Federal Home Loan Bank of Des Moines Reports New Debt Issuance

What Happened

• The Federal Home Loan Bank of Des Moines filed a Form 8‑K on September 15, 2026 (Item 2.03) reporting the creation/commitment of consolidated obligation debt for which it is the primary obligor. Details of the specific bonds and discount notes committed to be issued are provided in Schedule A, filed as Exhibit 99.1 to the report.
• The filing reiterates that consolidated obligations (bonds and discount notes) are sold through the Office of Finance, are joint and several obligations of the eleven Federal Home Loan Banks, are regulated by the Federal Housing Finance Agency (FHFA), and are backed only by the financial resources of the Federal Home Loan Banks (not guaranteed by the U.S. government).

Key Details

• Filing date: September 15, 2026; reported under Item 2.03 (Creation of a Direct Financial Obligation).
• Schedule A (Exhibit 99.1) lists consolidated obligation bonds and discount notes committed to be issued on the trade dates indicated for which the Bank is the primary obligor.
• Schedule A generally excludes consolidated obligation discount notes with maturities of one year or less and may include obligations assumed from other Federal Home Loan Banks.
• Principal amounts in Schedule A are reported at par and may not match amounts shown in financial statements prepared under GAAP (does not reflect discounts, premiums or concessions).

Why It Matters

• Consolidated obligations are the Bank’s primary funding source; new commitments affect the Bank’s planned funding and liquidity profile. Retail investors should note the Bank’s role as primary obligor on the listed issues.
• Because consolidated obligations are joint obligations of all eleven Federal Home Loan Banks and are not U.S. government‑guaranteed, the credit exposure is to the Federal Home Loan Banks collectively, not the federal government.
• Schedule A does not show short-term discount-note activity under one year and par amounts may differ from GAAP figures—investors looking for the Bank’s total consolidated obligations outstanding or the accounting impact should review the Bank’s periodic SEC filings for comprehensive figures.