Federal Home Loan Bank of Des Moines Issues Consolidated Obligations (Debt)

What Happened

• The Federal Home Loan Bank of Des Moines filed a Form 8‑K on July 23, 2026 (Item 2.03) reporting the creation of direct financial obligations through consolidated obligations — debt securities (bonds and discount notes) sold in the capital markets.
• Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, are sold through the Office of Finance via authorized dealers, and are backed only by the financial resources of the Federal Home Loan Banks (not by the U.S. government). The filing includes a Schedule A listing consolidated obligation bonds and discount notes for which the Bank is the primary obligor (Exhibit 99.1).

Key Details

• Filing date: July 23, 2026 (Form 8‑K, Item 2.03).
• Schedule A attached (Exhibit 99.1) shows consolidated obligation bonds and discount notes committed to be issued by the Federal Home Loan Banks for which this Bank is the primary obligor on the indicated trade dates.
• Schedule A generally excludes consolidated obligation discount notes with maturities of one year or less and may not show obligations assumed from other Banks with remaining maturities ≤1 year.
• Consolidated obligations are regulated by the Federal Housing Finance Agency (FHFA), which can require one FHLB to repay obligations for which another is the primary obligor; par amounts on Schedule A may differ from GAAP financial statement amounts (discounts, premiums not reflected).

Why It Matters

• This filing signals new or committed debt issuance for which the Bank is the primary obligor, affecting its funding mix and the pool of consolidated obligations tied to the FHLB system.
• Retail investors should note these obligations are not U.S. government-guaranteed and represent joint FHLB credit exposure; total consolidated obligations outstanding for which the Bank is primary obligor will be reported in periodic SEC filings, not fully tracked by Schedule A.