Advance Product Changes – Effective June 3, 2019
last updated on Monday, June 3, 2019 in Business News
As referenced in a communication on May 15, 2019, the Federal Home Loan Bank of Des Moines (FHLB Des Moines or the Bank) has adopted a LIBOR transition plan. As part of that plan, it was noted that we would be adjusting certain advance products aimed at reducing the Bank’s exposure to LIBOR. To achieve that goal, FHLB Des Moines is implementing changes to the advance products listed below effective June 3, 2019:
LIBOR-indexed Advance
- Maximum term to maturity of 5 years
Member Option LIBOR Advance
- Maximum term to maturity of 5 years
Capped LIBOR Advance
- Maximum term to maturity of 5 years
- Minimum advance size of $1 million
Member Option Variable-Rate Advance
- Maximum term to maturity of 5 years
Member Option Fixed-Rate Advance
- Maximum term to maturity of 5 years
- Minimum advance size of $1 million
Forward Starting, Long-term Fixed-Rate Advance
- Maximum maturity of 5 years (including forward start period and advance term to maturity)
- Minimum advance size of $1 million
Convertible Advance
- Maximum maturity of 5 years
- Minimum advance size of $1 million
- Minimum lockout (put) period of 1 year
- Knockout/Strike option is no longer available
Please contact the Money Desk at 800.544.3452 ext. 2122 or your Relationship Manager with any questions.
- LIBOR