Federal Home Loan Bank of San Francisco Issues $25M Consolidated Obligation

What Happened
The Federal Home Loan Bank of San Francisco filed a Current Report on Form 8‑K on September 29, 2026 to disclose a consolidated obligation for which it is the primary obligor. Trade date was 9/23/2026 with settlement on 10/05/2026. The bond has a par amount of $25,000,000, a fixed coupon of 5.150%, and matures on July 3, 2030. It is callable (Optional Principal Redemption) on Bermudan call dates, with the next call date listed as July 3, 2028. The report was signed by Richard McCarthy, Senior Vice President and Treasurer.

Key Details

• Issuer: Federal Home Loan Bank of San Francisco (primary obligor)
• Trade date / Settlement: 9/23/2026 / 10/05/2026
• CUSIP: 63130BCED1
• Par amount: $25,000,000
• Coupon / Rate type: Fixed, 5.150% (constant)
• Maturity: July 3, 2030; Next pay date: Jan 3, 2027
• Call features: Optional Principal Redemption (Bermudan); next call date: July 3, 2028
• Regulatory note: Consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks, not guaranteed by the U.S. government; FHFA may require one Bank to repay obligations of another.

Why It Matters
This filing informs investors the Bank raised funding via a medium‑term bond issuance ($25M) and assumed the primary repayment obligation for this consolidated obligation. Consolidated obligations are the main way Federal Home Loan Banks obtain funds, so new issuances affect the Bank’s debt profile and liquidity position. The 8‑K also notes Schedule A does not show short‑term discount notes (≤1 year) or total outstanding primary‑obligor balances—total consolidated obligations will be reported in the Bank’s periodic filings.