UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) February 3, 2010
FEDERAL
HOME LOAN BANK OF SEATTLE
(Exact
name of registrant as specified in its charter)
Federally
chartered corporation
|
000-51406
|
91-0852005
|
||
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
1501
Fourth Avenue, Suite 1800
Seattle,
WA 98101-1693
(Address
of principal executive offices, including zip code)
(800)
973.6223
(Registrant's
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant
The
Federal Home Loan Bank of Seattle (the “Bank”) obtains most of its funds from
the sale of debt securities, known as consolidated obligations, in the capital
markets. Consolidated obligations, which consist of bonds and
discount notes, are by regulation the joint and several obligations of the
twelve Federal Home Loan Banks. The Federal Home Loan Banks are
regulated by the Federal Housing Finance Agency (the “Finance Agency”) and the
Finance Agency regulations authorize the Finance Agency to require any Federal
Home Loan Bank to repay all or a portion of the principal of or interest on
consolidated obligations for which another Federal Home Loan Bank is the primary
obligor. Consolidated obligations are sold to the public through the
Office of Finance using authorized securities dealers. Consolidated
obligations are backed only by the financial resources of the twelve Federal
Home Loan Banks and are not guaranteed by the United States
government.
Schedule
A sets forth all consolidated obligation bonds and discount notes committed to
be issued by the Federal Home Loan Banks, for which the Bank is the primary
obligor, on the trade dates indicated, other than discount notes with a maturity
of one year or less that are issued in the ordinary course of business. Schedule
A also includes any consolidated obligations with a remaining maturity in excess
of one year, if any, for which we have assumed the primary repayment obligation
from another Federal Home Loan Bank.
We
may elect to change our method of reporting information on the issuance or
assumption of consolidated obligations at any time. In reviewing the
information in this Current Report on Form 8-K, please note:
·
|
although
consolidated obligations issuance is material to the Bank, we have not
made a judgment as to the materiality of any particular consolidated
obligation or obligations;
|
·
|
Schedule A
will not address any interest-rate exchange agreements (or other
derivative instruments) which we may enter into as a result of our asset
and liability management strategies and that may be associated, directly
or indirectly, with one or more of the reported consolidated
obligations;
|
·
|
Schedule A
will not enable a reader to track changes in the total consolidated
obligations outstanding for which we are the primary obligor because
Schedule A generally excludes consolidated obligation discount notes with
a maturity of one year or less and will not reflect whether the proceeds
from the issuance of the reported consolidated obligations will be used
to, among other things, replace called or maturing consolidated
obligations. We will report the total consolidated obligations
outstanding for which we are the primary obligor in our periodic reports
filed with the Securities and Exchange Commission;
and
|
·
|
the principal
amounts reported on Schedule A represent the principal amount of the
reported consolidated obligations at par, which may not correspond to the
amounts reported in our financial statements prepared in accordance with
generally accepted accounting principles contained in our periodic reports
filed with the Securities and Exchange Commission, because the par amount
will not account for, among other things, any discounts, premiums or
concessions.
|
Schedule
A
TRADE DATE
|
CUSIP
|
SETTLEMENT DATE
|
MATURITY DATE
|
NEXT PAY DATE
|
CALL_TYPE(1)
|
CALL STYLE(2)
|
RATE TYPE/RATESUB-TYPE(3)(4)
|
NEXT CALL DATE
|
COUPON PCT
|
BANK PAR ($)
|
2/4/2010
|
3133XWYY9
|
2/26/2010
|
2/26/2025
|
5/26/2010
|
Optional Principal Redemption
|
Bermudan
|
Variable Range
|
8/26/2010
|
N/A | 10,000,000 |
2/4/2010
|
3133XWYZ6
|
2/25/2010
|
2/25/2020
|
5/25/2010
|
Optional Principal Redemption
|
Bermudan
|
Variable Range
|
5/25/2010
|
N/A | 15,000,000 |
2/3/2010
|
3133XWTX7
|
2/24/2010
|
2/24/2015
|
8/24/2010
|
Optional Principal Redemption
|
European
|
Fixed Step Up
|
8/24/2012
|
N/A | 15,000,000 |
2/3/2010
|
3133XWYG8
|
2/26/2010
|
2/26/2013
|
8/26/2010
|
Optional Principal Redemption
|
Bermudan
|
Fixed Step Up
|
5/26/2010
|
N/A | 15,000,000 |
2/3/2010
|
3133XWVV8
|
2/25/2010
|
2/25/2015
|
8/25/2010
|
Optional Principal Redemption
|
Bermudan
|
Fixed Constant
|
3/25/2010
|
3.28 | 50,000,000 |
2/3/2010
|
3133XWTX7
|
2/24/2010
|
2/24/2015
|
8/24/2010
|
Optional Principal Redemption
|
European
|
Fixed Step Up
|
8/24/2012
|
N/A | 10,000,000 |
2/3/2010
|
3133XWTX7
|
2/24/2010
|
2/24/2015
|
8/24/2010
|
Optional Principal Redemption
|
European
|
Fixed Step Up
|
8/24/2012
|
N/A | 10,000,000 |
|
(1) Call
Type Description:
|
|
Optional
Principal Redemption bonds (callable bonds) may be redeemed by the
Bank in whole or in part at its discretion on predetermined call dates,
according to the terms of the bond.
|
|
Indexed
Amortizing Notes (indexed principal redemption bonds) repay
principal based on a predetermined amortization schedule or formula that
is linked to the level of a certain index, according to the terms of the
bond.
|
|
Scheduled
Amortizing Notes repay principal based on a predetermined
amortization schedule, according to the terms of the
bond.
|
|
(2) Call
Style Description:
|
|
Indicates
whether the consolidated obligation is redeemable at the option of the
Bank, and if so redeemable, the type of redemption
provision. The types of redemption provisions
are:
|
|
Ÿ American
- redeemable continuously on and after the first redemption date and until
maturity.
|
|
Ÿ Bermudan
- redeemable on specified recurring dates on and after the first
redemption date, until maturity.
|
|
Ÿ European
- redeemable on a particular date
only.
|
|
Ÿ Canary
- redeemable on specified recurring dates on and after the first
redemption date until a specified date prior to
maturity.
|
|
Ÿ Multi-European
- redeemable on particular dates
only.
|
|
(3) Rate
Type Description:
|
|
Conversion
bonds have coupons that convert from fixed to variable, or variable to
fixed, or a mix of capped coupons and non-capped coupons, or from one
variable type to another, or from one U.S. or other currency index to
another, according to the terms of the
bond.
|
|
Fixed
bonds generally pay interest at constant or stepped fixed rates over the
life of the bond, according to the terms of the
bond.
|
|
Variable
bonds may pay interest at different rates over the life of the bond,
according to the terms of the bond.
|
|
(4) Rate
Sub-Type Description:
|
|
Constant
bonds generally pay interest at fixed rates over the life of the bond,
according to the terms of the bond.
|
|
Step
Down bonds generally pay interest at decreasing fixed rates for
specified intervals over the life of the bond, according to the terms of
the bond.
|
|
Step
Up bonds generally pay interest at increasing fixed rates for
specified intervals over the life of the bond, according to the terms of
the bond.
|
|
Step
Up/Down bonds generally pay interest at various fixed rates for
specified intervals over the life of the bond, according to the terms of
the bond.
|
|
Zero
Coupon bonds earn a fixed yield to maturity or the optional
principal redemption date, according to the terms of the bond, with
principal and interest paid at maturity, or upon redemption to the extent
exercised prior to maturity.
|
|
Capped
Floater bonds have an interest rate that cannot exceed a stated or
calculated ceiling, according to the terms of the
bond.
|
|
Dual Index
Floater bonds have an interest rate determined by two or more
indices, according to the terms of the
bond.
|
|
Leveraged/Deleveraged
bonds pay interest based on a formula that includes an expressed
multiplier, according to the terms of the bond: multiplier > 1 =
leveraged, multiplier < 1 =
deleveraged.
|
|
Inverse
Floater bonds have an interest rate that increases as an index
declines and decreases as an index rises, according to the terms of the
bond.
|
|
Stepped
Floater bonds pay interest based on an increasing spread over an
index, according to the terms of the
bond.
|
|
Range
bonds may pay interest at different rates depending upon whether a
specified index is inside or outside a specified range, according to the
terms of the bond.
|
|
Single
Index Floater bonds pay interest at a rate that increases as an
index rises and decreases as an index declines, according to the terms of
the bond.
|
|
Ratchet
Floater bonds pay interest subject to increasing floors, according
to the terms of the bond, such that subsequent coupons may not be lower
than the previous coupon.
|
Signature(s)
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Federal
Home Loan Bank of Seattle
|
||
Date: February
9, 2010
|
By: /s/
Vincent
Beatty
|
|
Vincent Beatty
Senior Vice
President and Chief Financial Officer
|
||