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) to report the creation of direct financial obligations: two consolidated obligation bonds for which it is the primary obligor. The Bank traded and committed to issue $20,000,000 (trade date 2/04/2026) and $15,000,000 (trade date 2/05/2026) of bonds, with settlement dates of 2/11/2026 and 2/13/2026 and maturities of 5/11/2028 and 2/13/2029, respectively. Coupons are fixed constant rates of 3.800% and 3.950%; both issues are Bermudan callable (optional principal redemption).

Key Details

• Total par amount reported: $35,000,000 (two bonds of $20M and $15M).
• Coupons & maturities: 3.800% maturing 5/11/2028; 3.950% maturing 2/13/2029.
• Call features: Bermudan optional principal redemption (redeemable on specified recurring dates).
• 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.

Why It Matters
Consolidated obligations are the Bank’s primary funding source; these issuances increase the Bank’s long‑term debt obligations and represent funding activity rather than operating results. Because consolidated obligations are jointly backed by all Federal Home Loan Banks and not by the U.S. government, investors should note cross‑bank repayment exposure and that par amounts reported may differ from amounts shown in GAAP financial statements (due to discounts/premiums). The Bank also noted Schedule A omits short‑term discount notes (≤1 year) and that total consolidated obligations outstanding will be disclosed in its periodic SEC filings.