Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed a Form 8‑K (Dec 23, 2025) reporting that it committed to issue a consolidated obligation bond for which it is the primary obligor. The trade date was 12/18/2025 and the bond (CUSIP 3130B8XU1) settled on 12/23/2025. The bond has a par amount of $525,000,000, matures 7/23/2026, is non‑callable, and pays a variable rate as a single‑index floater. The report was signed by Richard McCarthy, Senior Vice President and Treasurer.

Key Details

• Trade date: 12/18/2025; Settlement date: 12/23/2025; Maturity date: 7/23/2026.
• CUSIP: 3130B8XU1; Bank par amount: $525,000,000.
• Rate type: Variable — Single Index Floater; Call status: Non‑Callable. Next pay date shown as 1/23/2026.
• Consolidated obligations are joint and several obligations of the 11 Federal Home Loan Banks, backed only by those banks (not by the U.S. government); FHFA can require one Bank to repay obligations for another.

Why It Matters
This filing notifies investors that the Bank increased its consolidated‑debt issuance, adding a $525M short‑term floating‑rate obligation for which it is the primary obligor. Consolidated obligations are a core funding source for Federal Home Loan Banks; changes in issuance affect the Bank’s funding mix and maturity profile. Because these securities are not U.S. government guaranteed and are jointly and severally backed by the Federal Home Loan Banks, investors should note the shared liability structure and the variable‑rate interest exposure tied to an index.