National Rural Utilities 424B3 - $1000 Min Investment Notes|NRUC Files 4.1% Fixed Coupon Notes Prospectus|National Rural Utilities Announces Senior Unsecured Notes Offering

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp announces offering of Senior Unsecured Fixed Rate Notes with 4.100% coupon rate, maturing July 15, 2027. The notes are priced at 100% of principal with monthly interest payments beginning August 15, 2025. Initial coupon payment set at $4.78. Notes feature Survivor's Option and are non-callable. Offering period runs June 23-30, 2025, with settlement on July 3, 2025. Minimum denomination is $1,000. Distribution through multiple agents including InspereX LLC, Citigroup, Wells Fargo, and RBC Capital Markets, with 0.550% gross concession. Notes will be DTC Book Entry only with U.S. Bank Trust Company as trustee. Securities registered under Registration Statement No. 333-275151.

Positive

• Fixed coupon rate of 4.100% with monthly payments provides stable income stream for investors
• Senior Unsecured Notes ranking indicates relatively strong position in capital structure
• Includes Survivor's Option feature, providing additional protection for retail investors
• 100% selling price without premium suggests fair initial pricing
• Multiple well-known financial institutions serving as agents (InspereX, Citigroup, Wells Fargo, RBC) indicates strong distribution network

Negative

• Non-callable feature means issuer cannot redeem early, potentially limiting upside if interest rates decline
• Relatively long maturity date (July 15, 2027) increases interest rate and duration risk
• 0.550% gross concession to selling agents reduces net proceeds to the issuer
• Senior Unsecured status means notes are not backed by specific collateral
• Settlement date of July 3, 2025 near a holiday weekend could affect initial trading liquidity

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

Pricing Supplement No. 636 - Dated Monday, June 23, 2025 (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

63743F3M6

[ ]

100.000%

0.550%

[ ]

Fixed

4.100%

Monthly

07/15/2027

08/15/2025

$4.78

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable

			Offering Date: Monday, June 23, 2025 through Monday, June 30, 2025			National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp			Trade Date: Monday, June 30, 2025 @12:00 PM ET
			Settle Date: Thursday, July 3, 2025			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.
			InterNotes® is a registered trademark of InspereX Holdings LLC. All Rights Reserved.

FAQ

What is the coupon rate for NRUC's new subordinated notes issued in June 2025?

The notes have a fixed coupon rate of 4.100% with monthly coupon payments.

When do NRUC's new 2025 notes mature?

The notes mature on July 15, 2027.

What is the minimum investment amount for NRUC's June 2025 notes offering?

The minimum denomination is $1,000.00 with increments of $1,000.00.

Who are the agents for NRUC's June 2025 notes offering?

The agents are InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services, LLC, and RBC Capital Markets, LLC.

What is the selling price and gross concession for NRUC's June 2025 notes?

The notes are being sold at 100.000% of principal amount with a gross concession of 0.550%.

Are NRUC's June 2025 notes callable?

No, the notes are non-callable according to the redemption information.