Federal Home Loan Bank of Des Moines

This 8-K discloses material new consolidated obligation activity by the Federal Home Loan Bank of Des Moines, totaling $4.325 billion in principal amount committed for issuance or assumption as of March 30–31, 2026. The filings reflect both routine short-term funding — notably $2.25 billion in variable-rate discount notes maturing July 2026 — and longer-dated fixed-rate bond issuances extending out to 2041. The inclusion of multiple callable structures (American, Bermudan, and Optional Principal Redemption) signals active liability management aligned with interest rate expectations and prepayment risk mitigation strategies. Critically, these obligations remain joint and several liabilities of all eleven Federal Home Loan Banks, backed solely by their collective financial resources and not by the U.S. government — a structural credit feature investors must weigh against the Bank’s regulatory oversight by the Federal Housing Finance Agency. The filing explicitly cautions that Schedule A omits most sub-one-year discount notes and does not reflect whether proceeds will be used to refinance maturing debt, meaning this snapshot does not represent net balance sheet impact. As such, while the scale and composition of the issuance provide insight into near- and medium-term funding plans, investors should rely on the Bank’s periodic SEC reports for comprehensive consolidated obligations outstanding data and related accounting treatment, including adjustments for discounts, premiums, and derivatives.