Aftermarket disc, hard to tell what brand it is .
You mentioned that they rust when wet, so you probably have steel or iron discs .
I looked at the EBC application guide, there are no pads with the HF designation, 506HF is probably an old part number .
There are HH series and they are a sintered metal friction material .
My best guess is, that you have sintered metal pads on your bike .
Sintered pads don't work well, until you get them good and hot, as in high performance use .
My '82 LS came with sintered pads from a previous owner and the braking performance was horrible compared to the 'organic' pads that are on there now .
http://www.kgmotorcycletires.com/street_bmw.JPG