Federal Home Loan Bank of Des Moines 8-K

What Happened

• The Federal Home Loan Bank of Des Moines filed a Current Report on Form 8‑K on December 23, 2025, reporting the creation of a direct financial obligation: commitments to issue consolidated obligations (bonds and discount notes) for which it is the primary obligor. Consolidated obligations are the joint and several debt of the eleven Federal Home Loan Banks and are sold to the public through the Office of Finance via authorized dealers. These obligations are backed only by the financial resources of the eleven Federal Home Loan Banks and are not guaranteed by the U.S. government.

Key Details

• Schedule A (filed as an exhibit) lists consolidated obligation bonds and discount notes committed to be issued by the Bank on the trade dates shown, excluding discount notes with maturity of one year or less issued in the ordinary course.
• By regulation, the Federal Housing Finance Agency (FHFA) can require any Federal Home Loan Bank to repay principal or interest on consolidated obligations for which another Bank is the primary obligor.
• The principal amounts on Schedule A are reported at par and may differ from amounts shown in GAAP financial statements (they don’t reflect discounts, premiums or concessions).
• Schedule A does not (a) generally include short-term discount notes ≤1 year, (b) reflect related interest‑rate swaps or other derivatives, nor (c) serve as a complete tracker of total consolidated obligations outstanding for which this Bank is the primary obligor — those totals will appear in the Bank’s periodic SEC reports.

Why It Matters

• For investors, this 8‑K signals changes in the Bank’s direct funding obligations and potential impacts on its debt profile and liquidity. Because consolidated obligations are joint obligations of all Federal Home Loan Banks and are not government‑guaranteed, repayment responsibility and credit exposure can be shared across the system.
• The filing’s Schedule A has important limitations (excludes short-term notes, may not show related derivatives, reports par amounts), so investors should rely on the Bank’s upcoming periodic reports for complete information on total consolidated obligations outstanding and any related risk-management instruments.