Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed a Form 8-K (April 9, 2026) under Item 2.03 to report the creation of direct financial obligations: two consolidated obligation bonds for which the Bank is the primary obligor. Trade dates were April 6 and April 7, 2026, with settlement on April 9, 2026 and maturity dates of April 9, 2031. The filing was signed by Richard McCarthy, Senior Vice President and Treasurer.

Key Details

• Two consolidated obligation bonds, each with par value $10,000,000 (total $20,000,000):
  • CUSIP 3130BAAC1 — trade date 4/06/2026; settlement 4/09/2026; maturity 4/09/2031; coupon 4.25%; call style European; next call date 4/9/2027.
  • CUSIP 3130BA7F8 — trade date 4/07/2026; settlement 4/09/2026; maturity 4/09/2031; coupon 4.50%; call style Bermudan; next call date 10/9/2026.
• Consolidated obligations are issued through the Office of Finance, are joint and several obligations of all eleven Federal Home Loan Banks, and are not guaranteed by the U.S. government.
• Schedule A in the filing excludes short-term discount notes (maturities ≤ 1 year) and does not reflect related derivatives or how proceeds will be used; GAAP reporting of outstanding amounts appears in the Bank’s periodic SEC filings.

Why It Matters
This filing notifies investors that the Bank added $20 million of long-term debt for which it is the primary obligor. Because consolidated obligations are joint obligations of all Federal Home Loan Banks and not U.S. government-guaranteed, these issuances affect the Bank’s debt profile and potential cross-bank repayment exposure under FHFA rules. Investors tracking the Bank’s funding, interest expense and liquidity should note the coupon rates, maturities and call features; the Bank will report total consolidated obligations outstanding in its regular reports.