NRUC (NYSE: NRUC) sells $619,000 3.95% Senior Notes due 04/15/2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp priced senior unsecured notes of $619,000 under a Pricing Supplement. The notes bear a 3.950% fixed coupon paid monthly, sell at 100.000%, and mature on 04/15/2028. The offering was non-callable and included a Survivor's Option; trade date was 04/20/2026 with settlement on 04/23/2026.

The pricing lists a 0.550% gross concession and $615,595.50 net proceeds. Legal opinion from Hogan Lovells US LLP states the notes will be valid and binding obligations subject to stated legal exceptions.

Insights

Debt Capital Markets Specialist

Deal terms show a small negotiated corporate note placement priced at par with a mid-single-digit coupon.

The pricing supplement documents a $619,000 issuance of senior unsecured notes at 100.000% with a 3.950% fixed coupon, monthly payments, and maturity on 04/15/2028. Underwriting concessions are listed as 0.550%, implying limited distribution fees.

Cashflow recipients and settlement timing are explicit: trade date 04/20/2026, settle 04/23/2026. The notes are non-callable; legal opinion and customary bankruptcy/insolvency qualifiers are included.

Fixed-Income Legal Analyst

Standard counsel opinion and indenture references accompany a conventional unsecured note issuance.

The counsel opinion cites compliance with the indenture and board resolutions and limits enforceability by bankruptcy, insolvency, and equitable defenses, matching typical market practice. Governing laws cited include the District of Columbia General Cooperative Association Act and New York law.

Investors should note the notes are DTC book-entry and trustee is U.S. Bank Trust Company, N.A.; any legal remedies remain subject to stated statutory and equitable limitations.

Key Figures

Principal amount: $619,000.00 Coupon rate: 3.950% Selling price: 100.000% +5 more

8 metrics

Principal amount $619,000.00 Pricing Supplement No. 652

Coupon rate 3.950% Fixed coupon, monthly payments

Selling price 100.000% Notes sold at par

Gross concession 0.550% Underwriting/distribution concession

Net proceeds $615,595.50 Proceeds to issuer as listed

Maturity date 04/15/2028 Final principal payment date

Trade/Settle dates Trade 04/20/2026; Settle 04/23/2026 Transaction timing

DTC number 0235 DTC Book Entry via RBC Dain Rauscher Inc.

Key Terms

Pricing Supplement, Gross Concession, DTC Book Entry, Survivor's Option

4 terms

Pricing Supplement regulatory

"Pricing Supplement No. 652 - Dated Monday, April 20, 2026"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Gross Concession financial

"Gross Concession | 0.550% | Net Proceeds"

DTC Book Entry technical

"Initial trades settle flat and clear SDFS: DTC Book Entry only"

Survivor's Option financial

"1st Coupon Amount | Survivor's Option | Product Ranking"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/20/2026 - 02:17 PM Learn about SEC filing dates

FAQ

What are the terms of NRUC's priced notes?

The notes are $619,000 senior unsecured notes at 100.000% with a 3.950% fixed coupon. They pay interest monthly and mature on 04/15/2028; trade date was 04/20/2026 and settlement on 04/23/2026.

How much net proceeds will NRUC receive from the offering?

Net proceeds shown are $615,595.50. This equals the selling price less the listed gross concession of 0.550%, as stated on the pricing supplement.

Are the NRUC notes callable or non-callable?

The pricing supplement states the notes are Non-Callable. The document also indicates a Survivor's Option is included and the notes rank as senior unsecured obligations.

Who are the distribution agents and settlement mechanics for the notes?

Agents include InspereX LLC, Citigroup, Wells Fargo, RBC Capital Markets. Notes are DTC book-entry (DTC No. 0235) with settlement on 04/23/2026 and initial trades settle flat.

Filed under Rule 424(b)(3), Registration Statement No. 333-275151

Pricing Supplement No. 652 - Dated Monday, April 20, 2026 (To: Prospectus Dated October 24, 2023 and Prospectus Supplement Dated October 27, 2023)

CUSIP Number

Principal Amount

Selling Price

Gross Concession

Net Proceeds

Coupon Type

Coupon Rate

Coupon Frequency

Maturity Date

1st Coupon Date

1st Coupon Amount

Survivor's Option

Product Ranking

63743F4D5

$619,000.00

100.000%

0.550%

$615,595.50

Fixed

3.950%

Monthly

04/15/2028

05/15/2026

$2.41

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable

			Offering Date: Monday, April 13, 2026 through Monday, April 20, 2026			National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp			Trade Date: Monday, April 20, 2026 @12:00 PM ET
			Settle Date: Thursday, April 23, 2026			Prospectus dated October 24, 2023 and
			Minimum Denomination/Increments:$1,000.00/$1,000.00			Prospectus Supplement Dated: October 27, 2023
			Initial trades settle flat and clear SDFS: DTC Book Entry only
			DTC Number: 0235 via RBC Dain Rauscher Inc.
			Agents: InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services, LLC, RBC Capital Markets, LLC
			Trustee: U.S. Bank Trust Company, National Association
			If the maturity date or an interest payment date for any note is not a business day (as term is defined in prospectus), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date or interest payment date.
			Notes will be sold to you at the selling price specified in this Pricing Supplement. The Purchasing Agent shall purchase notes from us at the selling price less the applicable gross concession specified in this Pricing Supplement. The Purchasing Agent may resell the notes it purchases to the agents and selected dealers at the selling price less a concession that, at the discretion of the Purchasing Agent, may be less than or equal to the gross concession received by the Purchasing Agent. Notes purchased by the agents and selected dealers on behalf of level-fee [investment or advisory] accounts may be sold to such accounts at the selling price less the applicable concession, and such agents and selected dealers shall not retain, as compensation, any portion of such concession.
			Validity of the Notes
			In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.
			This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.
			InterNotes is a registered trademark of InspereX Holdings LLC. All Rights Reserved.