3.600% NRUC (NRUC) senior notes due 2028 priced at 100%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp is offering $1,269,000 of senior unsecured notes with a fixed 3.600% coupon, priced at 100.000% of principal. The notes pay interest monthly and mature on January 15, 2028, with the first coupon payment on February 15, 2026 and an initial coupon amount of $2.20. The notes are non-callable, but include a survivor’s option that allows repayment at par upon the death of the beneficial owner, subject to the program’s terms.

The offering runs from January 12, 2026 through January 20, 2026, with a trade date of January 20, 2026 and settlement on January 23, 2026 in $1,000 minimum denominations. Notes are sold at the stated selling price, with a 0.550% gross concession resulting in net proceeds to the company of $1,262,020.50. The notes are issued through a group of agents and are expected, subject to customary legal qualifications, to constitute valid and binding obligations of the company.

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

Pricing Supplement No. 648 - Dated Tuesday, January 20, 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

$1,269,000.00

100.000%

0.550%

$1,262,020.50

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.
			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.
			InterNotes is a registered trademark of InspereX Holdings LLC. All Rights Reserved.

FAQ

What is National Rural Utilities Cooperative Finance Corp (NRUC) offering in this 424B3 pricing supplement?

NRUC is offering $1,269,000 principal amount of senior unsecured notes with a fixed 3.600% coupon, priced at 100.000% of principal and issued in minimum denominations of $1,000.

What are the key terms of NRUCs 3.600% senior notes due 2028?

The notes carry a 3.600% fixed coupon paid monthly, mature on January 15, 2028, are non-callable, and have a first coupon payment on February 15, 2026 with an initial coupon amount of $2.20.

What proceeds will NRUC receive from this note offering?

At a selling price of 100.000% and a gross concession of 0.550%, NRUC expects net proceeds of $1,262,020.50 from the sale of these notes.

Does the NRUC 3.600% note offering include a survivors option?

Yes. The notes include a survivors option, allowing repayment at par upon the death of the beneficial owner, subject to the terms described for the program.

When do the NRUC 3.600% senior notes trade and settle?

The offering period runs from January 12, 2026 through January 20, 2026, with a trade date of January 20, 2026 and a settlement date of January 23, 2026 via DTC book-entry.

Who are the agents involved in the NRUC 3.600% note offering?

Agents include InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services, LLC, and RBC Capital Markets, LLC, with U.S. Bank Trust Company, National Association as trustee.

How are the legality and validity of NRUCs notes addressed?

Hogan Lovells US LLP opines that, after receipt of consideration and proper execution and delivery under the indenture and related agreements, the notes will be valid and binding obligations of NRUC, subject to customary bankruptcy and equity-related limitations.