5.5% NRUC (NRUC) subordinated notes due 2056, callable from 2031

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp is offering subordinated deferrable interest notes due February 15, 2056. The notes are priced at 100.000% of principal and pay a fixed 5.500% annual coupon, with interest paid semi-annually starting on August 15, 2026.

These notes include a survivor’s option and are callable at the issuer’s option, in whole or in part, at 100% of principal plus accrued interest on any day on or after February 15, 2031. The offering runs from February 2, 2026 through February 9, 2026, with a trade date of February 9, 2026 and settlement on February 12, 2026. The minimum denomination is $1,000 and integral multiples of $1,000.

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.

Subject to completion dated February 02, 2026

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

Pricing Supplement No. 46 - Dated Monday, February 2, 2026 (To: Prospectus Dated October 24, 2023 and Prospectus Supplement Dated November 1, 2024)

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

63743LBP7

[ ]

100.000%

3.150%

[ ]

Fixed

5.500%

Semi- Annual

02/15/2056

08/15/2026

$27.96

Yes

Subordinated Notes

Redemption Information:

Callable at the Issuer’s option, in whole or from time to time in part, on any day on or after 02/15/2031 (the “Par Call Period”) at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date.

			Offering Date: Monday, February 2, 2026 through Monday, February 9, 2026			National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp			Trade Date: Monday, February 9, 2026 @12:00 PM ET			Subordinated Notes (Subordinated Deferrable Interest Notes)
			Settle Date: Thursday, February 12, 2026
			Minimum Denomination/Increments:$1,000.00/$1,000.00			Prospectus dated October 24, 2023 and
			Initial trades settle flat and clear SDFS: DTC Book Entry only			Prospectus Supplement Dated: November 1, 2024
			DTC Number: 0235 via RBC Dain Rauscher Inc.
			Agents: InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC, Wells Fargo Clearing Services, LLC
			Trustee: U.S. Bank Trust Company, National Association
			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.

FAQ

What are the key terms of National Rural Utilities (NRUC) 5.500% subordinated notes?

The notes are subordinated deferrable interest notes with a fixed 5.500% annual coupon, maturing on February 15, 2056. Interest is paid semi-annually, starting August 15, 2026, and the issue price is 100.000% of principal amount.

When can National Rural Utilities (NRUC) call these subordinated notes?

The notes are callable at the issuer’s option on any day on or after February 15, 2031. Redemption is at 100% of principal plus accrued and unpaid interest to, but excluding, the redemption date, in whole or in part.

What is the offering and settlement schedule for NRUC’s 2056 subordinated notes?

The offering period runs from February 2, 2026 through February 9, 2026. The trade date is February 9, 2026 at 12:00 ET, with settlement scheduled for February 12, 2026 through DTC book-entry only.

What are the minimum denomination and increments for NRUC’s subordinated notes?

The notes have a minimum denomination of $1,000 with increments of $1,000. They are issued in book-entry form through DTC, allowing investors to purchase in standardized, relatively small principal amounts suitable for many fixed-income portfolios.

How is compensation structured for agents selling NRUC’s subordinated notes?

Notes are sold at the stated selling price, with a gross concession of 3.150%. The purchasing agent buys from the issuer at the selling price less this concession and may resell to agents or dealers at a reduced concession at its discretion.

Do NRUC’s 5.500% subordinated notes include a survivor’s option?

Yes, the notes include a survivor’s option. This feature generally allows the estate of a deceased beneficial owner to request repayment at par, offering an additional estate-planning flexibility compared with standard non-survivor bond structures.