Federal Home Loan Bank of Des Moines Reports New Consolidated Obligations

What Happened
The Federal Home Loan Bank of Des Moines filed a Form 8‑K on September 3, 2026 (Item 2.03) reporting the creation of a direct financial obligation: it committed to issue consolidated obligation bonds and discount notes for which it is the primary obligor. The filing includes a Schedule A listing the consolidated obligations committed to be issued (excluding discount notes with maturities of one year or less issued in the ordinary course). Consolidated obligations are sold to the public through the Office of Finance and are joint and several obligations of the eleven Federal Home Loan Banks; they are backed only by the financial resources of those Banks and are not guaranteed by the U.S. government.

Key Details

• Filing date: September 3, 2026 (Form 8‑K, Item 2.03).
• Schedule A lists consolidated obligation bonds and discount notes committed to be issued by the Bank as primary obligor; short-term discount notes (≤1 year) issued in the ordinary course are excluded.
• Consolidated obligations are the joint and several obligations of the 11 Federal Home Loan Banks and may be subject to FHFA authority to require repayment by any Bank. They are not U.S. government‑guaranteed.
• Schedule A does not reflect associated derivatives, whether proceeds will repay called or maturing obligations, or GAAP amounts (par amounts on Schedule A may differ from accounting amounts).

Why It Matters
Issuance or assumption of consolidated obligations affects the Bank’s funding and liability profile — being the primary obligor means primary responsibility for repayment of those securities. Because consolidated obligations are not backed by the U.S. government, credit exposure rests with the Federal Home Loan Banks collectively. Retail investors should watch the Bank’s upcoming periodic reports for the total consolidated obligations outstanding and for financial statement disclosure of how these obligations are recorded and used (e.g., liquidity, refinancing, or repayment of maturing debt).