Federal Home Loan Bank of San Francisco Issues Consolidated Obligation Bond

What Happened

• The Federal Home Loan Bank of San Francisco filed an 8-K on September 10, 2026, reporting the issuance of a consolidated obligation bond for which it is the primary obligor. The bond was traded on 9/08/2026 and settles on 9/22/2026.
• The bond has a par amount of $10,000,000, a fixed coupon of 4.75%, a reported maturity date of September 22, 2031, and a next call date of September 22, 2028. The CUSIP listed is 3130BC3W and the next coupon/pay date is March 22, 2027.

Key Details

• Issuer / Filing: Federal Home Loan Bank of San Francisco — Form 8-K filed 9/10/2026 (Item 2.03: Creation of a Direct Financial Obligation).
• Trade / Settlement: Trade date 9/08/2026; settlement date 9/22/2026.
• Terms: $10,000,000 par; 4.75% fixed coupon; maturity 9/22/2031; callable (European style) with next call date 9/22/2028.
• Context: Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, sold through the Office of Finance; they are backed by the Banks’ financial resources and are not U.S. government guaranteed.

Why It Matters

• This filing notifies investors that the Bank has taken on a new debt obligation for which it is the primary obligor. The issuance affects the Bank’s obligations under the shared consolidated-obligation program of the Federal Home Loan Banks.
• Consolidated obligations are an important funding source for the Bank; investors should note these securities are not government-guaranteed. The Bank will report total consolidated obligations outstanding in its periodic SEC filings, which is where investors can track aggregate liability levels over time.