National Rural Utilities (NRUC) prices $400M Series D notes due 2030 at 4.30%

Rhea-AI Filing Summary

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.

Insights

Debt capital markets analyst

NRUC adds $400M 2030 notes at 4.30% under its MTN program.

National Rural Utilities Cooperative Finance Corporation is issuing $400,000,000 of Medium-Term Notes, Series D, due December 10, 2030. The notes carry a fixed 4.30% coupon and were priced at 99.906% of principal, implying a yield slightly above the coupon to investors.

Interest is paid twice a year, on each June 10 and December 10, starting June 10, 2026, which creates a predictable cash interest burden. The notes include a make-whole call before November 10, 2030 based on a Treasury Rate plus 0.10%, and a par call on or after that date, giving the issuer flexibility to refinance if conditions favor it.

The transaction includes a 0.60% agents’ discount or commission and settles on a T+7 basis around December 10, 2025. Concurrently, NRUC is also offering an additional $650,000,000 of Series D notes via a separate supplement, indicating a broader funding exercise, though overall balance sheet impact would need to be assessed against existing debt levels and capital needs.

Rule 424 (b) (3)

Registration No. 333-275151

CUSIP #: 63743H GC0

TRADE DATE: December 1, 2025

SETTLEMENT DATE: December 10, 2025

PRICING SUPPLEMENT NO. D1030 DATED December 1, 2025

TO PROSPECTUS SUPPLEMENT DATED October 27, 2023

AND BASE PROSPECTUS DATED October 24, 2023

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

With Maturities of Nine Months or More from Date of Issue

Fixed Rate Notes

Principal Amount:			$400,000,000
Issue Price:			99.906% of Principal Amount
Original Issue Date:			December 10, 2025
Maturity Date:			December 10, 2030
Interest Rate:			4.30% per annum
Interest Payment Dates:			Each June 10 and December 10, and the maturity date, commencing June 10, 2026
Optional Redemption:			The Company may redeem the notes at any time prior to November 10, 2030 (the “Par Call Date”), at its option, in whole or in part, at a “make-whole” redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date
			At any time on or after the Par Call Date, the Company may redeem the notes, at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes then outstanding to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.
			“Treasury Rate” means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

1

			The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.
			If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.
Payment at Maturity:			The payment at maturity will be 100% of the Principal Amount plus accrued and unpaid interest, if any
Agents’ Discount or Commission:			0.60%
Agents:			BMO Capital Markets Corp. J.P. Morgan Securities LLC PNC Capital Markets LLC U.S. Bancorp Investments, Inc. Truist Securities, Inc. MUFG Securities Americas Inc. KeyBanc Capital Markets Inc. Regions Securities LLC Huntington Securities, Inc. M&T Securities, Inc. WauBank Securities LLC

2

Capacity:			Principal
Form of Note:			Book-Entry
(Book-Entry or Certificated)
Other Terms:			None
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Concurrently with this offering, we are also offering $650,000,000 aggregate principal amount of Medium-Term Notes, Series D (the “other securities”), pursuant to a separate pricing supplement. Although we expect that the sales of the notes offered hereby and the other securities will take place concurrently, the sales are not conditioned upon each other, and we may consummate the sale of one or more issues and not the other, or consummate the sales at different times.

It is expected that delivery of the notes will be made against payment therefor on or about December 10, 2025 which is the seventh trading day following the date hereof (such settlement cycle being referred to as T+7). Purchasers of notes should note that the ability to settle secondary market trades of the notes effected prior to the first business day before the settlement date may be affected by the T+7 settlement. Accordingly, purchasers who wish to trade the notes prior to the first business day before the settlement date will be required to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own legal advisors.

Validity of the Medium-Term Note

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.

3

FAQ

What notes is National Rural Utilities Cooperative Finance Corporation (NRUC) offering in this 424B3?

The company is offering Medium-Term Notes, Series D with an aggregate principal amount of $400,000,000. These are fixed-rate notes with maturities of nine months or more from the date of issue, specifically maturing on December 10, 2030.

What is the interest rate and payment schedule for NRUCs new Series D notes?

The notes bear interest at a fixed rate of 4.30% per annum. Interest will be paid on each June 10 and December 10, and on the maturity date, with payments commencing on June 10, 2026.

At what price are NRUCs Series D notes being issued and when do they settle?

The notes are being issued at 99.906% of the principal amount, slightly below par. The original issue date and expected settlement date is December 10, 2025, following a T+7 settlement cycle from the December 1, 2025 trade date.

Can NRUC redeem the new Series D notes before maturity, and on what terms?

Yes. NRUC may redeem the notes at any time before November 10, 2030 at a make-whole redemption price based on the Treasury Rate plus 10 basis points, or at 100% of principal on or after the Par Call Date, in each case plus accrued and unpaid interest to, but excluding, the redemption date.

What is the Par Call Date and how is the Treasury Rate determined for NRUCs notes?

The Par Call Date is November 10, 2030, one month before maturity. The Treasury Rate for any make-whole redemption is determined by the company using yields from the Federal Reserves H.15 release for U.S. Treasury constant maturities, interpolated if necessary, or, if H.15 is unavailable, by reference to market yields of U.S. Treasury securities closest to the Par Call Date.

Is NRUC offering any additional Medium-Term Notes alongside this $400 million issuance?

Yes. Concurrently with this offering, NRUC is also offering $650,000,000 aggregate principal amount of additional Medium-Term Notes, Series D (referred to as the other securities) pursuant to a separate pricing supplement. The sales of the two issues may occur concurrently but are not conditioned on each other.

Who are the agents for the NRUC Medium-Term Notes, Series D, and what is their commission?

The agents include firms such as BMO Capital Markets Corp., J.P. Morgan Securities LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc. and others, acting in a principal capacity. The agents discount or commission on the notes is 0.60% of the principal amount.