Federal Home Loan Bank of Des Moines Issues Consolidated Obligation Debt

What Happened
The Federal Home Loan Bank of Des Moines filed a Current Report on Form 8‑K on September 11, 2026 (Item 2.03) announcing the creation of a direct financial obligation: it committed to issue consolidated obligations (debt securities) for which the Bank is the primary obligor. The filing attaches a Schedule A that lists the consolidated obligation bonds and discount notes committed on the trade dates shown (excluding discount notes maturing in one year or less issued in the ordinary course).

Key Details

• The filing covers issuance or assumption of consolidated obligations (bonds and discount notes) sold through the Office of Finance; Schedule A lists commitments where the Bank is the primary obligor.
• Consolidated obligations are joint and several obligations of all 11 Federal Home Loan Banks and are regulated by the Federal Housing Finance Agency (FHFA). They are not guaranteed by the U.S. government.
• Schedule A generally excludes discount notes maturing in one year or less and may not show total consolidated obligations outstanding; par amounts on Schedule A may differ from GAAP amounts (discounts/premiums not reflected).
• The Bank noted it has not made a judgment on the materiality of any specific consolidated obligation(s) listed and may change its reporting method for these issuances.

Why It Matters
For investors, this filing signals new or assumed debt obligations that affect the Bank’s funding and liability profile. Consolidated obligations are the primary funding source for the Federal Home Loan Banks; being the primary obligor on listed issues increases the Bank’s labeled repayment responsibility (within the joint obligation framework). Because these securities are only backed by the Federal Home Loan Banks (not the U.S. government) and short-term discount notes may be excluded from Schedule A, review of the Bank’s periodic reports is needed to see total consolidated obligations outstanding and the accounting impact.