Federal Home Loan Bank of Des Moines 8-K

What Happened

• On February 10, 2026 the Federal Home Loan Bank of Des Moines filed an 8-K (Item 2.03) reporting the creation of a direct financial obligation: it committed to be the primary obligor on one or more consolidated obligation bonds and/or discount notes. The detailed list of committed consolidated obligations is provided in Schedule A (Exhibit 99.1) to the filing.
• The filing reiterates that consolidated obligations (bonds and discount notes) are sold through the Office of Finance, are joint and several obligations of the eleven Federal Home Loan Banks, and are backed only by the financial resources of those Banks—not by the U.S. government. The Federal Housing Finance Agency (FHFA) may require any Federal Home Loan Bank to repay obligations for which another FHLB is the primary obligor.

Key Details

• Filing date: February 10, 2026 (Current Report on Form 8-K, Item 2.03).
• The Bank is the primary obligor on consolidated obligation(s) listed in Schedule A (Exhibit 99.1).
• Schedule A excludes discount notes maturing in one year or less issued in the ordinary course and may not reflect GAAP carrying amounts (par amounts do not account for discounts/premiums).
• The Bank has not made a materiality determination for any specific consolidated obligation(s) reported and may change its reporting method for such issuances.

Why It Matters

• Consolidated obligations are the Bank’s primary funding source; new commitments affect its debt profile and liquidity position. Investors should review Schedule A and subsequent periodic filings to see the size and terms of the new obligations and to track total consolidated obligations for which the Bank is the primary obligor.
• Because these obligations are joint liabilities of all Federal Home Loan Banks and are not U.S. government guaranteed, the filing highlights interbank payment exposure under FHFA authority—important context for assessing credit and systemic risk but not a change in guarantees or government backing.