Federal Home Loan Bank of Des Moines 8-K

What Happened
The Federal Home Loan Bank of Des Moines filed a Form 8‑K on December 29, 2025 reporting the creation of direct financial obligations — commitments to issue consolidated obligation bonds and discount notes for which the Bank is the primary obligor (see Schedule A). Consolidated obligations are bonds and discount notes issued through the Office of Finance and are the joint and several obligations of the eleven Federal Home Loan Banks. These securities are backed only by the financial resources of the Federal Home Loan Banks and are not guaranteed by the U.S. government. The filing notes that the Federal Housing Finance Agency (FHFA) may require any Federal Home Loan Bank to repay all or part of consolidated obligations for which another Bank is the primary obligor.

Key Details

• Consolidated obligations include bonds and discount notes sold through the Office of Finance; they are joint and several obligations of the 11 Federal Home Loan Banks.
• These securities are backed solely by the Federal Home Loan Banks’ resources and carry no U.S. government guarantee.
• Schedule A (Exhibit 99.1) lists consolidated obligation bonds and discount notes committed to be issued for which this Bank is the primary obligor on the trade dates shown; it generally excludes discount notes with maturity ≤ 1 year.
• The filing cautions that the par amounts on Schedule A may differ from amounts reported under GAAP, and Schedule A does not show total consolidated obligations outstanding for which the Bank is primary obligor.

Why It Matters
This filing details how the Bank funds itself and the potential cross‑bank repayment exposure among the Federal Home Loan Banks. For investors, the key takeaways are that these are debt commitments (not government‑backed) and that the Schedule A attachment contains the specifics of the commitments reported. Because Schedule A excludes certain short‑term notes and par amounts may not match GAAP figures, investors should consult the Bank’s periodic reports for comprehensive figures on consolidated obligations outstanding and for any material impact on the Bank’s balance sheet.