New SOFR Advance Features Effective November 8, 2021
last updated on Tuesday, November 2, 2021 in Business News
Beginning on Monday, November 8, 2021 the Federal Home Loan Bank of Des Moines will offer new features on Secured Overnight Financing Rate (SOFR) advances.
- Expanded maturities ranging from two-years to 10-years
- Ability to prepay prior to maturity subject to a prepayment fee
In addition to the announced changes to the SOFR advance, the Bank recently discontinued the Member Option LIBOR Advance (MOLA) and the LIBOR-indexed advance.
These changes are part of an industry-wide transition away from LIBOR. Click here to learn more about the Bank’s efforts.