Federal Home Loan Bank of San Francisco Issues $15M 4.65% Consolidated Obligation

What Happened
The Federal Home Loan Bank of San Francisco filed an 8-K (Item 2.03) on Sept 3, 2026, reporting that it committed to be the primary obligor on a consolidated obligation (bond) with trade date Aug 31, 2026. The bond (CUSIP 3130BBZF5) has a par amount of $15,000,000, a 4.65% fixed coupon, settlement date Sept 21, 2026 and maturity date Sept 21, 2029. The bond is Bermudan-callable, with the next call date Sept 21, 2027; the next coupon payment date is Mar 21, 2027.

Key Details

• Issuer/filing: Federal Home Loan Bank of San Francisco — 8-K filed Sept 3, 2026 (Item 2.03).
• Security: Consolidated obligation bond, CUSIP 3130BBZF5; par $15,000,000; 4.65% coupon; maturity 9/21/2029; settlement 9/21/2026; trade date 8/31/2026.
• Callability: Bermudan-style optional principal redemption (callable on specified recurring dates); next call date 9/21/2027.
• Context: Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, issued through the Office of Finance, backed only by the Banks’ financial resources and not guaranteed by the U.S. government; the FHFA may require another FHLB to repay obligations for which a Bank is primary obligor.

Why It Matters
This 8-K notifies investors that the Bank has taken on a direct financial obligation as primary obligor for a marketable bond. The size ($15M), fixed coupon (4.65%) and callable terms affect the Bank’s funding profile and future cash interest obligations. Investors should note consolidated obligations are a collective borrowing mechanism of the FHLB system (not federal government-guaranteed) and that reported par amounts on Schedule A may differ from GAAP amounts in periodic financial statements.