[424B3] National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) Prospectus Filed Pursuant to Rule 424(b)(3)
Filing Impact
Filing Sentiment
Form Type
424B3
Rhea-AI Filing Summary
National Rural Utilities Cooperative Finance Corporation announces offering of 5.750% Subordinated Notes (Subordinated Deferrable Interest Notes) due July 15, 2055. The notes are priced at 100% of principal amount with a semi-annual coupon payment frequency and first coupon date of January 15, 2026. The offering includes a Survivor's Option and is callable after July 15, 2030 at 100% of principal plus accrued interest. The notes will be sold through multiple agents including InspereX LLC, Citigroup Global Markets, RBC Capital Markets, and Wells Fargo, with a gross concession of 3.150%. Trading will settle through DTC Book Entry with minimum denominations of $1,000. The offering period runs June 23-30, 2025, with settlement on July 3, 2025. U.S. Bank Trust Company serves as trustee.
La National Rural Utilities Cooperative Finance Corporation annuncia l'offerta di Note Subordinate con interesse differibile al 5,750% con scadenza il 15 luglio 2055. Le note sono quotate al 100% del valore nominale, con pagamento delle cedole semestrali e prima cedola il 15 gennaio 2026. L'offerta include un'Opzione Sopravvivenza ed è richiamabile dopo il 15 luglio 2030 al 100% del valore nominale più interessi maturati. Le note saranno vendute tramite diversi agenti, tra cui InspereX LLC, Citigroup Global Markets, RBC Capital Markets e Wells Fargo, con una commissione lorda del 3,150%. La negoziazione avverrà tramite DTC Book Entry, con tagli minimi di 1.000 dollari. Il periodo di offerta va dal 23 al 30 giugno 2025, con regolamento il 3 luglio 2025. U.S. Bank Trust Company funge da trustee.
La National Rural Utilities Cooperative Finance Corporation anuncia la emisión de Notas Subordinadas con interés diferible al 5,750% con vencimiento el 15 de julio de 2055. Las notas se ofrecen al 100% del valor nominal, con pagos de cupones semestrales y primer cupón el 15 de enero de 2026. La oferta incluye una Opción de Supervivencia y es rescatable después del 15 de julio de 2030 al 100% del principal más intereses acumulados. Las notas se venderán a través de varios agentes, incluyendo InspereX LLC, Citigroup Global Markets, RBC Capital Markets y Wells Fargo, con una comisión bruta del 3,150%. La negociación se liquidará mediante DTC Book Entry con denominaciones mínimas de $1,000. El período de oferta es del 23 al 30 de junio de 2025, con liquidación el 3 de julio de 2025. U.S. Bank Trust Company actúa como fiduciario.
National Rural Utilities Cooperative Finance Corporation는 2055년 7월 15일 만기인 5.750% 후순위 이자유예 채권(Subordinated Deferrable Interest Notes)을 발행한다고 발표했습니다. 채권은 원금의 100% 가격으로 반기별 이자 지급되며, 첫 이자 지급일은 2026년 1월 15일입니다. 이번 발행에는 생존자 옵션이 포함되어 있으며, 2030년 7월 15일 이후에는 원금 100%와 미지급 이자를 포함해 상환 가능 합니다. 채권은 InspereX LLC, Citigroup Global Markets, RBC Capital Markets, Wells Fargo 등 여러 대리인을 통해 판매되며, 총 수수료는 3.150%입니다. 거래는 DTC Book Entry 방식으로 최소 단위는 1,000달러입니다. 청약 기간은 2025년 6월 23일부터 30일까지이며, 결제일은 2025년 7월 3일입니다. U.S. Bank Trust Company가 수탁자로 지정되어 있습니다.
La National Rural Utilities Cooperative Finance Corporation annonce l'émission de billets subordonnés à intérêt différé au taux de 5,750 % échéant le 15 juillet 2055. Les billets sont proposés à 100 % de leur valeur nominale, avec un paiement semestriel des coupons et une première date de coupon le 15 janvier 2026. L'offre inclut une option survivant et est remboursable après le 15 juillet 2030 à 100 % du principal plus les intérêts courus. Les billets seront vendus par plusieurs agents, dont InspereX LLC, Citigroup Global Markets, RBC Capital Markets et Wells Fargo, avec une commission brute de 3,150 %. La négociation se fera via DTC Book Entry avec des coupures minimales de 1 000 $. La période d'offre s'étend du 23 au 30 juin 2025, avec règlement le 3 juillet 2025. U.S. Bank Trust Company agit en tant que fiduciaire.
Die National Rural Utilities Cooperative Finance Corporation gibt die Emission von nachrangigen, aufschiebbar verzinslichen Schuldverschreibungen mit einem Zinssatz von 5,750% und Fälligkeit am 15. Juli 2055 bekannt. Die Schuldverschreibungen werden zum Nennwert von 100% ausgegeben, mit halbjährlicher Zinszahlung und erstem Zinszahlungstermin am 15. Januar 2026. Das Angebot beinhaltet eine Überlebendenoption und ist ab dem 15. Juli 2030 zum Nennwert von 100% zuzüglich aufgelaufener Zinsen kündbar. Die Wertpapiere werden über mehrere Agenten verkauft, darunter InspereX LLC, Citigroup Global Markets, RBC Capital Markets und Wells Fargo, mit einem Bruttobonus von 3,150%. Der Handel erfolgt über DTC Book Entry mit Mindeststückelungen von 1.000 USD. Die Angebotsfrist läuft vom 23. bis 30. Juni 2025, die Abwicklung erfolgt am 3. Juli 2025. Die U.S. Bank Trust Company fungiert als Treuhänder.
Positive
- Attractive 5.750% fixed coupon rate offering semi-annual payments, providing steady income potential for investors
- Includes Survivor's Option feature, providing protection for investors' beneficiaries
- 30-year maturity (2055) offers long-term investment horizon and income stability
- Notes are callable after 5 years (2030), providing issuer flexibility while maintaining medium-term income certainty for investors
Negative
- Subordinated note structure puts investors behind other creditors in payment priority
- Interest payments are deferrable, introducing potential income interruption risk
- High 3.150% gross concession (selling fee) may impact initial investment value
- Long duration (30 years) exposes investors to significant interest rate risk
La National Rural Utilities Cooperative Finance Corporation annuncia l'offerta di Note Subordinate con interesse differibile al 5,750% con scadenza il 15 luglio 2055. Le note sono quotate al 100% del valore nominale, con pagamento delle cedole semestrali e prima cedola il 15 gennaio 2026. L'offerta include un'Opzione Sopravvivenza ed è richiamabile dopo il 15 luglio 2030 al 100% del valore nominale più interessi maturati. Le note saranno vendute tramite diversi agenti, tra cui InspereX LLC, Citigroup Global Markets, RBC Capital Markets e Wells Fargo, con una commissione lorda del 3,150%. La negoziazione avverrà tramite DTC Book Entry, con tagli minimi di 1.000 dollari. Il periodo di offerta va dal 23 al 30 giugno 2025, con regolamento il 3 luglio 2025. U.S. Bank Trust Company funge da trustee.
La National Rural Utilities Cooperative Finance Corporation anuncia la emisión de Notas Subordinadas con interés diferible al 5,750% con vencimiento el 15 de julio de 2055. Las notas se ofrecen al 100% del valor nominal, con pagos de cupones semestrales y primer cupón el 15 de enero de 2026. La oferta incluye una Opción de Supervivencia y es rescatable después del 15 de julio de 2030 al 100% del principal más intereses acumulados. Las notas se venderán a través de varios agentes, incluyendo InspereX LLC, Citigroup Global Markets, RBC Capital Markets y Wells Fargo, con una comisión bruta del 3,150%. La negociación se liquidará mediante DTC Book Entry con denominaciones mínimas de $1,000. El período de oferta es del 23 al 30 de junio de 2025, con liquidación el 3 de julio de 2025. U.S. Bank Trust Company actúa como fiduciario.
National Rural Utilities Cooperative Finance Corporation는 2055년 7월 15일 만기인 5.750% 후순위 이자유예 채권(Subordinated Deferrable Interest Notes)을 발행한다고 발표했습니다. 채권은 원금의 100% 가격으로 반기별 이자 지급되며, 첫 이자 지급일은 2026년 1월 15일입니다. 이번 발행에는 생존자 옵션이 포함되어 있으며, 2030년 7월 15일 이후에는 원금 100%와 미지급 이자를 포함해 상환 가능 합니다. 채권은 InspereX LLC, Citigroup Global Markets, RBC Capital Markets, Wells Fargo 등 여러 대리인을 통해 판매되며, 총 수수료는 3.150%입니다. 거래는 DTC Book Entry 방식으로 최소 단위는 1,000달러입니다. 청약 기간은 2025년 6월 23일부터 30일까지이며, 결제일은 2025년 7월 3일입니다. U.S. Bank Trust Company가 수탁자로 지정되어 있습니다.
La National Rural Utilities Cooperative Finance Corporation annonce l'émission de billets subordonnés à intérêt différé au taux de 5,750 % échéant le 15 juillet 2055. Les billets sont proposés à 100 % de leur valeur nominale, avec un paiement semestriel des coupons et une première date de coupon le 15 janvier 2026. L'offre inclut une option survivant et est remboursable après le 15 juillet 2030 à 100 % du principal plus les intérêts courus. Les billets seront vendus par plusieurs agents, dont InspereX LLC, Citigroup Global Markets, RBC Capital Markets et Wells Fargo, avec une commission brute de 3,150 %. La négociation se fera via DTC Book Entry avec des coupures minimales de 1 000 $. La période d'offre s'étend du 23 au 30 juin 2025, avec règlement le 3 juillet 2025. U.S. Bank Trust Company agit en tant que fiduciaire.
Die National Rural Utilities Cooperative Finance Corporation gibt die Emission von nachrangigen, aufschiebbar verzinslichen Schuldverschreibungen mit einem Zinssatz von 5,750% und Fälligkeit am 15. Juli 2055 bekannt. Die Schuldverschreibungen werden zum Nennwert von 100% ausgegeben, mit halbjährlicher Zinszahlung und erstem Zinszahlungstermin am 15. Januar 2026. Das Angebot beinhaltet eine Überlebendenoption und ist ab dem 15. Juli 2030 zum Nennwert von 100% zuzüglich aufgelaufener Zinsen kündbar. Die Wertpapiere werden über mehrere Agenten verkauft, darunter InspereX LLC, Citigroup Global Markets, RBC Capital Markets und Wells Fargo, mit einem Bruttobonus von 3,150%. Der Handel erfolgt über DTC Book Entry mit Mindeststückelungen von 1.000 USD. Die Angebotsfrist läuft vom 23. bis 30. Juni 2025, die Abwicklung erfolgt am 3. Juli 2025. Die U.S. Bank Trust Company fungiert als Treuhänder.
FAQ
What is the coupon rate for NRUC's new Subordinated Notes due 2055?
NRUC's new Subordinated Notes offer a fixed coupon rate of 5.750% with semi-annual coupon payments.
When can NRUC call these Subordinated Notes?
NRUC can call these notes on or after July 15, 2030 (the Par Call Period) at a redemption price of 100% of the principal amount plus accrued and unpaid interest.
What is the settlement date for NRUC's new Subordinated Notes offering?
The settlement date for NRUC's new Subordinated Notes is Thursday, July 3, 2025.
What is the selling concession for NRUC's 2055 Subordinated Notes?
The gross selling concession for NRUC's 2055 Subordinated Notes is 3.150%.
Who are the agents for NRUC's Subordinated Notes offering?
The agents are InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC, and Wells Fargo Clearing Services, LLC.
What is the minimum denomination for NRUC's 2055 Subordinated Notes?
The minimum denomination is $1,000.00 with increments of $1,000.00.
National Rural Utilities Cooperative Finance Corp