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National Rural Utilities Cooperative Finance Corporation (NRUC) filed a pricing supplement for a modest InterNotes庐 issuance under its October 2023 shelf. The company is offering $1.047 million of senior unsecured notes (CUSIP 63743F3M6) that carry a 4.10 % fixed coupon paid monthly. The notes are priced at par (100 % of principal), resulting in $1.041 million in net proceeds after a 0.55 % selling concession. They mature on July 15 2027 and are non-callable, though a survivor鈥檚 option is available to retail holders.

The paper trades on June 30 2025 and settles through DTC on July 3 2025 in $1,000 denominations. InspereX, Citigroup Global Markets, Wells Fargo Clearing Services and RBC Capital Markets act as agents, while U.S. Bank Trust Company, N.A. serves as trustee. Legal counsel Hogan Lovells US LLP opines that, once issued, the notes will be valid and binding obligations of NRUC, subject to customary insolvency and equitable considerations.

Given its short tenor and small size, the issuance appears to be a routine liquidity exercise rather than a transformational capital event. It locks in fixed funding at a rate that is competitive with current short- to intermediate-term yields, adding incremental senior debt without materially altering the cooperative鈥檚 capital structure.

National Rural Utilities Cooperative Finance Corporation has announced the issuance of Medium-Term Notes, Series D with a principal amount of $4,000,000. The notes, priced at 100% of principal amount, will carry an interest rate of 4.31% per annum and mature on April 15, 2026.

Key terms of the offering include:

• Trade Date: June 25, 2025
• Original Issue Date: June 30, 2025
• Interest Payment Dates: January 15 and July 15
• Form: Certificated Notes
• No redemption provisions or agent commissions

Legal opinion from Hogan Lovells US LLP confirms the notes will constitute valid and binding obligations, subject to standard bankruptcy and creditor rights provisions. The Series D notes may be issued in unlimited aggregate principal amount, offering potential for additional issuances under the same series.

National Rural Utilities Cooperative Finance Corporation (NRUC) filed a Rule 424(b)(3) pricing supplement for a new tranche of subordinated deferrable interest notes.

The offering covers a single CUSIP (63743LAW3) with a principal amount of $130,000, priced at 100%. Underwriting gross concession is 3.150%, resulting in net proceeds of $125,905 to the issuer.

Key terms

• Coupon: 5.750% fixed, paid semi-annually.
• Maturity: 06/15/2055 (30-year tenor).
• Call provision: Redeemable at par on any day on or after 06/15/2030.
• Survivor鈥檚 option: Yes, allowing early redemption in the event of the holder鈥檚 death.
• Ranking: Subordinated to senior debt; issued under the 1996 Indenture with U.S. Bank Trust Co. as trustee.
• Denomination: Minimum $1,000; book-entry through DTC.

Distribution & settlement: Trades during the offering period (16鈥�23 June 2025) settle flat through DTC on 26 June 2025. Selling group includes InspereX, Citigroup, RBC Capital Markets and Wells Fargo.

Legal & tax opinions: Hogan Lovells opines the notes constitute valid, binding obligations, subject to standard bankruptcy and equitable-principles exceptions. For U.S. federal income tax purposes the notes are expected to be treated as indebtedness, but there is no controlling authority; the IRS could challenge this characterization.

Investor takeaways: The 5.75% coupon may appeal to income-oriented investors, yet the subordination, 30-year maturity, call risk, and tax uncertainty elevate risk. The survivor鈥檚 option and par-call structure provide limited flexibility, whereas underwriting fees reduce proceeds to the issuer.

National Rural Utilities Cooperative Finance Corp (NRUC) filed Pricing Supplement No. 635 under its shelf registration (333-275151) for a $171,000 senior unsecured InterNotes庐 offering. The notes carry a 4.10% fixed coupon paid monthly, price at 100%, with a gross concession of 0.55% and net proceeds of $170,059.50. The security (CUSIP 63743F3L8) is non-callable, includes a survivor鈥檚 option, and matures on 06/15/2027; first coupon date is 07/15/2025 with an initial payment of $2.16 per $1,000 denomination.

The offer window ran from 06/16/2025 to 06/23/2025, with trade date on 06/23/2025 (12:00 p.m. ET) and settlement on 06/26/2025 via DTC (number 0235). Minimum purchase is $1,000 in $1,000 increments. InspereX LLC acts as lead agent alongside Citigroup, Wells Fargo, and RBC; U.S. Bank Trust Company, N.A. serves as trustee.

Legal counsel Hogan Lovells US LLP opines that, upon proper issuance, the notes will constitute valid and binding obligations of NRUC, subject to customary bankruptcy and equitable principles. The opinion is limited to District of Columbia cooperative law and New York state law.

No redemption provisions, credit ratings, or comparative yield metrics are disclosed. Given the modest size of the issuance, the filing is routine and has limited balance-sheet impact but provides investors a short-dated, fixed-rate debt option with monthly income.

National Rural Utilities Cooperative Finance Corp announces offering of Senior Unsecured Fixed Rate Notes with 4.100% coupon rate, maturing July 15, 2027. The notes are priced at 100% of principal with monthly interest payments beginning August 15, 2025. Initial coupon payment set at $4.78. Notes feature Survivor's Option and are non-callable. Offering period runs June 23-30, 2025, with settlement on July 3, 2025. Minimum denomination is $1,000. Distribution through multiple agents including InspereX LLC, Citigroup, Wells Fargo, and RBC Capital Markets, with 0.550% gross concession. Notes will be DTC Book Entry only with U.S. Bank Trust Company as trustee. Securities registered under Registration Statement No. 333-275151.