Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed a Form 8‑K on March 19, 2026, reporting that it committed to issue consolidated obligation bonds (debt sold through the Office of Finance). The filing shows two bond issues with a combined par amount of $25,000,000 for which the Bank is the primary obligor, with trade date March 16, 2026 and settlement in March 2026.

Key Details

• Total par amount: $25,000,000 (two bonds: $15,000,000 and $10,000,000).
• Coupons and maturities: 3.875% coupon maturing 6/23/2028 (par $15M); 4.080% coupon maturing ~3/17/2028 (par $10M).
• Call and structure: Both issues are callable (Optional Principal Redemption) with Bermudan call style.
• Regulatory/credit context: Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, sold via the Office of Finance, and are not guaranteed by the U.S. government. The FHFA can require one FHLB to repay obligations for another under its authority.

Why It Matters
This filing documents the Bank’s use of consolidated obligations — its primary source of funding — and confirms the Bank is the primary obligor on these new bonds. Investors should note the amounts, coupon rates, maturities and call provisions, and that these securities are backed by the collective financial resources of the Federal Home Loan Banks (not the U.S. government). The 8‑K also notes Schedule A exclusions (short-term notes) and that total outstanding consolidated obligations for which the Bank is primary obligor will be reported in periodic filings.