Every 424B that National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) (NRUC) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow NRUC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NRUC filings page.
National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, with a principal amount of $200,000.00. The note is issued at 100% of principal, will be dated January 15, 2026, and will mature on January 15, 2027, giving it a one-year term.
The note bears interest at a fixed rate of 3.68% per annum, with interest payable on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date and no agent’s commission. Counsel Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing $2,000,000 of Medium-Term Notes, Series D, at 100% of principal amount. The notes bear interest at 3.66% per annum, pay interest on each January 15 and July 15, and mature on November 15, 2026, with no redemption date specified before maturity. The original issue date is January 15, 2026 and no agent’s commission is payable on this issuance.
Legal counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery, these notes will be valid and binding obligations of the company under District of Columbia cooperative law and New York law, subject to usual limits from bankruptcy, insolvency and equitable principles.
National Rural Utilities Cooperative Finance Corporation is issuing Medium-Term Notes, Series D, with a principal amount of $1,500,000.00 at an interest rate of 3.66% per annum, maturing on November 15, 2026. The notes are priced at 100% of principal, with an original issue date of January 15, 2026.
Interest is paid semiannually on each January 15 and July 15, to holders of record on each preceding January 1 and July 1. The notes have no redemption date and carry no agent’s commission. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance and delivery, the notes will be valid and binding obligations of the company, subject to standard bankruptcy and equity-related legal limitations.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $300,000.00. The note is issued at 100% of principal on January 15, 2026 and matures on March 15, 2027, carrying a fixed interest rate of 3.69% per annum.
Interest will be paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1. The note has no redemption provision and no agent’s commission is payable. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance and delivery, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equitable principles.
National Rural Utilities Cooperative Finance Corporation is issuing a new Series D medium-term note with a principal amount of $110,000.00. The note carries a fixed interest rate of 3.68% per annum, priced at 100% of principal, with interest paid semiannually on January 15 and July 15 to holders of record on January 1 and July 1.
The note will be issued on January 15, 2026 and will mature on January 15, 2027, with no stated redemption features and no agent’s commission. Counsel Hogan Lovells US LLP opines that, after proper authorization, payment and issuance under the governing indenture, the note will be a valid and binding obligation of the company, subject to customary bankruptcy, creditor-rights and equity-law limitations.
National Rural Utilities Cooperative Finance Corporation is issuing a $1,000,000 Medium-Term Note, Series D, at 100% of principal, with a fixed interest rate of 3.74% per annum. The note will be issued on January 15, 2026 and will mature on January 15, 2028.
Interest will be paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1. The note has no redemption date and carries no agent’s commission.
Hogan Lovells US LLP states that, after proper authorization, execution, issuance and payment, the note will be a valid and binding obligation of the company under District of Columbia cooperative law and New York law, subject to typical bankruptcy and equitable principles.
National Rural Utilities Cooperative Finance Corporation is issuing a new Medium-Term Note, Series D, under its existing shelf program. The note has a principal amount of $200,000.00, an issue price of 100% of principal, and bears interest at 3.66% per annum.
The note will be issued on January 15, 2026 and will mature on November 15, 2026. Interest will be paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date and no agent’s commission listed for this note. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy and equity law limitations.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $250,000.00. The note will be issued at 100% of its principal amount on January 15, 2026 and will mature on January 15, 2027, making it a one-year instrument.
The note bears interest at a fixed rate of 3.68% per annum, with interest paid on January 15 and July 15, to holders of record on each preceding January 1 and July 1. There is no redemption date and no agent’s commission listed for this issuance.
Hogan Lovells US LLP states that, once properly authorized, executed and paid for under the indenture, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and creditors’ rights laws and principles of equity under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $5,000,000. The note is priced at 100% of principal, carries a fixed interest rate of 3.68% per annum, and will be issued on January 15, 2026 with a maturity date of January 15, 2027. Interest is payable twice a year on January 15 and July 15, to holders of record on January 1 and July 1, and there is no redemption feature or agent’s commission disclosed for this note.
Legal counsel Hogan Lovells US LLP states that, after proper authorization, payment and execution under the indenture and related agreements, the note will constitute a valid and binding obligation of the company, subject to typical bankruptcy, insolvency and equitable enforcement limitations under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing $9,850,000 of Medium-Term Notes, Series D, as described in this pricing supplement. The notes are priced at 100% of principal, bear interest at 3.66% per annum, are issued on January 15, 2026, and mature on November 15, 2026.
Interest is payable on each January 15 and July 15, to holders of record on each January 1 and July 1, with no stated redemption date and no agent’s commission. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution, and delivery under the applicable indenture, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity-related limitations under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing $1,225,000 of Medium-Term Notes, Series D, at 100% of principal with a fixed interest rate of 3.67% per annum, maturing on December 15, 2026. The notes will be issued on January 15, 2026, with interest paid on each January 15 and July 15 to holders of record on each 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 and delivery, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity-related limitations, under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $250,000.00. The note carries a fixed interest rate of 3.68% per annum, is priced at 100% of its principal amount, will be issued on January 15, 2026, and will mature on January 15, 2027.
Interest will be paid twice a year on each January 15 and July 15, to holders of record on each January 1 and July 1. There is no redemption date and no agent’s commission for this note. Counsel Hogan Lovells US LLP states that, after proper authorization, execution, issuance and delivery, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $210,000.00. The note carries a fixed interest rate of 3.68% per annum, will be issued on January 15, 2026 at 100% of principal, and will mature on January 15, 2027.
Interest will be paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. The note has no redemption date and no agent’s commission. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery under the applicable indenture, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles.
National Rural Utilities Cooperative Finance Corporation is issuing $1,000,000 of Medium-Term Notes, Series D, bearing interest at 3.68% per year. The notes will be issued at 100% of principal amount on January 15, 2026 and will mature on January 15, 2027, with interest paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date and no selling agent commission disclosed, so investors receive a straightforward one-year fixed-rate note.
Legal counsel Hogan Lovells US LLP states that, once the company receives the approved consideration and the notes are properly executed and delivered under the indenture, the notes will constitute valid and binding obligations of the company, subject to customary bankruptcy and creditor-rights limitations and general principles of equity under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a $2,000,000 Medium-Term Note, Series D, under its existing shelf program. The note is priced at 100% of principal, carries a fixed interest rate of 3.66% per annum, and will mature on November 15, 2026. Interest will be paid twice a year on January 15 and July 15, to holders of record on January 1 and July 1. There is no redemption feature and no agent’s commission on this issuance.
Legal counsel Hogan Lovells US LLP states that, once issued in accordance with board resolutions, the indenture, and applicable agreements, the note will be a valid and binding obligation of the company, subject to customary bankruptcy, insolvency, and equitable principles, and based on District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $950,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.68% per annum, and will be issued on January 15, 2026, maturing on January 15, 2027.
Interest will be paid twice a year on each January 15 and July 15, to holders of record on each January 1 and July 1. There is no redemption date and no agent’s commission listed for this note. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy, insolvency and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is offering $1,909,000 of Medium-Term Notes, Series D, at 100% of principal amount with an interest rate of 3.66% per year.
The notes will be issued on January 15, 2026 and will mature on November 15, 2026. Interest is payable on each January 15 and July 15, to holders of record on each January 1 and July 1, and the notes have no redemption provisions and no selling agent commission.
Hogan Lovells US LLP states that, once properly authorized, executed and delivered under the indenture and applicable agreements, the notes will be valid and binding obligations of the company, subject to typical bankruptcy, creditor-rights and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $100,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.66% per annum, and will be issued on January 15, 2026, with a stated maturity date of November 15, 2026.
Interest on the note will be paid semiannually on each January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption feature and no agents’ commission listed. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery under the applicable indenture, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing $5,000,000.00 principal amount of its Medium-Term Notes, Series D, under its existing shelf program. The notes will be issued at 100% of principal amount on January 15, 2026 and will mature on January 15, 2027, bearing interest at 3.68% per annum, with interest payable on each January 15 and July 15 to holders of record on each January 1 and July 1.
The notes have no redemption date and carry no agents commission, indicating the company will receive the full issue price before expenses. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery under the indenture and applicable agreements, the notes will constitute valid and binding obligations of the company, subject to customary bankruptcy and equitable principles and based on District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corp is offering senior unsecured notes under an existing shelf program. The notes carry a fixed coupon rate of 3.600% paid monthly and are scheduled to mature on January 15, 2028. They are non-callable, meaning they cannot be redeemed early by the issuer. The notes are priced at 100.000% of principal, with a gross selling concession of 0.550%. The first coupon payment is due on February 15, 2026 and is stated as $2.20. Minimum denominations are $1,000 with $1,000 increments, and the notes clear through DTC in book-entry form. A survivor's option is available, and the product ranks as senior unsecured debt of the issuer.
National Rural Utilities Cooperative Finance Corporation is issuing $851,000 of Medium-Term Notes, Series D, under an existing shelf program. The notes are priced at 100% of principal, bear interest at 3.65% per annum, and will be issued on January 13, 2026, with a stated maturity on December 15, 2026.
Interest will be paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1. There is no stated redemption date and no agent’s commission for this tranche. Counsel 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 bankruptcy and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing $1,070,000 of Medium-Term Notes, Series D, at 100% of principal amount. The notes carry a fixed interest rate of 3.68% per year, with an original issue date of January 13, 2026 and a maturity date of January 15, 2028.
Interest is payable on January 15 and July 15, to holders of record on January 1 and July 1. The notes have no redemption date and no selling agents’ commission is listed. Counsel Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, these notes will be valid and binding obligations of the company, subject to typical bankruptcy and creditors’ rights laws and principles of equity under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is offering a new Medium-Term Note, Series D, under an existing shelf program. The note has a principal amount of $268,000, an issue price of 100% of principal, and an interest rate of 3.68% per annum. It will be issued on January 13, 2026 and will mature on January 15, 2028.
Interest is scheduled to be paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1. The note has no stated redemption date and no agent’s commission is listed for this issuance. Counsel Hogan Lovells US LLP states that, after proper authorization and issuance under the indenture, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy and creditor-rights limitations under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, with a principal amount of $3,000,000.00. The note is priced at 100% of principal, has an original issue date of January 6, 2026, and matures on January 15, 2027, bearing interest at 3.67% per annum.
Interest is payable on each January 15 and July 15, to holders of record on each preceding January 1 and July 1. The note has no redemption date and no agent’s commission is listed. Counsel Hogan Lovells US LLP states that, after receipt of consideration and proper execution under the indenture, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equity law limitations.
National Rural Utilities Cooperative Finance Corporation is issuing $2,100,000 of Medium-Term Notes, Series D, maturing on November 15, 2026, at 100% of principal amount.
The notes carry a fixed interest rate of 3.65% per annum, with interest paid on January 15 and July 15 to holders of record on January 1 and July 1, respectively. There is no redemption provision before maturity and no agent’s commission, so the company is positioned to receive the full principal amount at issuance.
Company counsel, Hogan Lovells US LLP, opines that once properly authorized, executed and delivered under the indenture, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a $1,400,000 Medium-Term Note, Series D, under its ongoing program. The note will be issued on January 2, 2026 and will mature on January 15, 2027, with a fixed interest rate of 3.67% per annum. Interest is payable twice a year, on each January 15 and July 15, to holders of record on each January 1 and July 1.
The note is sold at 100% of its principal amount, with no stated agent’s commission and no redemption before maturity. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance and delivery under the indenture, the note will constitute a valid and binding obligation of the company, subject to usual bankruptcy and creditors’ rights laws and general principles of equity.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $4,500,000.00. The note is priced at 100% of its principal amount, will be issued on December 31, 2025, and will mature on November 15, 2026.
The note bears interest at a fixed rate of 3.67% per annum, with interest paid on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date specified and no agent’s commission on this issuance.
Hogan Lovells US LLP states that, after receipt of consideration and proper execution under the indenture and related agreements, the notes will constitute valid and binding obligations of the company, subject to standard bankruptcy, insolvency, and equitable principles under District of Columbia and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a $450,000 Medium-Term Note, Series D, at 100% of principal with a fixed interest rate of 3.66% per annum. The note will be issued on December 30, 2025 and will mature on October 15, 2026, with interest paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. The note carries no agents’ commission and has no redemption date. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy, insolvency and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing $250,000 of Medium-Term Notes, Series D, at 100% of principal amount. The notes bear interest at 4.45% per annum, with interest paid on January 15 and July 15 to holders of record on January 1 and July 1. The notes are scheduled to be issued on December 29, 2025 and will mature on December 15, 2033, and they are not subject to redemption before maturity. A legal opinion from Hogan Lovells US LLP states that, after the company receives consideration and the notes are properly executed and delivered under the indenture and related agreements, the notes will be valid and binding obligations of the company, subject to typical bankruptcy and equitable principles.
National Rural Utilities Cooperative Finance Corporation is offering a $1,000,000 Medium-Term Note, Series D, with an interest rate of 4.65% per annum. The note is scheduled to be issued on December 29, 2025 at 100% of its principal amount and will mature on December 15, 2035. Interest will be paid twice a year, on January 15 and July 15, to holders of record on January 1 and July 1.
The note has no stated redemption date and no selling commission to agents. Legal counsel Hogan Lovells US LLP states that, after the company receives the stated consideration and completes all required execution and delivery steps under the indenture and related agreements, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $1,000,000. The note will be issued at 100% of principal on December 29, 2025 and will mature on December 15, 2034, paying interest at a fixed rate of 4.55% per annum.
Interest will be paid on January 15 and July 15 each year, to holders of record on January 1 and July 1. The note has no redemption date, and there is no agent’s commission listed for this issuance. Counsel Hogan Lovells US LLP states that, after payment for and proper issuance of the note under the governing indenture, it will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles.
National Rural Utilities Cooperative Finance Corporation priced a new Medium-Term Note, Series D, with a principal amount of $1,000,000.00. The note is issued at 100% of its principal amount, will be dated December 29, 2025, and will mature on December 15, 2033, carrying a fixed interest rate of 4.45% per annum. Interest is payable twice a year, on each January 15 and July 15, to holders of record on each preceding January 1 and July 1, and the note has no stated redemption date or agent’s commission.
Legal counsel Hogan Lovells US LLP states that, once properly authorized, paid for, executed and delivered under the applicable indenture and agreements, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is offering $1,580,000.00 of Medium-Term Notes, Series D, bearing interest at 3.69% per annum. The notes are priced at 100% of principal amount, have an original issue date of December 26, 2025, and mature on December 15, 2026. Interest is payable semiannually on January 15 and July 15, with regular record dates of January 1 and July 1, and there is no stated redemption date.
Hogan Lovells US LLP opines that, after proper authorization, execution, authentication, issuance and delivery against payment, the notes will constitute valid and binding obligations of the company. This opinion is given under the District of Columbia General Cooperative Association Act of 2010 and New York law, and is subject to customary limitations related to bankruptcy, insolvency and general principles of equity.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $135,000. The note carries a fixed interest rate of 3.72% per annum, is priced at 100% of its principal amount, and will be issued on December 19, 2025, maturing on December 15, 2027.
Interest will be paid twice a year on each January 15 and July 15, to holders of record on each January 1 and July 1. The note has no redemption date and is issued with no agent’s commission. Counsel Hogan Lovells US LLP states that, once properly authorized, executed and delivered under the indenture, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equity law limitations.
National Rural Utilities Cooperative Finance Corporation is offering $100,000 of Member Capital Securities with a fixed interest rate of 5.75% per annum, issued at 100% of principal. The notes will be issued on December 19, 2025 and mature on December 19, 2055, with interest paid semi-annually on April 1 and October 1, starting April 1, 2026.
The securities are subordinate to all existing and future senior indebtedness of National Rural and to subordinated indebtedness held by or transferable by non-members. National Rural may redeem the notes at par plus accrued interest on or after December 19, 2030. It may also defer interest payments for up to 10 consecutive semi-annual periods, during which unpaid interest will continue to accrue. Transfers are restricted to other National Rural voting members with written consent, and no selling agent commission is paid. Counsel opines the notes will be valid and binding obligations, subject to customary bankruptcy and equity limitations.
National Rural Utilities Cooperative Finance Corp is offering $297,000 principal amount of fixed-rate subordinated notes under a Rule 424(b)(3) pricing supplement. The notes carry a 5.500% fixed coupon, paid semi-annually, and mature on December 15, 2055. Initial selling price is 100.000% of principal, with a 3.150% gross concession and $287,644.50 in net proceeds to the issuer.
The notes are subordinated deferrable interest securities and are callable at the issuer’s option, in whole or in part, on any day on or after December 15, 2030 at 100% of principal plus accrued interest. The product includes a survivor’s option and has a minimum denomination of $1,000 in $1,000 increments. Counsel Hogan Lovells US LLP opines that, based on current law and stated assumptions, the notes should be treated as indebtedness for U.S. federal income tax purposes, though there is no controlling authority and the IRS could challenge this treatment.
National Rural Utilities Cooperative Finance Corporation is issuing Medium-Term Notes, Series D, with a principal amount of $300,000.00. The notes carry a fixed interest rate of 3.75% per annum, are priced at 100% of principal, and will be issued on December 15, 2025 and mature on June 15, 2027. Interest will be paid semiannually on each January 15 and July 15 to holders of record as of each January 1 and July 1. The notes have no redemption date and no agent’s commission is listed. Counsel Hogan Lovells US LLP states that, once duly authorized, executed and delivered for the approved consideration, the notes will constitute valid and binding obligations of the company, subject to customary bankruptcy and equity law limitations.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $425,000.00. The note will be issued at 100% of its principal amount on December 15, 2025 and will mature on December 15, 2026, carrying a fixed interest rate of 3.76% per year.
Interest is scheduled to be paid semiannually on each January 15 and July 15, to holders of record on each preceding January 1 and July 1. The note has no stated redemption date and no agent’s commission is listed. Counsel Hogan Lovells US LLP states that, once duly authorized, executed and delivered for the approved consideration, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and creditor-rights laws.
National Rural Utilities Cooperative Finance Corporation is offering $900,000 of Medium-Term Notes, Series D, under its existing shelf program. The notes bear interest at 3.76% per annum, are priced at 100% of principal amount, and will be issued on December 15, 2025 with a scheduled maturity on December 15, 2026. Interest is payable twice a year on January 15 and July 15, to holders of record on January 1 and July 1, and there is no redemption date specified. A legal opinion from Hogan Lovells US LLP states that, after proper authorization and issuance, these notes will be valid and binding obligations of the company, subject to standard bankruptcy and equity-related limitations.
National Rural Utilities Cooperative Finance Corporation is issuing $5,000,000 of Medium-Term Notes, Series D, that will mature on October 15, 2026. The notes are priced at 100% of principal amount and carry a fixed interest rate of 3.82% per annum, with interest paid on January 15 and July 15 to holders of record on January 1 and July 1. The original issue date is December 15, 2025, and there is no stated redemption date or agent commission on this tranche. Legal counsel Hogan Lovells US LLP states that, after proper authorization and payment, these notes will be valid and binding obligations of the company, subject to typical bankruptcy and equitable principles under District of Columbia and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing $15,000,000 of Medium-Term Notes, Series D, under its existing shelf program. The notes are priced at 100% of principal, bear interest at 3.82% per annum, and will be issued on December 15, 2025, with a maturity date of October 15, 2026.
Interest will be paid twice a year on January 15 and July 15, to holders of record on January 1 and July 1. There is no redemption date and no agent’s commission listed for this issuance. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery under the applicable indenture, these notes will constitute valid and binding obligations of the company, subject to typical bankruptcy and creditor‑rights limitations under District of Columbia and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $500,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.82% per annum, and will be issued on December 15, 2025, maturing on October 15, 2026.
Interest is payable twice a year, on each January 15 and July 15, to holders of record on each January 1 and July 1. There is no redemption date specified and no agent’s commission for this issuance. Counsel Hogan Lovells US LLP states that, once properly authorized, issued and paid for under the indenture, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy and equitable principles.
National Rural Utilities Cooperative Finance Corporation is issuing $400,000,000 of fixed-rate Medium-Term Notes, Series D, under an existing shelf program. The notes are priced at 99.906% of principal and will bear interest at 4.30% per annum, payable semi-annually on each June 10 and December 10, starting June 10, 2026, with maturity on December 10, 2030.
The company may redeem the notes before November 10, 2030 at a make-whole price based on a Treasury Rate plus 10 basis points, and at 100% of principal on or after that date, in each case plus accrued interest. An agents’ discount or commission of 0.60% applies, and the notes are expected to settle on a T+7 basis on December 10, 2025. Concurrently, the company is also offering an additional $650,000,000 of Series D notes pursuant to a separate pricing supplement.
National Rural Utilities Cooperative Finance Corporation is offering $650,000,000 of fixed-rate Medium-Term Notes, Series D, maturing on December 10, 2027. The notes are priced at 99.926% of principal amount and carry a fixed interest rate of 3.95% per year, with interest paid each June 10 and December 10, starting June 10, 2026, and at maturity. The company may redeem the notes early, in whole or in part, at a “make-whole” price based on a Treasury Rate plus 10 basis points or 100% of principal, plus accrued interest. An agents’ discount or commission of 0.10% applies. Concurrently, the company is also offering an additional $400,000,000 of Medium-Term Notes, Series D through a separate pricing supplement.
National Rural Utilities Cooperative Finance Corp is offering $885,000 of fixed-rate subordinated deferrable interest notes under Pricing Supplement No. 42. The notes carry a 5.500% annual coupon, paid semi-annually, priced at 100.000% of principal, with a stated maturity on 11/15/2055. The issuer’s net proceeds are $857,122.50 after a 3.150% gross concession. The notes are callable at the issuer’s option at 100% of principal on any day on or after 11/15/2030, plus accrued and unpaid interest. The first coupon of $25.51 is payable on 05/15/2026, and the notes include a survivor’s option.
National Rural Utilities Cooperative Finance Corp is issuing $1,318,000 principal amount of subordinated deferrable interest notes under a 424(b)(3) pricing supplement. The notes are priced at 100.000% of principal with a gross selling concession of 3.150%, resulting in net proceeds to the issuer of $1,276,483.00.
The notes carry a fixed 5.750% coupon, paid on a semi-annual basis, with a maturity date of November 15, 2055. The first coupon is due on May 15, 2026 with a stated first coupon amount of $28.91, and the securities include a survivor's option. They are callable, at the issuer’s option, at 100% of principal plus accrued interest on any day on or after November 15, 2030.
The notes rank as subordinated notes and settle on November 14, 2025, in minimum denominations of $1,000. Counsel Hogan Lovells US LLP opines that, based on current law and assumptions described, the notes should be treated as indebtedness for U.S. federal income tax purposes, although there is no controlling authority and the IRS could challenge this treatment.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $1,000,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.86% per annum, and will be issued on November 13, 2025, maturing on September 15, 2026.
Interest is payable twice a year on January 15 and July 15, to holders of record on January 1 and July 1. There is no redemption date specified, and no selling agent commission is listed for this note. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance, and delivery, the note will constitute a valid and binding obligation of the company, subject to typical bankruptcy and creditor-rights limitations under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corp priced $1,523,000 of fixed-rate subordinated notes due 10/15/2055 at a selling price of 100.000%, reflecting a 3.150% gross concession and net proceeds of $1,475,025.50.
The notes pay a 5.750% coupon on a semi-annual schedule, with the first coupon on 04/15/2026 and a first coupon amount of $28.43. They include a survivor’s option and are callable, at the issuer’s option, in whole or in part, on any day on or after 10/15/2030 at 100% of principal plus accrued and unpaid interest to, but excluding, the redemption date.
Settlement is expected on 10/17/2025 in DTC book-entry form, minimum denominations/increments of $1,000/$1,000. Agents include InspereX, Citigroup, RBC Capital Markets, and Wells Fargo Clearing Services; U.S. Bank Trust Company, National Association, serves as trustee. Counsel states the notes will constitute valid and binding obligations, and opines they will be treated as indebtedness for U.S. federal income tax purposes, though the IRS is not bound by this opinion.