/2023
Due in one year or less	$	45,978,225	$	40,475,305
Due after one year through two years	7,458,720		6,503,370
Due after two years through three years	1,482,610		1,227,125
Due after three years through four years	793,850		362,895
Due after four years through five years	259,000		493,940
Thereafter	414,505		346,755
TOTAL PAR VALUE	$	56,386,910	$	49,409,390

Table 8.3 summarizes interest rate payment terms for consolidated obligation bonds as of June 30, 2024 and December 31, 2023 (in thousands):

Table 8.3

	06/30/2024		12/31/2023
Fixed rate	$	21,241,410	$	28,093,390
Simple variable rate	33,518,500		19,524,000
Step	1,627,000		1,792,000
TOTAL PAR VALUE	$	56,386,910	$	49,409,390

Consolidated Discount Notes: Table 8.4 summarizes FHLBank’s participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands):

Table 8.4

	Carrying Value		Par Value		Weighted Average Interest Rate1
June 30, 2024	$	18,209,813	$	18,418,401	5.11	%
December 31, 2023	$	20,743,249	$	20,903,145	5.15	%

1    Represents yield to maturity excluding concession fees.