Federal Home Loan Bank of San Francisco Issues $1.095B Consolidated Obligations

What Happened

• The Federal Home Loan Bank of San Francisco filed an 8‑K (Item 2.03) on September 8, 2026 to report that it committed to issue consolidated obligation debt as the primary obligor on trade dates September 2–4, 2026. The reported par amounts total $1,095,000,000 across three instruments: $1,050,000,000 (non‑callable variable single‑index floater, mat. Mar 4, 2027), $30,000,000 (Bermudan callable fixed 4.41%, mat. Sep 22, 2028), and $15,000,000 (European callable fixed 4.75%, mat. Sep 22, 2031). The filing was submitted by Richard McCarthy, Senior VP and Treasurer.

Key Details

• Total par amount reported: $1,095,000,000 (three consolidated obligations).
• Trade dates and primary terms:
  • 9/02/2026: $1,050,000,000 — non‑callable, variable single index floater, maturity 3/04/2027.
  • 9/03/2026: $30,000,000 — Bermudan callable, fixed 4.41%, maturity 9/22/2028 (next call 9/22/2027).
  • 9/04/2026: $15,000,000 — European callable, fixed 4.75%, maturity 9/22/2031 (next call 9/22/2028).
• Consolidated obligations are joint and several obligations of all eleven Federal Home Loan Banks, sold through the Office of Finance, and are not guaranteed by the U.S. government. The FHFA may require one FHLB to repay obligations for which another is primary obligor.

Why It Matters

• This filing notifies investors that the Bank is taking on primary repayment responsibility for these specific consolidated obligations, increasing its debt issuance exposure by $1.095B at par. Consolidated obligations are a primary funding source for the Bank, and these issues affect the Bank’s short‑term and long‑term funding profile.
• Important investor notes from the filing: Schedule A excludes short‑term discount notes with maturities ≤1 year in the ordinary course; par amounts reported may differ from GAAP carrying amounts (discounts/premiums not shown); and the schedule does not show any related interest‑rate hedging positions.