Federal Home Loan Bank of San Francisco Issues $10M Consolidated Obligation Bond

What Happened
The Federal Home Loan Bank of San Francisco filed an 8‑K (July 2, 2026) reporting that it committed to issue a consolidated obligation bond with a par amount of $10,000,000. The trade date was June 29, 2026, settlement occurred July 2, 2026, and the bond matures July 2, 2027. The bond carries a 4.085% coupon and is callable under a Bermudan (recurring) optional principal redemption provision, with the first call date on October 2, 2026. The next scheduled interest payment is January 2, 2027.

Key Details

• Par amount: $10,000,000 (reported at par on Schedule A).
• Trade date / Settlement / Maturity: June 29, 2026 / July 2, 2026 / July 2, 2027.
• Coupon: 4.085%; Callability: Optional principal redemption (Bermudan), first call date Oct 2, 2026.
• Governance/funding notes: Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, not guaranteed by the U.S. government; the Federal Housing Finance Agency may require one Bank to repay obligations of another. The filing notes par amounts on Schedule A may differ from GAAP amounts (discounts/premiums not reflected).

Why It Matters
This filing documents a routine funding transaction: the Bank raised short‑term debt ($10M par) through the Federal Home Loan Banks' consolidated obligations program. For investors, key takeaways are the size, coupon and one‑year tenor of the issuance, and that these securities are backed by the combined financial resources of the 11 Federal Home Loan Banks (not the U.S. government). The Bank will report total consolidated obligations for which it is primary obligor in its periodic filings, so this issuance affects the Bank’s funding profile and reported consolidated‑obligation totals on future reports.