NRUC (NASDAQ: NRUC) sells 3.95% senior unsecured notes due 04/15/2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp priced senior unsecured notes with a fixed 3.950% monthly coupon, selling at 100.000% and a gross concession of 0.550%. The notes mature on 04/15/2028, are non-callable, and carry a first coupon payment of $3.18 on 05/15/2026. The offering period ran 04/06/2026 through 04/13/2026, with trade date 04/13/2026 and settlement on 04/16/2026. Minimum denomination is $1,000.00.

Insights

Debt Capital Markets Analyst

NRUC priced a small fixed-rate senior note issue maturing in 2028.

The pricing supplement shows senior unsecured notes sold at 100.000% with a fixed coupon of 3.950%, payable monthly, and a gross concession of 0.550%. The notes are non-callable and use DTC book-entry settlement.

Key operational dates: offering 04/06/2026-04/13/2026, trade 04/13/2026, settle 04/16/2026. Cash‑flow recipients and detailed allocation among agents are set by the purchasing agent and agents; the supplement describes concession handling but does not disclose aggregate principal amount.

Key Figures

Coupon Rate: 3.950% Selling Price: 100.000% Gross Concession: 0.550% +3 more

6 metrics

Coupon Rate 3.950% Fixed monthly coupon

Selling Price 100.000% Price to investors as stated in Pricing Supplement

Gross Concession 0.550% Agent gross concession on sale

Maturity Date 04/15/2028 Principal due date

First Coupon Amount $3.18 Payment on 05/15/2026

Minimum Denomination $1,000.00 Minimum purchase increment

Key Terms

Selling Price, Gross Concession, DTC Book Entry, InterNotes®

4 terms

Selling Price financial

"Notes will be sold to you at the selling price specified in this Pricing Supplement."

Gross Concession financial

"The Purchasing Agent shall purchase notes from us at the selling price less the applicable gross concession"

DTC Book Entry technical

"SDFS: DTC Book Entry only"

InterNotes® other

"InterNotes® is a registered trademark of InspereX Holdings LLC."

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

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Accepted by SEC EDGAR 04/06/2026 - 11:59 AM Learn about SEC filing dates

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

Pricing Supplement No. 651 - Dated Monday, April 6, 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

63743F4C7

[ ]

100.000%

0.550%

[ ]

Fixed

3.950%

Monthly

04/15/2028

05/15/2026

$3.18

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable

			Offering Date: Monday, April 6, 2026 through Monday, April 13, 2026			National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp			Trade Date: Monday, April 13, 2026 @12:00 PM ET
			Settle Date: Thursday, April 16, 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.