NRUC prices $600M floating-rate notes due 2027

National Rural Utilities Cooperative Finance Corporation is issuing $600,000,000 principal amount of Medium-Term Notes, Series D, as floating rate notes maturing on August 9, 2027.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $600,000,000 principal amount of Medium-Term Notes, Series D, as floating rate notes maturing on August 9, 2027. The notes are priced at 100% of principal and will pay interest quarterly based on Compounded SOFR plus 43 basis points, using an Actual/360 day count.

Interest will be paid each February 9, May 9, August 9 and November 9, starting May 9, 2026, with payment at maturity equal to 100% of principal plus accrued interest. The notes will be issued in book-entry form, with MUFG Securities Americas Inc., RBC Capital Markets, Truist Securities and others acting as principals, earning a 0.10% selling concession.

The notes are not intended for retail investors in the United Kingdom, and no UK PRIIPs key information document has been prepared. Concurrently, the company is also offering an additional $600,000,000 principal amount of Series D notes under a separate pricing supplement. Settlement is expected on a T+4 basis on February 9, 2026.

Insights

Debt capital markets analyst

NRUC adds $600M SOFR-linked debt maturing in 2027 on standard MTN terms.

National Rural Utilities Cooperative Finance Corporation is issuing $600,000,000 of Medium-Term Notes, Series D, due August 9, 2027. The notes pay a floating rate based on Compounded SOFR plus 43 basis points with quarterly payments, which helps align interest costs with short-term market rates.

The notes are sold at 100% of principal with a modest 0.10% agents’ discount, suggesting a plain-vanilla institutional offering. They settle on a T+4 basis, which may require investors trading before February 9, 2026 to arrange alternative settlement cycles to avoid failed trades.

UK retail investors are excluded because no UK PRIIPs key information document has been prepared, focusing distribution on professional and qualified investors. A concurrent $600,000,000 Series D issuance under a separate supplement indicates broader funding activity, though actual impact will depend on overall balance-sheet structure and future rate movements.

FAQ

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

What type of securities is NRUC (NRUC) offering in this 424B3 filing?

NRUC is offering $600,000,000 of Medium-Term Notes, Series D. These are floating rate notes maturing August 9, 2027, paying interest quarterly based on Compounded SOFR plus 43 basis points, with principal repaid at 100% at maturity plus accrued interest.

What are the interest terms on NRUC (NRUC) $600 million Series D notes?

The notes pay a floating rate based on Compounded SOFR plus 43 basis points. Interest uses an Actual/360 day count and is paid quarterly on February 9, May 9, August 9 and November 9, starting May 9, 2026, until maturity on August 9, 2027.

When do NRUC (NRUC) new Medium-Term Notes, Series D, settle and mature?

The notes are expected to settle on February 9, 2026 and mature on August 9, 2027. Settlement follows a T+4 cycle from the February 3, 2026 trade date, and investors receive full principal repayment at maturity plus any accrued and unpaid interest.

Who are the agents for NRUC (NRUC) $600 million floating rate note offering?

The agents include MUFG Securities Americas, RBC Capital Markets, Truist Securities and several others. They act in a principal capacity and receive a 0.10% discount or commission on the $600,000,000 Medium-Term Notes, Series D, issued in book-entry form.

Can UK retail investors buy NRUC (NRUC) Medium-Term Notes, Series D?

The notes are not intended to be offered or sold to UK retail investors. No key information document under the UK PRIIPs Regulation has been prepared, so making the notes available to retail investors in the United Kingdom may be unlawful under applicable regulations.

Is there another NRUC (NRUC) Series D note offering occurring alongside this issue?

Yes, NRUC is concurrently offering another $600,000,000 of Series D Medium-Term Notes. Those securities are issued under a separate pricing supplement, and the sales may occur concurrently or at different times without being conditioned upon each other.

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

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Accepted by SEC EDGAR 02/03/2026 - 04:58 PM Learn about SEC filing dates

Rule 424 (b) (3)

Registration No. 333-275151

CUSIP #: 63743H GD8

TRADE DATE: February 3, 2026

SETTLEMENT DATE: February 9, 2026

PRICING SUPPLEMENT NO. D1031 DATED February 3, 2026

TO PROSPECTUS SUPPLEMENT DATED October 27, 2023

AS SUPPLEMENTED BY THE SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED January 28, 2026

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

Floating Rate Notes

Principal Amount:			$600,000,000
Issue Price:			100% of Principal Amount
Original Issue Date:			February 9, 2026
Maturity Date:			August 9, 2027
Interest Rate Basis:			Floating rate based on Compounded SOFR, calculated and reset quarterly
Spread:			Plus 43 basis points
Interest Payment Dates:			Each February 9, May 9, August 9 and November 9, commencing May 9, 2026
Interest Payment Date Convention:			Modified Following Business Day, Adjusted
Day Count:			Actual/360
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:			0.10%
Agents:			MUFG Securities Americas Inc. RBC Capital Markets, LLC Truist Securities, Inc. FNB America Securities LLC Huntington Securities, Inc. M&T Securities, Inc.
Capacity:			Principal
Form of Note: (Book-Entry or Certificated)			Book-Entry

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Other Terms:

The following replaces and supersedes the text under the heading “Plan of Distribution (Conflicts of Interest) – Selling Restrictions – United Kingdom” contained in the Company's Prospectus Supplement dated October 27, 2023.

United Kingdom

The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (“UK”). For these purposes, a retail investor means a person who is neither: (i) a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the “EUWA”); nor (ii) a qualified investor as defined in (a) Article 2 of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the EUWA and as amended or (b) paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

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 $600,000,000 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 February 9, 2026 which is the fourth trading day following the date hereof (such settlement cycle being referred to as T+4). 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+4 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.

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