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.
