Federal Home Loan Bank of San Francisco 8-K

What Happened

• The Federal Home Loan Bank of San Francisco filed an 8-K on April 7, 2026, disclosing that it is the primary obligor on three consolidated obligation bonds (par total $35,000,000) sold in the capital markets on trade dates April 1–2, 2026. The bonds have settlement dates of April 8–9, 2026 and maturities in 2031, with fixed coupon rates of 4.00%–4.50% and various callable provisions.
• The filing reiterates that consolidated obligations are joint and several obligations of the eleven Federal Home Loan Banks, are not guaranteed by the U.S. government, and that the Federal Housing Finance Agency (FHFA) may require any Bank to repay obligations for which another Bank is the primary obligor.

Key Details

• Total par amount reported: $35,000,000 (three bonds: $10M, $10M, $15M).
• Trade dates and basic terms:
  • Trade Date 4/01/2026: $10M, settlement 4/09/2026, maturity 4/09/2031, coupon 4.50%, Bermudan callable (next call 10/9/2026).
  • Trade Date 4/01/2026: $10M, settlement 4/08/2026, maturity 4/08/2031, coupon 4.00%, Bermudan callable (next call 1/8/2029).
  • Trade Date 4/02/2026: $15M, settlement 4/09/2026, maturity 4/09/2031, coupon 4.25%, European callable (next call 4/9/2027).
• Filing notes Schedule A excludes short-term discount notes (maturities ≤1 year) and does not list any related interest-rate swaps or other derivatives that might be used for asset/liability management.

Why It Matters

• These issuances are how the Bank raises most of its funding; reporting them informs investors about the Bank’s debt profile, timing, interest costs (coupons ~4.0–4.5%) and callable features that affect future cash flows.
• Because consolidated obligations are obligations of all Federal Home Loan Banks and are not U.S. government guaranteed, investors should be aware of the joint-and-several nature of this funding and the FHFA’s oversight role. The filing also cautions that the par amounts shown may differ from GAAP amounts and that Schedule A is not a complete picture of all short-term debt outstanding.