Federal Home Loan Bank of San Francisco Issues $1.0B in Consolidated Obligations

What Happened
The Federal Home Loan Bank of San Francisco filed an 8-K on July 21, 2026, reporting that it committed to issue consolidated obligation bonds for which it is the primary obligor. On trade date July 16, 2026 (settlement July 20, 2026), the Bank committed to two non‑callable variable single‑index floating‑rate bonds (CUSIP 3130BBLA1) with maturities of March 19, 2027 and next pay date September 19, 2026, for par amounts of $400 million and $600 million (total $1.0 billion).

Key Details

• Trade date: July 16, 2026; Settlement date: July 20, 2026; Maturity: March 19, 2027.
• Instruments: Non‑callable, Variable Single Index Floaters (next pay date 9/19/2026).
• Par amounts: $400,000,000 and $600,000,000 (total $1,000,000,000).
• Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, backed by the Banks’ financial resources and not guaranteed by the U.S. government; FHFA may require one Bank to repay obligations for which another is primary obligor.

Why It Matters
This filing notifies investors of a $1.0 billion short‑term funding issuance for which FHLB San Francisco is the primary obligor. Consolidated obligations are a primary source of funding for the Bank; these securities affect the Bank’s funding mix and short‑term liability profile. Because these obligations are joint obligations of the Federal Home Loan Banks and not government‑guaranteed, investors should note the nature of the credit exposure and that total consolidated obligations for which the Bank is primary obligor will be reported in the Bank’s periodic SEC filings.

Filed and signed by Richard McCarthy, Senior Vice President & Treasurer, on July 21, 2026.