Federal Home Loan Bank of San Francisco 8-K

What Happened

• The Federal Home Loan Bank of San Francisco filed an 8‑K (Item 2.03) on March 26, 2026, reporting that it committed to issue consolidated obligation bonds on trade dates March 23 and March 24, 2026. The Bank is the primary obligor on the reported consolidated obligations, which are joint and several obligations of the eleven Federal Home Loan Banks and are sold through the Office of Finance.

Key Details

• Total principal committed: $123,500,000 (five tranches on 3/23/2026 totaling $88,500,000 and one tranche on 3/24/2026 of $35,000,000).
• Coupons and maturities: five tranches at 4.50% maturing 3/25/2031 (settlement 3/25/2026); one tranche at 4.11% maturing 4/09/2031 (settlement 4/09/2026).
• Call features: the 4.50% tranches are Bermudan callable (first call date 3/25/2027); the 4.11% tranche is European callable (call date 4/09/2029).
• Regulatory note: consolidated obligations are backed only by the financial resources of the eleven Federal Home Loan Banks and are not guaranteed by the U.S. government; the Federal Housing Finance Agency can require any FHLB to repay obligations for which another FHLB is primary obligor.

Why It Matters

• For investors, this filing shows the Bank's use of consolidated obligation debt to fund operations and manage funding needs; the report provides specific issuance amounts, coupons, maturities and call rights that affect interest-rate exposure and cash‑flow timing.
• Because consolidated obligations are joint obligations of the FHLBs (not U.S.‑guaranteed), risk depends on the collective strength of the Federal Home Loan Banks rather than a federal guarantee. The filing also notes Schedule A exclusions (short-term discount notes and certain derivatives), so total short‑term issuance and related hedging are reported elsewhere in periodic filings.