National Rural Utilities (NRUC) prices 3.75% fixed notes due 2029

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp is offering fixed-rate senior unsecured notes under its InterNotes program. The notes pay a 3.750% coupon with interest paid monthly and are scheduled to mature on February 15, 2029.

The notes are non-callable, include a survivor's option, and are offered at 100% of principal during an offering period from February 2 to February 9, 2026. The minimum denomination is $1,000, with settlement through DTC book-entry only and distribution via several named dealer agents.

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

Pricing Supplement No. 650 - 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

63743F4B9

[ ]

100.000%

0.825%

[ ]

Fixed

3.750%

Monthly

02/15/2029

03/15/2026

$3.44

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable

			Offering Date: Monday, February 2, 2026 through Monday, February 9, 2026			National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp			Trade Date: Monday, February 9, 2026 @12:00 PM ET
			Settle Date: Thursday, February 12, 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.

FAQ

What are the key terms of National Rural Utilities (NRUC) 3.75% notes due 2029?

NRUC is offering fixed-rate senior unsecured notes paying 3.750% interest monthly, maturing February 15, 2029. The notes are non-callable, include a survivor's option, are priced at 100% of principal, and are issued in minimum denominations of $1,000 through DTC book-entry.

How often do the NRUC 3.75% notes pay interest and when is the first payment?

The notes pay interest monthly at a 3.750% fixed coupon rate. The first coupon payment date is March 15, 2026, with an initial coupon amount of $3.44, followed by monthly payments through the stated maturity date of February 15, 2029, assuming the notes remain outstanding.

When is the offering period, trade date, and settlement date for NRUC’s 3.75% notes?

The offering period runs from February 2, 2026 through February 9, 2026. The trade date is February 9, 2026 at 12:00 ET, and settlement is scheduled for February 12, 2026, with initial trades settling flat through DTC book-entry only.

How are NRUC’s 3.75% notes distributed and who are the selling agents?

The notes are sold at a specified selling price, with a purchasing agent buying at a discount equal to the gross concession. The purchasing agent may resell to agents and dealers. Named agents include InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services, LLC, and RBC Capital Markets, LLC.