Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed a Current Report on Form 8‑K (Item 2.03) on February 5, 2026 reporting that it committed to be the primary obligor on consolidated obligation bonds with trade dates February 2 and 3, 2026. The reported issuances total $60,000,000 in par value across four bond issues with maturities ranging from 2028 to 2031 and coupon rates between 3.75% and 4.30%. The filing was signed by Richard McCarthy, Senior Vice President and Treasurer.

Key Details

• Total par amount reported: $60,000,000 (four consolidated obligation bonds).
• Individual issues reported (trade date, CUSIP, settlement, maturity, coupon, par):
  • 2/02/2026 — CUSIP 3130B9EA; settlement 2/26/2026; maturity 2/12/2031; coupon 4.30%; par $10,000,000; Bermudan callable (next call 5/12/2026).
  • 2/02/2026 — CUSIP 3130B9EB; settlement 2/10/2026; maturity 2/10/2031; coupon 3.75% (step-up); par $10,000,000; Bermudan callable (next call 2/10/2027).
  • 2/02/2026 — CUSIP 3130B9EG; settlement (as reported) 12/06/2026; maturity 2/04/2030; coupon 3.78%; par $10,000,000; European callable (next call 2/4/2028).
  • 2/03/2026 — CUSIP 3130B9EZ9; settlement 2/11/2026; maturity 5/11/2028; coupon 3.80%; par $30,000,000; Bermudan callable (next call 5/11/2026).
• Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, sold through the Office of Finance, and are not guaranteed by the U.S. government.
• The filing notes Schedule A exclusions/limitations: it generally excludes discount notes with ≤1 year maturity, does not show related derivatives, and par amounts reported may differ from GAAP amounts (discounts/premiums not reflected).

Why It Matters
This 8‑K documents new debt funding activity by the Bank. For investors, the filing shows the Bank is using consolidated obligations (the primary funding source for the Federal Home Loan Banks) and assuming primary repayment responsibility for these specific bonds. Important practical points from the filing: these obligations increase the Bank’s reported par indebtedness (total $60M here), are backed by the collective resources of the eleven FHLBs rather than the federal government, and include callable features and varying maturities that affect future interest payments and refinancing options. The Schedule A limitations mean readers should consult periodic reports for total consolidated obligations outstanding and for GAAP-related measures.