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 January 13, 2026, disclosing commitments to issue consolidated obligation bonds (debt sold through the Office of Finance). The Schedule A in the filing shows two trades on January 8 and January 9, 2026, totaling $1.5 billion in par amount. The filing was signed by Richard McCarthy, Senior Vice President and Treasurer.

Key Details

• $500,000,000 — trade date 1/08/2026; settlement 1/12/2026; maturity 7/12/2027; non‑callable; variable single‑index floater.
• $1,000,000,000 — trade date 1/09/2026; settlement 1/14/2026; maturity 7/10/2026; European optional principal redemption (callable on 4/10/2026); fixed coupon ~3.62%.
• Consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks, sold via the Office of Finance, and are backed only by the financial resources of the Federal Home Loan Banks (not guaranteed by the U.S. government).
• The filing notes Schedule A excludes short‑term discount notes (maturities ≤1 year) and may not reflect associated derivatives or GAAP presentation differences; total outstanding amounts will appear in periodic SEC filings.

Why It Matters
This 8‑K informs investors that the Bank committed to $1.5 billion of consolidated‑obligation debt, showing how it raises funding in the capital markets. Because these securities are joint obligations of all Federal Home Loan Banks and are not U.S. government‑guaranteed, investors should treat them as obligations supported by the Banks’ collective resources. The details (amounts, maturities, callable features, and coupon) are relevant for fixed‑income investors tracking the Bank’s funding activity and short‑term liquidity plans.