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National Rural Utilities Cooperative Finance Corporation is issuing $1,000,000 of Medium-Term Notes, Series D, bearing interest at 3.68% per year. The notes will be issued at 100% of principal amount on January 15, 2026 and will mature on January 15, 2027, with interest paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date and no selling agent commission disclosed, so investors receive a straightforward one-year fixed-rate note.
Legal counsel Hogan Lovells US LLP states that, once the company receives the approved consideration and the notes are properly executed and delivered under the indenture, the notes will constitute valid and binding obligations of the company, subject to customary bankruptcy and creditor-rights limitations and general principles of equity under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a $2,000,000 Medium-Term Note, Series D, under its existing shelf program. The note is priced at 100% of principal, carries a fixed interest rate of 3.66% per annum, and will mature on November 15, 2026. Interest will be paid twice a year on January 15 and July 15, to holders of record on January 1 and July 1. There is no redemption feature and no agent’s commission on this issuance.
Legal counsel Hogan Lovells US LLP states that, once issued in accordance with board resolutions, the indenture, and applicable agreements, the note will be a valid and binding obligation of the company, subject to customary bankruptcy, insolvency, and equitable principles, and based on District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $950,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.68% per annum, and will be issued on January 15, 2026, maturing on January 15, 2027.
Interest will be paid twice a year on each January 15 and July 15, to holders of record on each January 1 and July 1. There is no redemption date and no agent’s commission listed for this note. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy, insolvency and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is offering $1,909,000 of Medium-Term Notes, Series D, at 100% of principal amount with an interest rate of 3.66% per year.
The notes will be issued on January 15, 2026 and will mature on November 15, 2026. Interest is payable on each January 15 and July 15, to holders of record on each January 1 and July 1, and the notes have no redemption provisions and no selling agent commission.
Hogan Lovells US LLP states that, once properly authorized, executed and delivered under the indenture and applicable agreements, the notes will be valid and binding obligations of the company, subject to typical bankruptcy, creditor-rights and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $100,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.66% per annum, and will be issued on January 15, 2026, with a stated maturity date of November 15, 2026.
Interest on the note will be paid semiannually on each January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption feature and no agents’ commission listed. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery under the applicable indenture, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing $5,000,000.00 principal amount of its Medium-Term Notes, Series D, under its existing shelf program. The notes will be issued at 100% of principal amount on January 15, 2026 and will mature on January 15, 2027, bearing interest at 3.68% per annum, with interest payable on each January 15 and July 15 to holders of record on each January 1 and July 1.
The notes have no redemption date and carry no agents commission, indicating the company will receive the full issue price before expenses. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery under the indenture and applicable agreements, the notes will constitute valid and binding obligations of the company, subject to customary bankruptcy and equitable principles and based on District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation reported sharply lower GAAP earnings for Q2 FY2026 as derivative marks swung negative, while core lending and credit quality remained solid. Net income for Q2 FY2026 was $19,558 thousand, down from $144,803 thousand in Q2 FY2025, with TIER falling to 1.05 from 1.41 as gains on interest rate swaps in the prior year turned into losses. Year-to-date FY2026 net income improved to $24,240 thousand from a loss of $19,523 thousand, helped by smaller derivative losses.
On a non-GAAP basis, which excludes unrealized derivative fair value changes and reclassifies certain capital components, adjusted net income declined to $55,784 thousand in Q2 FY2026 from $62,171 thousand a year earlier, and YTD adjusted net income fell to $112,937 thousand from $128,231 thousand. Adjusted TIER was 1.16 for both Q2 and YTD FY2026, slightly below the prior-year levels but above the cooperative’s stated minimum goal of 1.10.
Loans to members grew to $37,842 million as of November 30, 2025, up $762 million, with 78% in distribution borrowers and 16% in power supply. Credit metrics stayed strong: only one nonperforming loan, with balance reduced from $26 million to $24 million at quarter-end and further to $13 million after a subsequent $11 million payment. The allowance for credit losses increased modestly to $43 million, maintaining a 0.11% coverage ratio.
Total debt outstanding rose 2% to $35,596 million, pushing the GAAP debt-to-equity ratio to 11.58 from 11.20, while adjusted debt-to-equity increased to 7.59 from 7.39, still within the targeted range of approximately 8.5-to-1 or below. Liquidity remained substantial: available liquidity of $7,975 million compared with $10,490 million of scheduled debt over the next 12 months, including $3,358 million of member short-term investments, and exceeded by $843 million the $7,132 million of obligations excluding those member investments.
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.
National Rural Utilities Cooperative Finance Corporation is issuing $851,000 of Medium-Term Notes, Series D, under an existing shelf program. The notes are priced at 100% of principal, bear interest at 3.65% per annum, and will be issued on January 13, 2026, with a stated maturity on December 15, 2026.
Interest will be paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1. There is no stated redemption date and no agent’s commission for this tranche. Counsel Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation is issuing $1,070,000 of Medium-Term Notes, Series D, at 100% of principal amount. The notes carry a fixed interest rate of 3.68% per year, with an original issue date of January 13, 2026 and a maturity date of January 15, 2028.
Interest is payable on January 15 and July 15, to holders of record on January 1 and July 1. The notes have no redemption date and no selling agents’ commission is listed. Counsel Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, these notes will be valid and binding obligations of the company, subject to typical bankruptcy and creditors’ rights laws and principles of equity under District of Columbia cooperative law and New York law.