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

What Happened

• On September 9, 2026, the Federal Home Loan Bank of Des Moines filed a Form 8‑K (Item 2.03) reporting the creation of a direct financial obligation: commitments to issue consolidated obligation bonds and discount notes for which it is the primary obligor. Consolidated obligations are debt securities (bonds and discount notes) sold through the Office of Finance and are joint and several obligations of the eleven Federal Home Loan Banks. These obligations are backed only by the Federal Home Loan Banks and are not guaranteed by the U.S. government. The filing includes a Schedule A listing the consolidated obligations committed to be issued (with certain routine short-term discount notes excluded).

Key Details

• Filing date: September 9, 2026 (Form 8‑K, Item 2.03).
• Consolidated obligations are sold via the Office of Finance and are joint and several among the 11 Federal Home Loan Banks; the Federal Housing Finance Agency (FHFA) can require a bank to repay obligations for which another bank is the primary obligor.
• Schedule A in the filing lists committed consolidated obligation bonds and discount notes for which the Bank is primary obligor; routine discount notes with maturities of one year or less are generally excluded.
• Principal amounts on Schedule A are stated at par and may differ from amounts reported under GAAP (they don’t reflect discounts, premiums, or concessions).

Why It Matters

• This filing signals the Bank’s use of consolidated obligations to raise funding — a core part of how Federal Home Loan Banks finance operations. For investors and counterparties, the key facts are that these are joint obligations of all FHLBs, are not U.S. government‑guaranteed, and the FHFA has authority to allocate repayment responsibility among the banks. The Schedule A provides which instruments the Bank has committed to issue as primary obligor, but does not show short-term discount note activity or the Bank’s total outstanding consolidated obligations (those totals appear in periodic reports).