National Rural Utilities (NRUC) sells 3.700% senior notes maturing 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp is issuing $1,221,000 principal amount of 3.700% senior unsecured notes maturing on February 15, 2028. The notes are priced at 100.000%, carry fixed monthly interest, and pay the first coupon of $4.11 on March 15, 2026.

The offering is non-callable and includes a survivor’s option, allowing repayment upon the holder’s death under stated conditions. After a 0.550% selling concession, the company expects net proceeds of $1,214,284.50. Hogan Lovells US LLP opines that, after proper issuance, the notes will be valid and binding obligations of the company, subject to applicable bankruptcy and creditor-rights laws.

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

Pricing Supplement No. 649 - Dated Monday, February 2, 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

63743F4A1

$1,221,000.00

100.000%

0.550%

$1,214,284.50

Fixed

3.700%

Monthly

02/15/2028

03/15/2026

$4.11

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable

			Offering Date: Monday, January 26, 2026 through Monday, February 2, 2026			National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp			Trade Date: Monday, February 2, 2026 @12:00 PM ET
			Settle Date: Thursday, February 5, 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.

FAQ

What are the key terms of National Rural Utilities (NRUC) 3.700% notes?

NRUC is issuing $1,221,000 of 3.700% senior unsecured notes maturing February 15, 2028. The notes are priced at 100.000%, pay fixed interest monthly, are non-callable, and include a survivor’s option, giving certain repayment rights upon a holder’s death.

What interest rate and payment schedule do the NRUC notes offer?

The NRUC notes pay a fixed 3.700% coupon with monthly interest payments. The first coupon payment of $4.11 is scheduled for March 15, 2026, and interest continues monthly until the February 15, 2028 maturity date, subject to standard business day conventions.

How much in net proceeds will NRUC receive from this note offering?

NRUC expects to receive net proceeds of $1,214,284.50 from this issuance. The notes are sold at 100.000% of the $1,221,000 principal, less a 0.550% gross concession retained by the purchasing agent and its selling group under the distribution arrangements.

Are National Rural Utilities (NRUC) notes callable before maturity?

The notes are non-callable, meaning NRUC cannot redeem them before February 15, 2028. Investors generally receive scheduled monthly coupon payments until maturity, except where the survivor’s option is exercised or other standard debt provisions apply.

What is the survivor’s option on the NRUC senior unsecured notes?

The survivor’s option allows repayment of a deceased holder’s notes at par under specified conditions. This feature can provide estate liquidity, giving beneficiaries the ability to request redemption rather than holding the notes to the 2028 maturity date.

Who provides the legal opinion on the validity of NRUC’s notes?

Hogan Lovells US LLP provides the legal opinion on these NRUC notes. The firm states that, after proper authorization, execution, and payment, the notes will be valid and binding obligations, subject to bankruptcy, insolvency, and other laws affecting creditors’ rights.