About Bonds
| Floating Rate Bonds Detail | |
|---|---|
| Offered | Daily, as needed |
| Denomination | $100,000 Minimum $5,000 Increments |
| Program Rating | Aa1 Moody’s AA+ S&P |
| Settlement | Regular |
| Typical Index | N/A |
| Program Maturity Range | Typically 3 months to 30 Years |
| Day Count | Actual / 360 |
| Payment Frequency | Typically Monthly, Quarterly, and Semi-Annual |
| Call Feature | If applicable, we will request that a notice of redemption, in whole or in part, be broadcast to depository institutions through the communication system of the Federal Reserve Bank of New York at least 5 Business Days prior to the Redemption Date. |
| Method of Issuance | Window / Negotiated |
| Clearance | Fed Book Entry, unless otherwise specified in the applicable Supplement. |
| The above represents typical terms only. Terms are subject to change and investors should refer to the applicable offering document for specific terms. | |
| Fixed Rate Bonds Detail | |
|---|---|
| Offered | Daily, as needed |
| Denomination | $10,000 to $500,000 Minimum $5,000 Increments |
| Program Rating | Aa1 Moody’s AA+ S&P |
| Settlement | Regular |
| Typical Index | N/A |
| Program Maturity Range | Typically 3 months to 30 Years |
| Day Count | 30 / 360 |
| Payment Frequency | Typically Monthly, Quarterly, and Semi-Annual |
| Call Feature | If applicable, we will request that a notice of redemption, in whole or in part, be broadcast to depository institutions through the communication system of the Federal Reserve Bank of New York at least 5 Business Days prior to the Redemption Date. |
| Method of Issuance | Negotiated / Auction |
| Clearance | Fed Book Entry, unless otherwise specified in the applicable Supplement. |
| The above represents typical terms only. Terms are subject to change and investors should refer to the applicable offering document for specific terms. | |
Federal Home Loan Banks consolidated bonds (bonds) offer investors a wide variety of sizes, structures, and maturities to meet numerous portfolio objectives. All bonds are exempt from state and local income tax for domestic U.S. investors. Investors and dealers can rely on the Federal Home Loan Bank System for continuous, innovative bond issuance in most market conditions. The Federal Home Loan Banks employ conservative asset and liability risk management strategies and actively use swap transactions to reduce interest-rate risk, which typically provides considerable flexibility in the structures and terms of issues brought to market. Such flexibility is a key feature for buyers of Federal Home Loan Banks bonds.
Structures and Terms
Bonds may be callable or non-callable, and we offer a variety of rate structures including fixed-rate, floating-rate, step-ups/down and zero rate. Other structures may be available at the discretion of the Federal Home Loan Banks. Minimum denominations range from $10,000 to $500,000 or more, depending on complexity and associated risk.
Bonds are available in maturities typically ranging from less than one year to 30 years, with most issues between one and five years. Issue sizes can vary depending on investor demand and the Federal Home Loan Banks' funding needs. In certain instances, individual bonds may be upsized or reopened to meet additional demand.
Purchase
Bonds can be negotiated individually, offered through a window (e.g., FRN Window), syndicated, or auctioned competitively through a network of Authorized Dealers. Dealers may contact the Federal Home Loan Banks Office of Finance if there is a structure or dollar target they need to meet investor demand, although many times they negotiate directly with the regional Federal Home Loan Banks. In either case, dealers receive rapid responses to their inquiries, as well as fast execution.
Settlement and Delivery
Bonds may settle T+1 or greater, depending on the Federal Home Loan Banks and investor needs. Bonds denominated in USD will typically be issued through Fedwire in book entry form. Non-USD denominated bonds will typically be issued through Euroclear, Clearstream, or DTC in book entry form.
Disclosure
Bonds are issued pursuant to and are subject to the Information Memorandum, as supplemented or amended from time to time and in effect at the time of the relevant offering and sale. Bonds are also subject to the terms and conditions in the applicable Offering Notice or Pricing Supplement for the specific issue. The dealer should provide these documents to investors prior to or at settlement.
After the settlement date, you can find the Offering Notice or Pricing Supplement by visiting the Offering Documents page and searching for the bond by CUSIP.
The Information Memorandum dated March 19, 2012, as supplemented or amended, the Offering Circular dated July 1, 2009, as supplemented or amended, and the Global Debt Program Information Memorandum dated March 1, 2006, as supplemented or amended, are available on our Offering Documents Archive page.
We may issue additional bonds with the same terms as previously issued bonds (other than the issue date, the interest commencement date, the offering price and other underwriting terms, which may vary) from time to time, without notice to or the consent of any holder, so as to form a single issue with outstanding bonds.
