National Rural Utilities 5.75% Notes Offering $NRUC|NRUC Files 424B3 for 30-Year Subordinated Notes|National Rural Utilities Announces New Fixed-Rate Notes

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.

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

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.

Subject to completion dated June 23, 2025

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

Pricing Supplement No. 22 - Dated Monday, June 23, 2025 (To: Prospectus Dated October 24, 2023 and Prospectus Supplement Dated November 1, 2024)

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

63743LAX1

[ ]

100.000%

3.150%

[ ]

Fixed

5.750%

Semi- Annual

07/15/2055

01/15/2026

$30.67

Yes

Subordinated Notes

Redemption Information:

Callable at the Issuer’s option, in whole or from time to time in part, on any day on or after 07/15/2030 (the “Par Call Period”) at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date

			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			Subordinated Notes (Subordinated Deferrable Interest Notes)
			Settle Date: Thursday, July 3, 2025
			Minimum Denomination/Increments:$1,000.00/$1,000.00			Prospectus dated October 24, 2023 and
			Initial trades settle flat and clear SDFS: DTC Book Entry only			Prospectus Supplement Dated: November 1, 2024
			DTC Number: 0235 via RBC Dain Rauscher Inc.
			Agents: InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC, Wells Fargo Clearing Services, LLC
			Trustee: U.S. Bank Trust Company, National Association

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.