Federal Home Loan Bank of Des Moines 8-K

What Happened

• On July 28, 2026 the Federal Home Loan Bank of Des Moines filed a Form 8-K (Item 2.03) reporting the creation of direct financial obligations through commitments to issue consolidated obligation bonds and discount notes. Consolidated obligations are bonds and discount notes sold in the capital markets through the Office of Finance and are the joint and several obligations of the eleven Federal Home Loan Banks.

Key Details

• The filing includes a Schedule A listing consolidated obligation bonds and discount notes the Bank is committed to issue as primary obligor (excludes discount notes with maturity ≤ 1 year issued in the ordinary course).
• 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 Finance Agency can require any FHLB to repay obligations for which another FHLB is primary obligor.
• The Bank stated it has not made a materiality judgment about any particular consolidated obligation listed and that Schedule A does not show short-term discount notes (≤1 year) or the Bank’s total outstanding consolidated obligations.
• Principal amounts on Schedule A are reported at par and may differ from GAAP amounts (do not reflect discounts, premiums or concessions).

Why It Matters

• For investors, these consolidated obligations are the Bank’s primary source of funding: being listed as primary obligor means the Bank is directly responsible for repayment on those issues.
• Because consolidated obligations are not U.S. government guaranteed and are joint obligations of all FHLBs, changes in issuance, repayment obligations, or assumed obligations can affect the Bank’s funding profile and reported debt levels. Investors should review the Bank’s periodic reports for total consolidated obligations outstanding and any related disclosures (e.g., derivatives or hedge arrangements) that could affect interest-rate or liquidity risk.