FHLBank Chicago Pricing Specials
See the table below for a quick breakdown of our current advance pricing specials:
| Advance Specials | |||
|---|---|---|---|
| Early Bird Discounts | 2-4 bps* | A120 Short Term | Must be submitted before 10 a.m. Term: Overnight *No minimum; discount based on advance size |
| 2-3 bps* | A120 Short Term | Must be submitted before 10 a.m. Term: 2-27 days *No minimum; discount based on advance size | |
| 2 bps | A121 Fixed Rate, Fixed Term | Must be submitted before 10 a.m. Term: 1-month and 3-month No minimum | |
| Long-Term Advance Specials | 5 bps | A121 Fixed Rate, Fixed Term | Minimum Principal Per Advance: $1M Term: 6 months - 10 years Forward Starting: Up to 1 year for advances greater than 1-year term |
| A290 Fixed Rate Amortizer | Minimum Principal Per Advance: $1M Term: 5-20 years Forward Starting: Up to 1 year | ||
| A122 Callable Fixed-Rate | Minimum Principal Per Advance: $1M Term: 2-5 years Forward Starting: Up to 1 month | ||
To execute, please contact our Member Transaction Desk (MTD) at 855.345.2244, option 1. For more information, the details of each special are below.
Early Bird Discounts
We are offering an early bird pricing discount of 2 basis points (bps) from our regular advance rate for certain advances executed before 10 a.m. An additional volume discount of 1-2 bps may be available for advance amounts greater than $100 million. Eligible products include:
- Short Term Advance (A120)
- Fixed Rate, Fixed Term Advances with 1- and 3-month maturities (A121)
| A120 Overnight | Size | Regular Rate (as of April 1, 2024) | Discounted Rates (as of April 1, 2024) | All-in After Dividend* |
|---|---|---|---|---|
| Term: Overnight | Early Bird: < $100 million | 5.45% | 5.43% | 5.28% |
| Term: Overnight | Early Bird: >= $100 million | 5.45% | 5.43% | 5.28% |
| Term: Overnight | Early Bird: >= $250 million | 5.45% | 5.42% | 5.27% |
| Term: Overnight | Early Bird: >= $1 billion | 5.45% | 5.415% | 5.265% |
| Term: Overnight | Early Bird: >= $2 billion | 5.45% | 5.41% | 5.26% |
| *Reflects Class B1 stock dividend as a reduction to the regular advance rate, based on a B1 dividend rate of 8.75% for Q4 2023, an opportunity cost of buying stock (estimated to be 5.33%, the average Effective Federal Funds Rate during Q4 2023), and 4.50% advance capitalization, for illustration purposes only. | ||||
| A120 Short-Term | Size | Regular Rate (as of April 1, 2024) | Discounted Rates (as of April 1, 2024) | All-in After Dividend* |
|---|---|---|---|---|
| Term: 1 Week | Early Bird: < $100 million | 5.46% | 5.44% | 5.29% |
| Term: 1 Week | Early Bird: >= $100 million | 5.46% | 5.44% | 5.29% |
| Term: 1 Week | Early Bird: >= $250 million | 5.46% | 5.43% | 5.28% |
| Term: 2 Week | Early Bird: < $100 million | 5.46% | 5.44% | 5.29% |
| Term: 2 Week | Early Bird: >= $100 million | 5.46% | 5.44% | 5.29% |
| Term: 2 Week | Early Bird: >= $250 million | 5.46% | 5.43% | 5.28% |
| Term: Week 3 | Early Bird: < $100 million | 5.47% | 5.45% | 5.30% |
| Term: Week 3 | Early Bird: >= $100 million | 5.47% | 5.45% | 5.30% |
| Term: Week 3 | Early Bird: >= $250 million | 5.47% | 5.44% | 5.29% |
| *Reflects Class B1 stock dividend as a reduction to the regular advance rate, based on a B1 dividend rate of 8.75% for Q4 2023, an opportunity cost of buying stock (estimated to be 5.33%, the average Effective Federal Funds Rate during Q4
2023), and 4.50% advance capitalization, for illustration purposes only. | ||||
Short Term Advances (A120) less than $100 million can be executed on eBanking and will receive the 2 bps discount. However, Short Term Advances (A120) greater than $100 million or Fixed Rate, Fixed Term Advances (A121) must be executed by calling MTD to receive the full discount. These rates and pricing discounts can change daily - please contact MTD for the most current rates at 855.345.2244, option 1.
Term Advance Special Discounts
We have extended and expanded our existing five basis point long-term advance discount program. The daily maximum limit is $30 million across all three specials.
- All advances must be fully capitalized and are not eligible for the Reduced Capitalization Advance Program (RCAP).
- Members may execute multiple specials in a day, but individual terms apply and discounts cannot be combined.
- Daily maximum of $30 million principal value inclusive of all three specials.
- Eligible through June 30, 2024.
Terms and conditions are subject to change and are updated here. These advance specials are not eligible for RCAP. Current advance rates pre-discount can be found on the daily rate sheet. To execute, you must call MTD at 855.345.2244, option 1. Advances executed on eBanking are not eligible for the pricing discount.
Spring Pricing Special for Affordable and Sustainable Homeownership
To help alleviate overall market pressures and improve housing affordability, we are offering a spring pricing special on certain low loan balance loans, which often support low and very low income borrowers or borrowers located in lower income areas. Beginning today, March 22, 2024, participating financial institutions (PFIs) can see up to 37.5 basis point (bps) price improvement on 30-year conventional loans sold through Mortgage Partnership Finance® (MPF) Traditional with original loan balances between $150,000 and $200,000. For the special, the improved price will only be available at prevailing mortgage rates sold under the 150K – 200K low loan balance grids.
Spring Special Details:
- Special begins March 22, 2024, and will be considered for extension dependent on the level of mission-related loan volume.
- Applicable on 30-year conventional loans with original loan balance between $150K and $200K. Borrower income is not limited.
- Special note rates may change daily but are expected to be at and slightly below the current prevailing market rate.
- All PFIs are eligible, subject to existing volume caps.
- Take advantage by simply logging into eMPF® and executing a delivery commitment!
Read all the spring special details in our original post.
Contact your Sales Director for more information.
Disclaimer
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