FHLB Cincinnati Commits Nearly $2 Billion in New Consolidated Bonds

The Federal Home Loan Bank of Cincinnati (FHLB) has committed to issuing new Consolidated Bonds totaling nearly $2 billion across various tranches. These issuances, committed on trade dates October 15 and October 17, 2025, represent direct financial obligations of the institution.

The FHLB sources most of its funding through the sale of Consolidated Obligations in capital markets. These obligations, comprising Consolidated Bonds and Consolidated Discount Notes, are the joint and several obligations of the 11 Federal Home Loan Banks, regulated by the Federal Housing Finance Agency. Consolidated Obligations are backed solely by the financial resources of the 11 FHLBs and do not carry a United States government guarantee.

Among the bonds committed for issuance, several significant tranches include a non-callable variable single index floater bond with a par value of $800,000,000, maturing on May 21, 2026, and another for $750,000,000, maturing on June 16, 2026, both with a trade date of October 15, 2025. Also committed on October 15, 2025, were three optional principal redemption bonds, each with a par value of $12,000,000, featuring fixed constant rates, with coupons of 4.000% and 4.410%, maturing between 2030 and 2035. A non-callable fixed constant bond with a 4.125% coupon and $6,000,000 par value, maturing on September 14, 2029, was also committed. On October 17, 2025, the FHLB committed to a $274,000,000 non-callable variable single index floater bond maturing on June 18, 2026, and an $85,000,000 non-callable variable single index floater bond maturing on January 13, 2026.