Federal Home Loan Bank of Des Moines Reports Consolidated Obligations Issuance

What Happened
The Federal Home Loan Bank of Des Moines filed a Form 8‑K on September 17, 2026 (Item 2.03) reporting that it has committed to issue consolidated obligation bonds and/or discount notes and, in some cases, has assumed primary repayment obligations for consolidated obligations of other Federal Home Loan Banks. Consolidated obligations are sold through the Office of Finance and are the joint and several obligations of the eleven Federal Home Loan Banks. The Bank attached a Schedule A (Exhibit 99.1) listing the consolidated obligations committed to be issued (subject to the Schedule’s stated scope and exclusions).

Key Details

• Filing: Form 8‑K, Item 2.03 (filed 2026‑09‑17); Schedule A provided as Exhibit 99.1.
• Nature of obligations: Consolidated obligations (bonds and discount notes) are joint and several obligations of the 11 Federal Home Loan Banks and are not guaranteed by the U.S. government.
• Regulatory point: The Federal Housing Finance Agency (FHFA) may require any Federal Home Loan Bank to repay principal or interest on obligations for which another FHLB is the primary obligor.
• Schedule A limits: It lists committed bonds/notes (excluding discount notes with maturity ≤1 year issued in the ordinary course), shows par principal amounts, and may not reflect GAAP amounts, total outstanding obligations, or related derivative positions.

Why It Matters
This filing informs investors about the Bank’s funding activity and specific consolidated-obligation commitments where the Bank is the primary obligor or has assumed the obligation. Because consolidated obligations are a primary source of funding for the Bank and are backed only by the financial resources of the Federal Home Loan Banks (not the U.S. government), these issuances affect the Bank’s financing profile and repayment responsibilities. The Schedule A provides transactional detail but does not substitute for the Bank’s periodic reports, which will show total consolidated obligations outstanding and GAAP impacts.