National Rural Utilities (NRUC) prices 3.600% non-callable senior notes due 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp is offering senior unsecured notes under an existing shelf program. The notes carry a fixed coupon rate of 3.600% paid monthly and are scheduled to mature on January 15, 2028. They are non-callable, meaning they cannot be redeemed early by the issuer. The notes are priced at 100.000% of principal, with a gross selling concession of 0.550%. The first coupon payment is due on February 15, 2026 and is stated as $2.20. Minimum denominations are $1,000 with $1,000 increments, and the notes clear through DTC in book-entry form. A survivor's option is available, and the product ranks as senior unsecured debt of the issuer.

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

Pricing Supplement No. 648 - Dated Monday, January 12, 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

63743F3Z7

[ ]

100.000%

0.550%

[ ]

Fixed

3.600%

Monthly

01/15/2028

02/15/2026

$2.20

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable

			Offering Date: Monday, January 12, 2026 through Tuesday, January 20, 2026			National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp			Trade Date: Tuesday, January 20, 2026 @12:00 PM ET
			Settle Date: Friday, January 23, 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 type of security is National Rural Utilities Cooperative Finance Corp (NRUC) offering?

National Rural Utilities Cooperative Finance Corp is offering senior unsecured notes with a fixed coupon rate, issued under a prospectus dated October 24, 2023 and a prospectus supplement dated October 27, 2023.

What is the interest rate and payment frequency on the NRUC notes?

The notes have a fixed coupon rate of 3.600%, with interest paid on a monthly basis. The first coupon payment date is February 15, 2026.

When do the NRUC senior unsecured notes mature?

The notes are scheduled to mature on January 15, 2028. If the maturity date is not a business day, payment will be made on the next business day without additional interest.

At what price are the NRUC notes being sold and what is the selling concession?

The notes are being sold at 100.000% of principal amount. The pricing supplement specifies a gross concession of 0.550% to the purchasing agent, which may share concessions with agents and selected dealers.

Are the NRUC notes callable before maturity?

No. The redemption information states that the notes are non-callable, so they are not redeemable by the issuer prior to the stated maturity date.

What is the minimum investment size for the NRUC notes?

The minimum denomination for these notes is $1,000, with additional purchases in $1,000 increments.

What is the survivor's option on the NRUC notes?

The pricing supplement indicates a survivor's option: Yes, meaning certain estate-related redemption rights are available, as more fully described in the related prospectus documents.