Federal Home Loan Bank of San Francisco Reports New Debt Issuances

What Happened

• The Federal Home Loan Bank of San Francisco filed a Form 8‑K on July 14, 2026, disclosing commitments to issue consolidated obligations for which it is the primary obligor. The reported par amount of the committed issuances totals $1.58 billion across three transactions traded on July 9–10, 2026.
• The Schedule A entries include: a $15.0 million fixed-rate, optional principal redemption (callable) bond with a 4.55% coupon, and two variable single-index floating-rate notes totaling $1.565 billion (par). Reported settlement and maturity dates are shown on Schedule A for each issuance.

Key Details

• Total par amount committed: $1,580,000,000 (15,000,000 + 1,000,000,000 + 565,000,000).
• Trade dates: July 9 and July 10, 2026; filings signed by Richard McCarthy, SVP & Treasurer.
• Instruments: one fixed-rate callable bond (4.55% coupon) and two non-callable single-index floating-rate notes.
• Regulatory note: consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, are backed only by the FHLBs’ financial resources, and are not guaranteed by the U.S. government; the FHFA may require one FHLB to repay obligations for which another is the primary obligor.

Why It Matters

• This filing tells investors the Bank is raising short- and medium-term funding through the Office of Finance via consolidated obligations — a primary source of liquidity for the Bank. The $1.58B of commitments increases the Bank’s near-term debt issuance activity.
• Investors should note these securities are FHLB obligations (not U.S. Treasury‑guaranteed) and that the total consolidated obligations for which the Bank is primary obligor will be reported in the Bank’s periodic SEC filings; Schedule A excludes certain short-term discount notes and may not reflect all changes in outstanding consolidated obligations.