Federal Home Loan Bank of Des Moines 8-K

What Happened
The Federal Home Loan Bank of Des Moines filed a Form 8‑K on January 13, 2026 (Item 2.03) reporting the creation/commitment of consolidated obligations (debt securities) for which it is the primary obligor. Consolidated obligations are bonds and discount notes issued by the eleven Federal Home Loan Banks through the Office of Finance, are joint and several obligations of those banks, and are backed only by the financial resources of the Federal Home Loan Banks (not guaranteed by the U.S. government). The filing includes a Schedule A listing the consolidated obligation bonds and discount notes committed to be issued by the Federal Home Loan Banks for which this Bank is the primary obligor.

Key Details

• Filing date: January 13, 2026; Item reported: 2.03 (Creation of a direct financial obligation).
• Instrument types: consolidated obligation bonds and discount notes (sold through the Office of Finance).
• Credit structure: consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks and are backed only by the Banks’ financial resources; not U.S. government‑guaranteed.
• Reporting notes: Schedule A excludes discount notes with maturity ≤1 year issued in the ordinary course and reports par principal amounts (which may differ from GAAP amounts); the FHFA can require other Federal Home Loan Banks to repay obligations for which another is primary obligor.

Why It Matters
This filing signals that the Bank is taking on or committing to issue debt through the consolidated obligations program, which is a primary source of funding for the Federal Home Loan Banks. For investors, consolidated obligations affect the Bank’s funding profile and the joint liability pool across the Federal Home Loan Banks — and they are not guaranteed by the U.S. government, so credit depends on the Banks’ collective resources. The Schedule A in the filing contains the specific committed issuances; total consolidated obligations outstanding for which the Bank is primary obligor will be reported in the Bank’s periodic SEC filings. Review Schedule A and upcoming periodic reports for the specific amounts and maturities.