Federal Home Loan Bank of Des Moines Issues Consolidated Obligations

What Happened
The Federal Home Loan Bank of Des Moines filed a Current Report on Form 8‑K (Item 2.03) on July 7, 2026, disclosing that it has committed to issue consolidated obligation bonds and/or discount notes for which it is the primary obligor. The filing explains that the Bank obtains most of its funding by selling consolidated obligations through the Office of Finance and that these securities are the joint and several obligations of the eleven Federal Home Loan Banks.

Key Details

• Filing date: July 7, 2026 (Form 8‑K, Item 2.03).
• Consolidated obligations include bonds and discount notes sold through the Office of Finance and are the joint and several obligations of the 11 Federal Home Loan Banks.
• Consolidated obligations are backed only by the financial resources of the 11 Federal Home Loan Banks and are not guaranteed by the U.S. government; the FHFA may require any Bank to repay obligations for which another Bank is the primary obligor.
• Schedule A (included in the filing) lists consolidated obligations committed to be issued for which this Bank is the primary obligor; it generally excludes discount notes maturing in one year or less and reports principal at par (which may differ from GAAP amounts). The Bank also states it has not made a materiality judgment as to any particular consolidated obligation listed.

Why It Matters
This filing updates investors about the Bank’s funding activity and potential increases in its role as primary obligor on debt sold to the capital markets. Consolidated obligations affect the Bank’s borrowing profile and the shared liability among the Federal Home Loan Banks; because these securities are not U.S. government‑guaranteed and par amounts can differ from GAAP figures, investors should watch the Bank’s periodic reports for the total consolidated obligations outstanding and for any related interest‑rate or liquidity exposures.