The Federal Home Loan Bank of Pittsburgh (FHLBank) reported the issuance of $598 million in consolidated obligations on September 23, 2026, according to a Form 8-K filed with the SEC. The debt, which is backed by the financial resources of the eleven Federal Home Loan Banks, was issued through the Office of Finance and is not guaranteed by the U.S. government.
The issuance includes a mix of fixed-rate and variable-rate bonds with maturities ranging from one year to 20 years. The largest tranche is a $500 million non-callable variable-rate bond due December 28, 2026. Other notable issuances include a $350 million variable-rate bond maturing February 26, 2027, and a $130 million variable-rate bond maturing January 26, 2027.
The fixed-rate portion of the offering includes a $15 million bond with a 5.30% coupon maturing in 2029, a $10 million bond with a 5.03% coupon maturing in 2030, and an $8 million bond with a 6.54% coupon maturing in 2046. The offering also features a $5 million fixed-rate bond with a 5.125% coupon that matures in 2036 and is non-callable.
The bonds were issued under various call structures, including European, Bermudan, and American options, allowing the Bank to redeem the securities at specific dates prior to maturity. The specific interest rate for the variable-rate bonds is tied to a single index.
