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Long-Term Floating

SOFR Non-Amortizing Floating Rate 

Term
  • 3-month
  • 6-month
  • 9-month
  • 12-month
  • 15-month
  • 18-month

Additional terms may be available upon request. 
Interest Rate
  • Determined by adding appropriate spread to the reference rate
  • Rate determination:
  • Rate resets daily based on reference rate for the current day, except during a rate freeze period
  • During a rate freeze period, the reference rate will be the SOFR rate published by the Federal Reserve Bank of New York on the rate freeze date
  • Rate freeze date is 2 business days before an interest payment date or maturity date
  •  See MPCP for Prepayment Fee Policy
Interest Day Count
Actual/360
Availability
  • Request via telephone.
  • >$5 million must be transacted by 1:00 p.m. CT.
  • < $5 million must be transacted by 4:00 p.m. CT.

MAC Term

Term
  • 1 to 10 years term
  • 8-, 13-, or 26-week rate reset
Interest Rate
  • Determined by adding appropriate spread to actual auction yield
  • Weighted average rate of discount notes issued during the 8-week, 13-week, and 26-week Discount Note Auctions held by the Federal Home Loan Bank System on Tuesdays and Thursdays
  • Rate determination: Each reset date will be the Wednesday or Friday following the Discount Note Auction based on the selected reset frequency. New York Stock Exchange business days are used.
  • May be prepaid in whole, or in part, on any reset date with two business days' notice without a fee.
  • Members can request a MAC Term advance without the prepayment option.
Interest Day Count
Actual/360
Availability
  • Request via telephone before 9:30 a.m. CT, Tuesdays and Thursdays.
  • Funds will be disbursed the following business day.

MAC Step-up

Term
  • 1 to 10 years term
  • 8-, 13-, or 26-week rate reset
  • 1, 2, 3, 4, or 5 year step-up date depending on maturity 
Interest Rate
  • Determined by adding appropriate spread to actual index yield.
  • Weighted average rate of discount notes issued during the 8-week, 13- week and 26-week Discount Note Auction held by the Federal Home Loan Bank Office of Finance on Tuesdays and Thursdays
  • Rate determination: Each reset date will be the Wednesday or Friday following the Discount Note Auction based on the selected reset frequency. New York Banking Days are used
  • One-time step-up option available
  • See MPCP for Prepayment Fee Policy 
Interest Day Count
Actual/360
Availability
  • Request via telephone before 9:30 a.m. on each Tuesday or Thursday
  • Funds will be disbursed the following business day

Note: Additional terms and conditions are available for qualifying CIP and EDP projects. Please refer to the Advances Products Guide for more information.

Wire Deadlines:

  • Outgoing: 4:00 p.m. CT.
  • Incoming: 4:00 p.m. CT.
  • Incoming wires received after 4:00 p.m. CT will be charged a late fee.

Call Member Services at 844.FHL.BANK (844.345.2265) for assistance in structuring these floating-rate advances and advances not executed through SecureConnect.