Federal Home Loan Bank of Des Moines Reports Creation of Consolidated Obligation

What Happened

• The Federal Home Loan Bank of Des Moines filed a Form 8-K on September 22, 2026 (Item 2.03) reporting the creation/commitment to issue consolidated obligations — bonds and discount notes — for which it is the primary obligor. Consolidated obligations are sold through the Office of Finance and are joint and several obligations of the eleven Federal Home Loan Banks.

Key Details

• Filing date: September 22, 2026 (Form 8-K, Item 2.03).
• Consolidated obligations include bonds and discount notes and are sold to the public through the Office of Finance via authorized securities dealers.
• Consolidated obligations are backed only by the financial resources of the eleven Federal Home Loan Banks and are not guaranteed by the U.S. government; the Federal Housing Finance Agency can require any Federal Home Loan Bank to repay obligations for which another Bank is the primary obligor.
• Schedule A (attached to the filing) lists consolidated obligation bonds and discount notes committed to be issued by the Banks for which this Bank is the primary obligor; it generally excludes discount notes with maturities of one year or less and reports principal at par (which may differ from GAAP amounts).

Why It Matters

• For investors, this is a disclosure that the Bank has taken on a primary repayment obligation for consolidated debt securities, which affects the Bank’s funding mix and potential liabilities. Because consolidated obligations are joint obligations of all Federal Home Loan Banks and not U.S.‑guaranteed, they rely on the collective financial resources of the system.
• The filing does not assess the materiality of any specific issuance, and Schedule A may not reflect short-term discount notes or GAAP balances; the Bank will report totals for consolidated obligations in its periodic SEC reports.