Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed a Current Report on Form 8‑K on January 27, 2026 announcing that it committed to issue several consolidated obligation bonds and discount notes for which it is the primary obligor. Schedule A in the filing lists five consolidated obligation trades (trade dates Jan 22–23, 2026) with par amounts shown totaling $795,000,000, including a $750,000,000 variable single‑index floater and several fixed‑rate callable bonds (coupons ~3.90%–4.07%). The report was signed by Richard McCarthy, Senior Vice President and Treasurer.

Key Details

• Trade dates: January 22 and January 23, 2026; filing date: January 27, 2026.
• Par amounts listed on Schedule A: $10,000,000; $10,000,000; $750,000,000; $15,000,000; $10,000,000 — aggregate $795,000,000.
• Notable issues: a $750M variable single‑index floater maturing July 30, 2026 (non‑callable) and fixed‑rate callable bonds maturing in 2029 and 2031 (coupons ~3.90%–4.07%).
• Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, sold via the Office of Finance and not guaranteed by the U.S. government; the FHFA can require one Bank to repay obligations for which another is primary obligor.

Why It Matters

• Funding: These issuances reflect how the Bank raises funds—through systemwide consolidated obligations—which affects its liquidity and interest‑rate exposure.
• Credit exposure: As primary obligor on these consolidated obligations, the Bank has the contractual repayment responsibility reported here; consolidated obligations are backed by the financial resources of the Federal Home Loan Banks collectively, not the federal government.
• Reporting limits: Schedule A shows par amounts and omits short‑term discount notes with maturities ≤1 year and potential related derivatives; total consolidated obligations outstanding and GAAP carrying amounts will be reported in the Bank’s periodic filings.