The Federal Home Loan Bank of Pittsburgh (FHLBank) filed a Current Report on Form 8-K on October 12, 2026, to disclose the issuance of consolidated obligations. These obligations, which include bonds and discount notes, serve as a primary source of funding for the Bank. According to the filing, consolidated obligations are the joint and several liabilities of the eleven Federal Home Loan Banks and are sold to the public through the Office of Finance.
The filing includes an exhibit (Exhibit 99.1) titled Schedule A, which details specific debt instruments committed to be issued. The schedule outlines the terms for each obligation, including the trade date, CUSIP, settlement date, maturity date, and next payment date. The report specifies that the principal amounts listed represent the par value of the obligations, which may differ from amounts reported in financial statements due to factors such as discounts or premiums.
The exhibit provides a comprehensive breakdown of the characteristics for the issued debt. This includes the call type, which defines how principal can be redeemed, such as through optional redemption or amortization schedules. The call style is also detailed, specifying redemption provisions such as American, Bermudan, or European options. Additionally, the filing describes the rate type and sub-type for each obligation, ranging from fixed and variable rates to more complex structures like capped floaters, dual index floaters, and step-up or step-down bonds.
