Callable Bond Auctions

Once per day, the FHLBank may offer selected callable bonds to a designated group of underwriters via competitive auction. The structures offered could be of any size, maturity and lockout, but all would be "American" style with a 30/360 daycount, minimum denomination of $10,000 and multiples of $5,000, and callable with 5 New York business days notice . As with discount notes, these auctions are only held if the FHLBanks need funding with these terms.