National Rural Utilities Cooperative Finance Corp. is the issuer of 7.35% Collateral Trust Bonds due November 1, 2026, covered by a Form 25 notification from the New York Stock Exchange LLC concerning removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934. The exchange certified that it had reasonable grounds to file the notification.
National Rural Utilities Cooperative Finance Corporation (NRUC) filed prospectus supplements for programs under which it may offer and sell, from time to time, an unlimited aggregate principal amount of each of these securities: Member Capital Securities, Medium-Term Notes, Series D, InterNotes and Retail Subordinated Notes. Member Capital Securities are offered to voting members.
The company entered agency agreements for the Medium-Term Notes, InterNotes and Retail Subordinated Notes programs. A separate supplement permits Medium-Term Note sales directly to the company's members and associates, and to members, associates and affiliates of National Cooperative Services Corporation. Fixed- and floating-rate forms are included for all four security types. The securities will be issued under the company's Form S-3 shelf registration statement and base prospectus.
National Rural Utilities Cooperative Finance Corporation (NRUC) filed a shelf registration statement under which it may offer collateral trust bonds, senior debt securities and subordinated debt securities from time to time after the effective date. Applicable prospectus or pricing supplements will provide the amounts, prices, maturities, interest rates and other terms for each offering.
The prospectus describes collateral trust bonds as secured by eligible collateral, senior debt securities as direct unsecured obligations, and subordinated debt securities as direct, unsecured and subordinated obligations. Unless otherwise specified in a supplement, net proceeds will be used for general purposes, including loan advances and retirement of debt.
National Rural Utilities Cooperative Finance Corporation (NRUC) reported net income of $135.426 million for Q1 FY2027, compared with $4.682 million in Q1 FY2026, and a times interest earned ratio (TIER) of 1.36 versus 1.01. The swing was associated with derivative gains of $96.616 million, versus losses of $32.204 million a year earlier; derivative forward value gains were $82.586 million in Q1 FY2027. Net interest income increased to $75.970 million from $70.977 million, while adjusted net income declined to $52.840 million from $57.153 million and adjusted TIER was 1.15 versus 1.16.
Loans to members totaled $38,337 million as of August 31, 2026, down $85 million from May 31; total debt was $35,688 million, down $256 million. CFC issued $800 million in dealer medium-term notes during Q1 FY2027: $500 million fixed at 5.00% for five years and $300 million floating-rate for 18 months. Available liquidity was $8,158 million against $9,876 million of scheduled debt obligations over the next 12 months. CFC stated that, excluding $3,094 million of member short-term investments from those obligations, available liquidity exceeded the remainder by $1,376 million, or 1.2 times.
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP (NRUC) announced that it will redeem all $400 million of its 5.60% Medium-Term Notes due 2026 on October 13, 2026. The notes will be redeemed at par plus accrued interest, and principal and interest will be paid using cash on hand.
The company states that this early redemption is being effected to reduce interest expense. This action retires a sizable fixed-rate debt obligation ahead of its stated maturity, potentially lowering ongoing financing costs.
National Rural Utilities Cooperative Finance Corporation reports on its operations for the year ended May 31, 2026, as a tax‑exempt, member‑owned lender focused on U.S. rural electric systems. Loans to electric utility organizations represented 98% of total loans outstanding across 903 borrowers, with the 20 largest accounting for 19% of loans and Texas representing 17%, underscoring single‑industry and geographic concentration risk.
The cooperative funds members primarily through long‑term secured and short‑term unsecured loans, credit enhancements and guarantees, supported by diversified funding such as collateral trust bonds, medium‑term notes, member investments, bank lines, Farmer Mac and USDA’s Guaranteed Underwriter Program. It reports approximately $463 million in renewable energy loans, $3,455 million in broadband loans and $800 million of sustainability bonds outstanding, plus long‑running support for USDA’s REDL&G program. Detailed risk disclosures emphasize credit quality, liquidity and rating dependencies, interest‑rate and derivatives exposure, cybersecurity and AI‑related risks, and the evolving regulatory and FEMA reimbursement landscape affecting members.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, under an existing shelf program. The note has a principal amount of $1,750,000, an interest rate of 4.12% per annum, and will be issued at 100% of the principal amount.
The note’s original issue date is July 15, 2026 and the maturity date is July 15, 2027, with interest payable on January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption date and no agents’ commission listed. Counsel states that, after proper authorization, execution and delivery, the note will constitute a valid and binding obligation of the company, subject to typical bankruptcy and equitable principles.
National Rural Utilities Cooperative Finance Corporation is issuing a $1,000,000 principal amount Medium-Term Note, Series D, under an existing shelf registration. The note will be issued at 100% of principal amount on July 15, 2026 and will mature on January 15, 2028.
The note bears interest at a fixed rate of 4.30% per annum, with interest paid semiannually on January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption date and no agents’ commission for this issuance.
Counsel Hogan Lovells US LLP states that, after proper authorization, execution, authentication and delivery under the indenture and related agreements, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy, insolvency and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is offering $2,000,000 principal amount of Medium-Term Notes, Series D, as a takedown from its existing shelf program. The notes are issued at 100% of principal with no agents’ commission and no redemption features.
The notes bear interest at a fixed rate of 3.98% per annum, payable semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1, until maturity on May 15, 2027. Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, the notes will be valid and binding obligations of the company, subject to customary limitations under bankruptcy, insolvency and equitable principles, under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, under an existing shelf program. The note has a principal amount of $300,000.00, an issue price of 100% of principal, and will be issued on July 15, 2026 with a maturity date of August 15, 2027. It bears interest at 4.13% per annum, with interest payable on January 15 and July 15 and corresponding regular record dates of January 1 and July 1. There is no redemption date specified and no agents’ commission on this issuance.
Legal counsel Hogan Lovells US LLP states that, after receipt of consideration and proper execution under the indenture and related agreements, the note will constitute a valid and binding obligation of the company. This validity is subject to customary limitations arising from bankruptcy, insolvency and similar laws affecting creditors’ rights, as well as equitable principles such as good faith and reasonableness, under District of Columbia cooperative law and New York law.