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 January 2, 2026 (Item 2.03) reporting the creation/commitment of consolidated obligations (bonds and discount notes) for which it is the primary obligor. These consolidated obligations are sold through the Office of Finance via authorized dealers and are the joint and several obligations of the eleven Federal Home Loan Banks.

Key Details

• The Bank funds most of its operations by selling consolidated obligations (bonds and discount notes) in the capital markets.
• Consolidated obligations are backed only by the financial resources of the eleven Federal Home Loan Banks and are not guaranteed by the U.S. government.
• 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.
• Schedule A (filed with the 8-K) lists the consolidated obligation bonds and discount notes committed to be issued by the Federal Home Loan Banks for which the Bank is primary obligor, but generally excludes discount notes maturing in one year or less and reports principal amounts at par (which may differ from GAAP amounts).

Why It Matters
For investors, this filing confirms the Bank’s use of consolidated obligations as a primary funding source and that it has committed to specific issuances for which it will be the primary obligor. These obligations increase the Bank’s repayment responsibilities and are not federally guaranteed, so credit and liquidity considerations remain tied to the collective strength of the Federal Home Loan Banks. Also note Schedule A’s stated limitations: it may not show short-term notes, fully reflect total outstanding obligation balances, or match GAAP-reported debt amounts—investors should consult the Bank’s periodic reports for complete outstanding consolidated obligation figures.