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  4. [424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

National Rural Utilities (NRUC) issues 4.000% senior unsecured notes due 2027

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp is issuing senior unsecured notes with a principal amount of $20,000 at a selling price of 100.000%, generating net proceeds of $19,890.00.

The notes carry a fixed 4.000% coupon, paid monthly, maturing on June 15, 2027, with the first coupon of $3.67 due on July 15, 2025. They are callable at 100% on June 15, 2026 and monthly thereafter on 30 calendar days’ notice, include a survivor’s option, and are issued in minimum denominations of $1,000 under an indenture for which U.S. Bank Trust Company, National Association, acts as trustee.

Positive

  • None.

Negative

  • None.

Insights

NRUC issues callable 4% 2027 senior unsecured note in small size.

National Rural Utilities Cooperative Finance Corp is offering a senior unsecured note with $20,000 principal, a fixed 4.000% coupon, monthly interest, and maturity on June 15, 2027. Net proceeds are $19,890.00, reflecting a 0.550% selling concession.

The issue is callable at 100% beginning June 15, 2026 and monthly thereafter with 30 calendar days’ notice, which limits upside if rates fall. The survivor’s option adds a holder-friendly feature, allowing repayment upon the death of the beneficial owner, typical of retail-oriented notes.

Principal Amount $20,000.00 Principal amount of the senior unsecured notes
Selling Price 100.000% Price at which the notes are sold
Gross Concession 0.550% Selling concession to agents on the notes
Net Proceeds $19,890.00 Proceeds to National Rural Utilities Cooperative Finance Corp from this note
Coupon Rate 4.000% Fixed annual interest rate on the notes
Maturity Date 06/15/2027 Date when principal of the notes is due
First Call Date 06/15/2026 Earliest date the notes may be redeemed at 100%
First Coupon Amount $3.67 First monthly interest payment due July 15, 2025
Senior Unsecured Notes financial
"Survivor's Option | Product Ranking 63743F3J3 | $20,000.00 ... | Yes | Senior Unsecured Notes"
Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.
Survivor's Option financial
"1st Coupon Amount | Survivor's Option | Product Ranking"
Gross Concession financial
"Principal Amount | Selling Price | Gross Concession | Net Proceeds"
Indenture regulatory
"delivery of the notes pursuant to the terms of the indenture and the applicable underwriting"
An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.
DTC Book Entry financial
"Initial trades settle flat and clear SDFS: DTC Book Entry only"
InterNotes financial
"InterNotes® is a registered trademark of InspereX Holdings LLC."
Offering Type shelf

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

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FAQ

What are the key terms of NRUC’s 4.000% senior unsecured notes due 2027?
The notes have $20,000 principal, a fixed 4.000% coupon paid monthly, and mature on June 15, 2027. They are senior unsecured obligations of National Rural Utilities Cooperative Finance Corp.

When can the NRUC 2027 notes first be called by the issuer?
The notes are first callable at 100% of principal on June 15, 2026. After that date, they are callable monthly with 30 calendar days’ notice.

What proceeds does NRUC receive from this 4.000% note offering (NRUC)?
For this note, National Rural Utilities Cooperative Finance Corp receives $19,890.00 in net proceeds from $20,000 principal, after a 0.550% gross concession to selling agents.

How often do the NRUC 4.000% 2027 notes pay interest and what is the first coupon?
Interest is paid monthly at a fixed 4.000% rate. The first coupon date is July 15, 2025, and the first coupon payment amount is $3.67.

Do the NRUC senior unsecured notes due 2027 include a survivor’s option?
Yes. The notes include a survivor’s option, allowing repayment in the event of the beneficial owner’s death, a feature common in retail-targeted InterNotes offerings.

What is the minimum denomination for NRUC’s 4.000% 2027 notes?
The minimum denomination is $1,000.00, with additional purchases in $1,000.00 increments, and the notes are issued in DTC book-entry form only.


Filed under Rule 424(b)(3), Registration Statement No. 333-275151
Pricing Supplement No. 633 - Dated Monday, June 9, 2025 (To: Prospectus Dated October 24, 2023 and Prospectus Supplement Dated October 27, 2023)
CUSIP NumberPrincipal AmountSelling PriceGross Concession
Net Proceeds
Coupon TypeCoupon RateCoupon FrequencyMaturity Date1st Coupon Date1st Coupon AmountSurvivor's Option
Product Ranking
63743F3J3$20,000.00
100.000%
0.550%$19,890.00Fixed4.000%Monthly06/15/202707/15/2025$3.67Yes
Senior Unsecured Notes
Redemption Information: Callable at 100% on 6/15/2026 and Monthly thereafter with 30 Calendar Days' Notice.
Offering Date: Monday, June 2, 2025 through Monday, June 9, 2025National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance CorpTrade Date: Monday, June 9, 2025 @ 12:00 PM ET
Settle Date: Thursday, June 12, 2025Prospectus dated October 24, 2023 and
Minimum Denomination/Increments:$1,000.00/$1,000.00Prospectus 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.
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.

Source: View Original Filing on SEC EDGAR