Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed an 8-K (Feb 3, 2026) announcing it committed to issue a consolidated obligation bond with a par amount of $15,000,000. Trade date was 1/28/2026 (CUSIP 3130B9CW8) with settlement on 1/30/2026 and a maturity date of 1/28/2031. The bond carries a 4.070% coupon, pays semiannually (next pay date 7/28/2026), and is Bermudan-callable with the next call date of 1/28/2027.

Key Details

• Issuer: Federal Home Loan Bank of San Francisco (primary obligor for this issue).
• Amount: $15,000,000 par.
• Trade/Settlement/Maturity: Trade 1/28/2026; settle 1/30/2026; matures 1/28/2031.
• Coupon & Call: 4.070% fixed coupon; Bermudan (periodic) optional principal redemption; next call 1/28/2027.
• Context: Consolidated obligations are sold by the 11 Federal Home Loan Banks through the Office of Finance, are joint and several obligations of those banks, are not guaranteed by the U.S. government, and are backed only by the banks’ financial resources.

Why It Matters
This filing notifies investors that the Bank added a medium-term debt issuance to its funding mix. Consolidated obligations are a primary funding source for the Federal Home Loan Banks; the terms (coupon, maturity, callability) affect the Bank’s interest expense profile and refinancing flexibility. Because these obligations are joint among all Federal Home Loan Banks and not government-guaranteed, investors should treat them as obligations supported by the combined resources of the FHLBanks rather than by the U.S. Treasury. The 8-K also notes the Bank has not made a materiality determination for any single obligation and excludes short-term discount notes from the schedule.