National Rural Utilities Cooperative Finance Corporation is issuing $250,000 of Medium-Term Notes, Series D, at 100% of principal amount. The notes bear interest at 4.45% per annum, with interest paid on January 15 and July 15 to holders of record on January 1 and July 1. The notes are scheduled to be issued on December 29, 2025 and will mature on December 15, 2033, and they are not subject to redemption before maturity. A legal opinion from Hogan Lovells US LLP states that, after the company receives consideration and the notes are properly executed and delivered under the indenture and related agreements, the notes will be valid and binding obligations of the company, subject to typical bankruptcy and equitable principles.
National Rural Utilities Cooperative Finance Corporation is offering a $1,000,000 Medium-Term Note, Series D, with an interest rate of 4.65% per annum. The note is scheduled to be issued on December 29, 2025 at 100% of its principal amount and will mature on December 15, 2035. Interest will be paid twice a year, on January 15 and July 15, to holders of record on January 1 and July 1.
The note has no stated redemption date and no selling commission to agents. Legal counsel Hogan Lovells US LLP states that, after the company receives the stated consideration and completes all required execution and delivery steps under the indenture and related agreements, the note will be a valid and binding obligation 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 a Medium-Term Note, Series D, with a principal amount of $1,000,000. The note will be issued at 100% of principal on December 29, 2025 and will mature on December 15, 2034, paying interest at a fixed rate of 4.55% per annum.
Interest will be paid on January 15 and July 15 each year, to holders of record on January 1 and July 1. The note has no redemption date, and there is no agent’s commission listed for this issuance. Counsel Hogan Lovells US LLP states that, after payment for and proper issuance of the note under the governing indenture, it will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles.
National Rural Utilities Cooperative Finance Corporation priced a new Medium-Term Note, Series D, with a principal amount of $1,000,000.00. The note is issued at 100% of its principal amount, will be dated December 29, 2025, and will mature on December 15, 2033, carrying a fixed interest rate of 4.45% per annum. Interest is payable twice a year, on each January 15 and July 15, to holders of record on each preceding January 1 and July 1, and the note has no stated redemption date or agent’s commission.
Legal counsel Hogan Lovells US LLP states that, once properly authorized, paid for, executed and delivered under the applicable indenture and agreements, the note will constitute a valid and binding obligation 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 offering $1,580,000.00 of Medium-Term Notes, Series D, bearing interest at 3.69% per annum. The notes are priced at 100% of principal amount, have an original issue date of December 26, 2025, and mature on December 15, 2026. Interest is payable semiannually on January 15 and July 15, with regular record dates of January 1 and July 1, and there is no stated redemption date.
Hogan Lovells US LLP opines that, after proper authorization, execution, authentication, issuance and delivery against payment, the notes will constitute valid and binding obligations of the company. This opinion is given under the District of Columbia General Cooperative Association Act of 2010 and New York law, and is subject to customary limitations related to bankruptcy, insolvency and general principles of equity.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $135,000. The note carries a fixed interest rate of 3.72% per annum, is priced at 100% of its principal amount, and will be issued on December 19, 2025, maturing on December 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. The note has no redemption date and is issued with no agent’s commission. Counsel Hogan Lovells US LLP states that, once properly authorized, executed and delivered under the indenture, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equity law limitations.
National Rural Utilities Cooperative Finance Corporation is offering $100,000 of Member Capital Securities with a fixed interest rate of 5.75% per annum, issued at 100% of principal. The notes will be issued on December 19, 2025 and mature on December 19, 2055, with interest paid semi-annually on April 1 and October 1, starting April 1, 2026.
The securities are subordinate to all existing and future senior indebtedness of National Rural and to subordinated indebtedness held by or transferable by non-members. National Rural may redeem the notes at par plus accrued interest on or after December 19, 2030. It may also defer interest payments for up to 10 consecutive semi-annual periods, during which unpaid interest will continue to accrue. Transfers are restricted to other National Rural voting members with written consent, and no selling agent commission is paid. Counsel opines the notes will be valid and binding obligations, subject to customary bankruptcy and equity limitations.
National Rural Utilities Cooperative Finance Corp is offering $297,000 principal amount of fixed-rate subordinated notes under a Rule 424(b)(3) pricing supplement. The notes carry a 5.500% fixed coupon, paid semi-annually, and mature on December 15, 2055. Initial selling price is 100.000% of principal, with a 3.150% gross concession and $287,644.50 in net proceeds to the issuer.
The notes are subordinated deferrable interest securities and are callable at the issuer’s option, in whole or in part, on any day on or after December 15, 2030 at 100% of principal plus accrued interest. The product includes a survivor’s option and has a minimum denomination of $1,000 in $1,000 increments. Counsel Hogan Lovells US LLP opines that, based on current law and stated assumptions, the notes should be treated as indebtedness for U.S. federal income tax purposes, though there is no controlling authority and the IRS could challenge this treatment.
National Rural Utilities Cooperative Finance Corporation is issuing Medium-Term Notes, Series D, with a principal amount of $300,000.00. The notes carry a fixed interest rate of 3.75% per annum, are priced at 100% of principal, and will be issued on December 15, 2025 and mature on June 15, 2027. Interest will be paid semiannually on each January 15 and July 15 to holders of record as of each January 1 and July 1. The notes have no redemption date and no agent’s commission is listed. Counsel Hogan Lovells US LLP states that, once duly authorized, executed and delivered for the approved consideration, the notes will constitute valid and binding obligations of the company, subject to customary bankruptcy and equity law limitations.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $425,000.00. The note will be issued at 100% of its principal amount on December 15, 2025 and will mature on December 15, 2026, carrying a fixed interest rate of 3.76% per year.
Interest is scheduled to be paid semiannually on each January 15 and July 15, to holders of record on each preceding January 1 and July 1. The note has no stated redemption date and no agent’s commission is listed. Counsel Hogan Lovells US LLP states that, once duly authorized, executed and delivered for the approved consideration, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and creditor-rights laws.