Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed an 8‑K (Feb 17, 2026) reporting that, on trade date February 13, 2026, it committed to issue two consolidated obligation bonds for which it is the primary obligor. Each bond has a par amount of $500 million (total $1.0 billion). The bonds are non‑callable variable "Single Index Floater" issues with upcoming coupon/pay dates shown as May 20, 2026 and maturities in 2027 (May 20, 2027 and August 20, 2027). The CUSIPs listed are 3130B9JN1 and 3130B9JQ4. The filing was signed by Richard McCarthy, Senior VP and Treasurer.

Key Details

• Trade date: February 13, 2026 (reported in Schedule A).
• Issue size: Two consolidated obligations, $500,000,000 par each — total $1,000,000,000.
• Instrument features: Non‑callable; rate type = Single Index Floater (variable); next coupon/pay date shown as May 20, 2026.
• Maturities: May 20, 2027 (one bond) and August 20, 2027 (the other); CUSIPs 3130B9JN1 and 3130B9JQ4.

Why It Matters
Consolidated obligations are the primary funding mechanism for the Federal Home Loan Banks; these securities are joint and several obligations of the eleven FHLBanks and are backed only by the FHLBanks (not by the U.S. government). The filing confirms the Bank increased the amount of consolidated obligations for which it is the primary obligor by $1.0 billion on the reported trade date. The 8‑K notes it did not make a materiality determination for any particular issuance and that total outstanding consolidated obligations for which the Bank is the primary obligor will be reported in its periodic SEC filings. Also note FHFA rules permit the Finance Agency to require one FHLBank to repay obligations for another, which is a regulatory risk disclosed in the filing.