Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed a Form 8‑K (Item 2.03) on January 6, 2026, announcing a consolidated obligation for which it is the primary obligor. Trade date was January 2, 2026 (CUSIP 3130B8ZZ8), settlement January 9, 2026, with maturity July 9, 2027. The issue is a $500,000,000 variable single‑index floating‑rate bond, non‑callable, with the next interest payment date listed as April 9, 2026.

Key Details

• Issuer: Federal Home Loan Bank of San Francisco (reported as primary obligor) — Form 8‑K filed Jan 6, 2026 (Item 2.03).
• Security: Consolidated obligation bond, CUSIP 3130B8ZZ8; Par amount $500,000,000; Trade date 1/02/2026; Settlement 1/09/2026; Maturity 7/09/2027.
• Terms: Variable Single Index Floater, Non‑Callable; Next pay date 4/09/2026; Coupon percentage not specified in Schedule A.
• Legal/credit context: Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, backed only by the Banks’ financial resources (not the U.S. government). The Federal Housing Finance Agency (FHFA) can require an FHLB to repay obligations for which another FHLB is the primary obligor.

Why It Matters
This filing documents a $500 million funding issuance that affects the Bank’s wholesale funding profile and the pool of consolidated obligations for which it is the primary obligor. Retail investors should note consolidated obligations are not government‑guaranteed and that Schedule A excludes short‑term discount notes (≤1 year) and may show par amounts that differ from GAAP balances. The Bank will report aggregate outstanding consolidated obligations in its periodic SEC filings.