Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed an 8‑K on Feb 24, 2026 reporting the creation/commitment of consolidated obligations (debt securities) sold through the Office of Finance. Schedule A lists two consolidated obligation bonds for which the Bank is the primary obligor, with trade dates Feb 18 and Feb 19, 2026, totaling $400,000,000 in par amount. The filing reiterates that consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, are regulated by the Federal Housing Finance Agency, and are not guaranteed by the U.S. government.

Key Details

• Total par amount reported on Schedule A: $400,000,000.
• 2/18/2026 trade: CUSIP 3130B9JQ4; settlement 2/20/2026; maturity 8/20/2027; non‑callable; variable Single Index Floater; bank par $300,000,000; next pay date 5/20/2026.
• 2/19/2026 trade: CUSIP 3130B9MZ0; settlement 2/23/2026; maturity 2/19/2031; Bermudan optional principal redemption (callable); fixed coupon 4.000%; bank par $100,000,000; next pay date 8/19/2026; next call date 2/19/2027.
• Filing caveats: Schedule A excludes short‑term discount notes (≤1 year) issued in the ordinary course, may not reflect related derivatives or use of proceeds, and par amounts may differ from GAAP amounts. Report signed by Richard McCarthy, Senior VP & Treasurer.

Why It Matters
This filing shows how the Bank funds itself: through consolidated obligations issued with other Federal Home Loan Banks. For investors, the items matter because they increase the Bank’s reported primary‑obligor debt exposure and affect funding mix and maturity profile—one short‑dated $300M variable floater (non‑callable) and one longer‑dated $100M fixed 4.00% callable bond. Note the obligations are backed by the FHLBanks collectively and are not U.S. government guaranteed; the Finance Agency can require repayment between Banks under its rules. The Bank will report total consolidated obligations outstanding in its periodic SEC filings.