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 April 7, 2026 (Item 2.03) reporting the creation of direct financial obligations by committing to issue consolidated obligation bonds and discount notes for which it is the primary obligor. Consolidated obligations are the principal funding vehicle for the Federal Home Loan Banks, are jointly and severally the obligation of all eleven Federal Home Loan Banks, and are regulated by the Federal Housing Finance Agency (the "Finance Agency"). The 8‑K includes a Schedule A (Exhibit 99.1) listing the consolidated obligations committed to be issued on the trade dates indicated, subject to the filing’s stated exclusions and limitations.

Key Details

• Filing date: April 7, 2026 (Form 8‑K, Item 2.03).
• Schedule A (Exhibit 99.1) lists consolidated obligation bonds and discount notes committed to be issued for which the Bank is the primary obligor; excludes discount notes with maturity ≤ 1 year issued in the ordinary course.
• Consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks, backed only by the Banks’ financial resources and not guaranteed by the U.S. government. The Finance Agency can require one Bank to repay obligations for which another Bank is the primary obligor.
• The par amounts on Schedule A may differ from GAAP amounts (do not reflect discounts, premiums, etc.); Schedule A does not show short-term discount notes or total outstanding primary‑obligor consolidated obligations (those totals appear in periodic reports).

Why It Matters
For investors, consolidated obligations are the Bank’s main funding source. Being listed as the primary obligor on particular bonds or notes means the Bank has direct repayment responsibility for those issues, which can affect its liquidity and funding profile. The filing gives transparency about committed issuances but does not alone show total short‑term borrowing or the full consolidated obligations outstanding; investors should review the Bank’s periodic reports for comprehensive outstanding amounts and GAAP‑based liabilities.