Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed an 8‑K (Item 2.03) disclosing that it committed to be the primary obligor on two consolidated obligation bond issues with a combined par value of $50 million. The trades occurred on 2/26/2026 and 2/27/2026, with settlements on 3/11/2026 and 3/10/2026 and stated maturities in March 2031. These consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks and are sold through the Office of Finance; they are not guaranteed by the U.S. government.

Key Details

• Two bond issues totaling $50,000,000 par: $35,000,000 (CUSIP 3130B9QF0) and $15,000,000 (CUSIP 3130B9QR4).
• Coupon rates: 4.125% on the $35M issue (settlement 3/11/2026; next call date 9/11/2026) and 3.900% on the $15M issue (settlement 3/10/2026; next call date 3/10/2027).
• Call features: both are Optional Principal Redemption bonds with a Bermudan call style (redeemable on specified recurring dates).
• Filing notes Schedule A excludes short-term discount notes (≤1 year) and may not reflect related derivatives; consolidated obligations are backed only by the Federal Home Loan Banks’ financial resources.

Why It Matters
This filing informs investors about how the Bank is funding its operations and its contingent repayment obligations. Being the primary obligor on consolidated obligations increases the Bank’s responsibility for those specific debts (and, by regulation, any FHLBank could be required by the regulator to cover another’s obligations). These bonds fix interest costs for the Bank through their coupons and maturities and are part of the Bank’s principal source of wholesale funding—important context for assessing its liability structure and interest‑rate exposure.