Federal Home Loan Bank of San Francisco Issues Consolidated Obligations

What Happened
The Federal Home Loan Bank of San Francisco filed an 8‑K on September 15, 2026, disclosing commitments to be the primary obligor on consolidated obligation bonds (debt sold jointly by the 11 Federal Home Loan Banks). The filing’s Schedule A shows two trades: an $86,000,000 fixed‑rate, non‑callable bond (trade date 9/10/2026; settlement 9/11/2026; coupon 4.50%; maturity listed 9/01/2028) and a $10,000,000 fixed‑rate Bermudan callable bond (trade date 9/11/2026; settlement 9/29/2026; coupon 5.375%; maturity 9/29/2031; next call 12/29/2026). The report was signed by Richard McCarthy, Senior VP and Treasurer, on September 15, 2026.

Key Details

• Total par amounts reported on Schedule A: $86,000,000 and $10,000,000 (total $96,000,000).
• Bond specifics: 4.50% fixed, non‑callable (settled 9/11/2026); 5.375% fixed, Bermudan callable (settled 9/29/2026; next call 12/29/2026).
• Consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks, sold through the Office of Finance via dealers, and are not guaranteed by the U.S. government.
• Schedule A excludes discount notes with maturities of one year or less and reports principal at par (which may differ from GAAP amounts reported in periodic filings).

Why It Matters
This 8‑K documents new funding commitments by the Bank and shows the types, sizes and terms of recent debt sold under the consolidated obligation program. For investors, these issuances affect the Bank’s funding profile and future interest obligations; they also form part of the pooled debt for which the 11 Federal Home Loan Banks are jointly responsible. Note that consolidated obligations are not U.S. government guaranteed, and the Bank’s total consolidated obligations outstanding will be reported in its regular SEC filings.