3.75% notes due 2029 from National Rural Utilities (NRUC)

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp is issuing $877,000 principal amount of senior unsecured notes with a fixed 3.750% annual coupon, paid monthly, and a maturity date of February 15, 2029. The notes are priced at 100.000% of principal and are non-callable, so they are scheduled to remain outstanding until maturity. Net proceeds to the company are listed as $869,764.75 after a 0.825% gross concession to the purchasing agent. The minimum denomination is $1,000 and the first coupon payment of $3.44 is due on March 15, 2026. The notes include a survivor’s option and are issued as DTC book-entry securities under an existing prospectus and indenture.

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Accepted by SEC EDGAR 02/10/2026 - 08:26 AM Learn about SEC filing dates

FAQ

What are the key terms of National Rural Utilities (NRUC) 3.750% notes?

The notes are senior unsecured obligations with a 3.750% fixed coupon, paid monthly, and mature on February 15, 2029. They are non-callable, issued in $1,000 minimum denominations, and include a survivor’s option for certain estate-related redemptions.

How much is National Rural Utilities (NRUC) raising in this 2029 note issue?

The company is issuing $877,000 principal amount of senior unsecured notes. After paying a 0.825% gross concession to the purchasing agent, National Rural Utilities expects net proceeds of $869,764.75 from this particular tranche of notes.

What is the interest payment structure on NRUC’s 3.750% notes due 2029?

The notes pay interest at a 3.750% fixed annual rate with monthly coupon payments. The first coupon payment date is March 15, 2026, with the first coupon amount shown as $3.44 per minimum denomination under the disclosed terms.

Are the National Rural Utilities (NRUC) 3.750% notes callable before maturity?

The notes are described as Non-Callable, meaning National Rural Utilities does not have the right to redeem them early under the disclosed terms. Barring other provisions, investors can expect repayment of principal at maturity on February 15, 2029.

How are the NRUC 3.750% notes due 2029 being distributed to investors?

The notes are sold at the specified selling price, with a purchasing agent buying from the issuer at that price less the 0.825% gross concession. The purchasing agent may resell to agents and dealers, who can sell to accounts at the selling price less an applicable concession.

What is the legal status of National Rural Utilities (NRUC) 3.750% notes?

Counsel Hogan Lovells US LLP opines that, after proper authorization, execution, authentication, issuance and delivery against payment, the notes constitute valid and binding obligations of National Rural Utilities, subject to customary bankruptcy, insolvency and equitable principles under applicable law.

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

Pricing Supplement No. 650 - Dated Monday, February 9, 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

$877,000.00

100.000%

0.825%

$869,764.75

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.
			Validity of the Notes
			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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