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 March 19, 2026 (Item 2.03) disclosing that it has committed consolidated obligation bonds and discount notes for which it is the primary obligor. The filing attaches Schedule A (Exhibit 99.1), which lists consolidated obligations committed to be issued by the Federal Home Loan Banks on the trade dates indicated (excluding short-term discount notes with maturities of one year or less issued in the ordinary course).

Key Details

• Filing date: March 19, 2026; Item 2.03: creation of a direct financial obligation.
• Schedule A (Exhibit 99.1) lists consolidated obligation bonds and discount notes for which the Bank is the primary obligor; short-term discount notes (≤1 year) generally excluded.
• Consolidated obligations are bonds and discount notes sold through the Office of Finance and are joint and several obligations of the eleven Federal Home Loan Banks.
• These obligations are backed only by the financial resources of the Federal Home Loan Banks and are not guaranteed by the U.S. government; the Federal Housing Finance Agency (FHFA) can require any FHLB to repay obligations for which another FHLB is the primary obligor.
• The Bank notes Schedule A may not reflect associated interest‑rate exchange agreements, use of proceeds, or changes in total consolidated obligations outstanding; principal amounts on Schedule A are shown at par and may differ from GAAP amounts.

Why It Matters
This filing signals new or assumed debt commitments that affect the Bank’s funding profile. For investors, the key points are that these consolidated obligations represent joint FHLB liabilities (not U.S. government‑backed) and can create cross‑bank repayment exposure under FHFA authority. Schedule A provides transaction-level commitments but is not a complete picture of short‑term paper or total outstanding consolidated obligations—investors should rely on the Bank’s periodic reports for aggregate outstanding debt and for how these commitments are reflected in financial statements.