Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco filed a Form 8‑K (Mar 31, 2026) disclosing it is the primary obligor on a consolidated obligation bond sold through the Office of Finance. The bond trade date was March 26, 2026, with settlement on April 6, 2026; the bond has a par amount of $10,000,000, a 4.13% coupon and a maturity date of July 3, 2030. The bond is callable (Optional Principal Redemption) with a European call and the next call date listed as July 3, 2028.

Key Details

• Trade date: March 26, 2026; Settlement date: April 6, 2026.
• Par amount: $10,000,000; Coupon: 4.13%; Maturity: July 3, 2030; Next pay date: July 3, 2026.
• Call feature: Optional Principal Redemption (European style); next call date July 3, 2028.
• Consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, are sold via the Office of Finance, and are not guaranteed by the U.S. government. The FHFA may require one Bank to repay obligations for another.

Why It Matters
This filing informs investors about a funding transaction that increases the Bank’s long‑term debt obligations and affects its liquidity and interest expense profile. Because consolidated obligations are a pooled funding mechanism among all Federal Home Loan Banks (and are not U.S. government guaranteed), investors should note the joint-and-several nature of repayment responsibility and that Schedule A disclosures may exclude short‑term discount notes and related derivatives or hedges. The Bank did not make a materiality determination for any individual consolidated obligation in this filing.