Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed a Form 8‑K on December 29, 2025 reporting the creation of a direct financial obligation: a consolidated obligation bond for which the Bank is the primary obligor. The bond was traded on 12/22/2025 (CUSIP 3130B8YM8), settles 12/30/2025, matures 12/23/2030, has a par amount of $10,000,000 and a coupon of 3.93%. The bond is callable (Optional Principal Redemption) with Bermudan call style and a next call date of 3/23/2027. Consolidated obligations are issued jointly by the eleven Federal Home Loan Banks, sold through the Office of Finance, and are not guaranteed by the U.S. government.

Key Details

• Trade date: 12/22/2025; Settlement date: 12/30/2025; Maturity: 12/23/2030.
• Par amount: $10,000,000; Coupon: 3.93%; Next call date: 3/23/2027; Call type: Optional Principal Redemption (Bermudan).
• CUSIP: 3130B8YM8. Bond sold via the Office of Finance; the Bank is reported as the primary obligor.
• Filing notes: consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks and are not U.S. government guaranteed; Schedule A excludes short-term discount notes (≤1 year) and par amounts may differ from GAAP‑reported amounts.

Why It Matters
This filing informs investors that the Bank has taken on (as primary obligor) a $10 million consolidated bond, which affects its funding profile and contingent obligations alongside the other Federal Home Loan Banks. Because these bonds are callable and not government‑guaranteed, timing of interest and principal payments can change if the Bank redeems the issue, and credit exposure is to the collective Federal Home Loan Bank system rather than the U.S. Treasury. The filing also clarifies reporting limits: total outstanding consolidated obligations for which the Bank is primary obligor will be disclosed in periodic reports, and par amounts shown here may not match GAAP balances.