NRUC prices 3.85% Senior Notes due 2028

National Rural Utilities Cooperative Finance Corp priced a primary offering of Senior Unsecured Notes with a 3.850% fixed coupon, monthly payments, and a maturity date of 04/15/2028.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp priced a primary offering of Senior Unsecured Notes with a 3.850% fixed coupon, monthly payments, and a maturity date of 04/15/2028. The notes are non-callable; the selling price is 100.000% with a 0.550% gross concession and a first coupon payment of $1.60 on 05/15/2026. Trades were scheduled for 04/27/2026 with settlement on 04/30/2026 and a minimum denomination of $1,000.

Insights

Capital Markets Analyst

Issuer priced a fixed-rate senior note for multi-year funding.

The Pricing Supplement shows a primary issuance of Senior Unsecured Notes at a 3.850% fixed coupon, monthly interest, and non-callable redemption terms maturing on 04/15/2028. The structure and single-digit concession indicate a standard distribution through underwriters and market dealers.

Settlement mechanics are clear: trade date 04/27/2026, settle 04/30/2026, DTC book-entry distribution, and minimum denomination $1,000. Subsequent filings or confirmations will show final allocated principal amounts and net proceeds.

Key Figures

Coupon Rate: 3.850% Selling Price: 100.000% Gross Concession: 0.550% +5 more

8 metrics

Coupon Rate 3.850% Fixed coupon for the notes

Selling Price 100.000% Price to investors per Pricing Supplement

Gross Concession 0.550% Distributor concession specified in the supplement

Maturity Date 04/15/2028 Final maturity of the notes

First Coupon Amount $1.60 First monthly coupon payable 05/15/2026

Trade Date 04/27/2026 Scheduled trade date in the supplement

Settle Date 04/30/2026 Scheduled settlement date in the supplement

Minimum Denomination $1,000 Minimum purchase increment

Key Terms

Pricing Supplement, Gross Concession, DTC Book Entry, Senior Unsecured Notes

4 terms

Pricing Supplement regulatory

"Pricing Supplement No. 653 - 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% |"

DTC Book Entry technical

"SDFS: DTC Book Entry only"

Senior Unsecured Notes financial

"Product Ranking ... 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What interest rate does NRUC's 2026 pricing supplement specify?

The notes carry a fixed 3.850% coupon paid monthly. The Pricing Supplement lists monthly payments with the first coupon amount of $1.60 on 05/15/2026.

When do NRUC trades and settlement occur for this note offering?

The Pricing Supplement schedules a trade date of 04/27/2026 and settlement on 04/30/2026. Initial trades are noted to settle flat with DTC book-entry only.

Are these NRUC notes callable or non-callable?

These Senior Unsecured Notes are specified as Non-Callable in the Pricing Supplement. The maturity date is 04/15/2028 with no call provisions listed.

What price and concession are listed in NRUC's pricing supplement?

The selling price is listed as 100.000% with a gross concession of 0.550%. Net proceeds and aggregate principal amount are not shown in the excerpt.

What is the minimum investment for NRUC's notes?

The minimum denomination and increments are $1,000.00/$1,000.00 as stated in the Pricing Supplement, indicating standard $1,000 note increments for purchasers.

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

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Accepted by SEC EDGAR 04/20/2026 - 12:12 PM EDT Learn about SEC filing dates

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

Pricing Supplement No. 653 - 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

63743F4E3

[ ]

100.000%

0.550%

[ ]

Fixed

3.850%

Monthly

04/15/2028

05/15/2026

$1.60

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable

			Offering Date: Monday, April 20, 2026 through Monday, April 27, 2026			National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp			Trade Date: Monday, April 27, 2026 @12:00 PM ET
			Settle Date: Thursday, April 30, 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.
			InterNotes® is a registered trademark of InspereX Holdings LLC. All Rights Reserved.