Federal Home Loan Bank of Des Moines Issues Consolidated Obligations

What Happened

• The Federal Home Loan Bank of Des Moines filed a Current Report on Form 8‑K on September 24, 2026, reporting the creation of a direct financial obligation by committing to issue consolidated obligation bonds and/or discount notes for which it is the primary obligor. Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, sold to the public through the Office of Finance, and are backed only by the Banks’ financial resources—not by the U.S. government.
• The filing includes a Schedule A describing the consolidated obligation bonds and discount notes committed to be issued (and any with remaining maturity over one year for which the Bank assumed primary repayment obligation). The Schedule reports principal amounts at par; these par amounts may differ from GAAP amounts because they don’t reflect discounts, premiums or concessions.

Key Details

• Filing date: September 24, 2026 (Current Report on Form 8‑K, Item 2.03).
• Consolidated obligations are joint and several obligations of all 11 Federal Home Loan Banks; the Federal Housing Finance Agency can require any Bank to repay obligations for which another Bank is the primary obligor.
• Schedule A excludes consolidated obligation discount notes with maturities of one year or less issued in the ordinary course and therefore may not show all short-term funding activity.
• The filing warns Schedule A does not reflect interest-rate derivatives that may be used to manage asset/liability exposure related to these obligations.

Why It Matters

• For investors, this filing signals that the Bank is using the consolidated obligations market to raise funding; being the primary obligor means the Bank is directly responsible for repayment of the reported obligations.
• Consolidated obligations are a core funding source for the Federal Home Loan Banks; they affect the Bank’s liquidity and debt profile but are not government‑guaranteed, so investors should watch the Bank’s periodic reports for total consolidated obligations outstanding and any changes in funding strategy.