Federal Home Loan Bank of San Francisco 8-K

What Happened

• The Federal Home Loan Bank of San Francisco (the Bank) filed an 8‑K on January 20, 2026, reporting that it committed to issue consolidated obligation bonds for which it is the primary obligor. The filings list two bond issues totaling $1.5 billion (a $500 million and a $1.0 billion issue) with trade dates of January 15–16, 2026 and settlement dates of January 20–22, 2026. The Bank’s Senior Vice President and Treasurer, Richard McCarthy, signed the report.

Key Details

• Total committed issuance: $1,500,000,000 (two bond issues: $500M and $1,000M).
• Trade/settlement dates and maturities:
  • Trade 1: Trade date 1/15/2026; settlement 1/20/2026; maturity 1/20/2028; CUSIP 3130B96N5; non‑callable; variable single‑index floater; bank par $500,000,000.
  • Trade 2: Trade date 1/16/2026; settlement 1/22/2026; maturity 10/23/2026; CUSIP 3130B97J3; non‑callable; variable single‑index floater; bank par $1,000,000,000.
• Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, sold through the Office of Finance, and are backed only by the FHLBanks’ financial resources (not guaranteed by the U.S. government).
• Schedule A excludes short‑term discount notes with maturities of one year or less and may not show changes in total outstanding obligations; the Bank stated it may change reporting methods and will report total consolidated obligations in periodic SEC filings.

Why It Matters

• These issuances increase the amount of consolidated debt for which the Bank is the primary obligor, which affects the Bank’s debt profile and funding mix. Consolidated obligations are a key source of funding for the Bank.
• Because these securities are not guaranteed by the U.S. government and are joint obligations of all FHLBanks, changes in consolidated obligations can influence investor assessment of credit and liquidity risk. Retail investors should watch the Bank’s periodic reports for the total consolidated obligations outstanding and any related interest‑rate risk management disclosures.