Floating Rate Advances provide funding with rate resets at periodic intervals, usually tied to one-month or three-month LIBOR, effective federal funds, Federal Home Loan Bank discount note, or prime rates. These advances can be a valuable tool for members to manage interest-rate risk and fund adjustable-rate loans.

 

Features Open Line of Credit FHLBank Chicago Federal Funds Effective Putable Floater Market Federal Funds Effective Floater Fixed Rate with Floating Spread Discount Note Floater Structured Discount Note Floater Overnight Discount Note Floater LIBOR Floater Prepayable LIBOR Floater Prime Floater Prepayable Prime Floater
Advance Code A010 A012 A016 A126 A382 A383 A384 A400 A380 A410 A411
Minimum Size     $5mm $1mm   $5mm          
Term 1 day; auto-renews 30 days 1 week–
180 days		 180 days–
10 years		 28 days–
5 years 		 91 days–
10 years		 1–92 days 180 days–
10 years		 180 days–
10 years		 180 days–
3 years		 180 days–
3 years
Term Extension Option           •          
Put Option Owned by FHLBank Chicago   •                  
Call Option Owned by Member  
    On reset dates On reset dates On reset dates (daily)
On reset dates   On reset dates
Same-Day Funding (prior to 3:00 p.m.) • • • • • • • • • • Prior to
2:00 p.m.
Available for Community Advances     •  
    • • • •
Rate Type Floating Floating Floating Floating Floating Floating Floating Floating Floating Floating Floating
Rate Index FHLBank Chicago federal funds effective FHLBank Chicago federal funds effective Market federal funds effective 3-month LIBOR and 3-month advance 4-week, 13-week, and 26-week discount note index 13-week discount note index Overnight discount note index 1-month and 3-month LIBOR 1-month and 3-month LIBOR Prime rate Prime rate
Principal Repayment At maturity At maturity At maturity At maturity At maturity At maturity At maturity At maturity At maturity At maturity At maturity
Prepayment Fee   • • • No fee on reset dates No fee on reset dates No fee on reset dates • No fee on reset dates • No fee on reset dates
Activity Stock 4.5% 4.5% or 2% 4.5% or 2% 4.5% or 2% 4.5% or 2% 4.5% or 2% 4.5% or 2% 4.5% or 2% 4.5% or 2% 4.5% or 2% 4.5% or 2%
Benefits Liquidity, match funding Liquidity, funding Liquidity, funding Funding, hedge interest-rate risk Liquidity, blended funding Liquidity, blended funding Liquidity, blended funding Match funding, hedge interest-rate risk Match funding, hedge interest-rate risk Match funding, hedge interest-rate risk Match funding, hedge interest-rate risk
For additional information on advance products and terms, please contact your Sales Director or review the Member Products Guide. Product terms above are subject to change. Other terms may be available upon request.