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National Rural Utilities Cooperative Finance Corporation is issuing $400,000,000 of fixed-rate Medium-Term Notes, Series D, under an existing shelf program. The notes are priced at 99.906% of principal and will bear interest at 4.30% per annum, payable semi-annually on each June 10 and December 10, starting June 10, 2026, with maturity on December 10, 2030.
The company may redeem the notes before November 10, 2030 at a make-whole price based on a Treasury Rate plus 10 basis points, and at 100% of principal on or after that date, in each case plus accrued interest. An agents’ discount or commission of 0.60% applies, and the notes are expected to settle on a T+7 basis on December 10, 2025. Concurrently, the company is also offering an additional $650,000,000 of Series D notes pursuant to a separate pricing supplement.
National Rural Utilities Cooperative Finance Corporation is offering $650,000,000 of fixed-rate Medium-Term Notes, Series D, maturing on December 10, 2027. The notes are priced at 99.926% of principal amount and carry a fixed interest rate of 3.95% per year, with interest paid each June 10 and December 10, starting June 10, 2026, and at maturity. The company may redeem the notes early, in whole or in part, at a “make-whole” price based on a Treasury Rate plus 10 basis points or 100% of principal, plus accrued interest. An agents’ discount or commission of 0.10% applies. Concurrently, the company is also offering an additional $400,000,000 of Medium-Term Notes, Series D through a separate pricing supplement.
National Rural Utilities Cooperative Finance Corp is offering $885,000 of fixed-rate subordinated deferrable interest notes under Pricing Supplement No. 42. The notes carry a 5.500% annual coupon, paid semi-annually, priced at 100.000% of principal, with a stated maturity on 11/15/2055. The issuer’s net proceeds are $857,122.50 after a 3.150% gross concession. The notes are callable at the issuer’s option at 100% of principal on any day on or after 11/15/2030, plus accrued and unpaid interest. The first coupon of $25.51 is payable on 05/15/2026, and the notes include a survivor’s option.
National Rural Utilities Cooperative Finance Corporation (NRUC) amended its three-year and four-year revolving credit agreements. The amendments extend the three-year facility’s maturity to November 28, 2028 and the four-year facility’s maturity to November 28, 2029, remove the credit spread adjustment in Term SOFR tenors, and adjust commitments.
Commitments increased by $150 million under the three-year facility and $50 million under the four-year facility, while $150 million of commitments scheduled to mature on November 28, 2026 were terminated under the four-year facility. Commitments of $50 million under the three-year facility will continue to expire on the prior maturity date of November 28, 2027. As of the date hereof, total commitments are $1,745 million (three-year) and $1,755 million (four-year), for $3,500 million in aggregate, with $3,493 million available due to letter of credit issuances.
National Rural Utilities Cooperative Finance Corp is issuing $1,318,000 principal amount of subordinated deferrable interest notes under a 424(b)(3) pricing supplement. The notes are priced at 100.000% of principal with a gross selling concession of 3.150%, resulting in net proceeds to the issuer of $1,276,483.00.
The notes carry a fixed 5.750% coupon, paid on a semi-annual basis, with a maturity date of November 15, 2055. The first coupon is due on May 15, 2026 with a stated first coupon amount of $28.91, and the securities include a survivor's option. They are callable, at the issuer’s option, at 100% of principal plus accrued interest on any day on or after November 15, 2030.
The notes rank as subordinated notes and settle on November 14, 2025, in minimum denominations of $1,000. Counsel Hogan Lovells US LLP opines that, based on current law and assumptions described, the notes should be treated as indebtedness for U.S. federal income tax purposes, although there is no controlling authority and the IRS could challenge this treatment.
National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $1,000,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.86% per annum, and will be issued on November 13, 2025, maturing on September 15, 2026.
Interest is payable twice a year on January 15 and July 15, to holders of record on January 1 and July 1. There is no redemption date specified, and no selling agent commission is listed for this note. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance, and delivery, the note will constitute a valid and binding obligation of the company, subject to typical bankruptcy and creditor-rights limitations under District of Columbia cooperative law and New York law.
National Rural Utilities Cooperative Finance Corporation (NRUC) will redeem the remaining $250 million of its 4.75% Fixed-to-Floating Rate Subordinated Notes due April 30, 2043 on December 11, 2025. The notes will be redeemed at par plus accrued interest and identified by CUSIP 637432MT9. The company states the redemption is being undertaken to reduce interest expense, with principal and accrued interest to be paid using cash on hand.
National Rural Utilities Cooperative Finance Corp. (NRUC) announced a debt redemption. The company will redeem an aggregate principal amount of $9,067,000 of its InterNotes on November 15, 2025. The notes will be redeemed at par plus accrued interest.
CFC states the redemption is being effected to reduce interest expense, with the principal and accrued interest to be paid using cash on hand. The action trims outstanding InterNotes and modestly lowers future interest costs without raising new capital or changing existing exchange-listed bonds, which remain outstanding.
National Rural Utilities Cooperative Finance Corp priced $1,523,000 of fixed-rate subordinated notes due 10/15/2055 at a selling price of 100.000%, reflecting a 3.150% gross concession and net proceeds of $1,475,025.50.
The notes pay a 5.750% coupon on a semi-annual schedule, with the first coupon on 04/15/2026 and a first coupon amount of $28.43. They include a survivor’s option and are callable, at the issuer’s option, in whole or in part, on any day on or after 10/15/2030 at 100% of principal plus accrued and unpaid interest to, but excluding, the redemption date.
Settlement is expected on 10/17/2025 in DTC book-entry form, minimum denominations/increments of $1,000/$1,000. Agents include InspereX, Citigroup, RBC Capital Markets, and Wells Fargo Clearing Services; U.S. Bank Trust Company, National Association, serves as trustee. Counsel states the notes will constitute valid and binding obligations, and opines they will be treated as indebtedness for U.S. federal income tax purposes, though the IRS is not bound by this opinion.
National Rural Utilities Cooperative Finance Corporation (NRUC) returned to profitability in Q1 FY2026, reporting net income of $4.7 million versus a $(164.3) million loss a year ago as derivative losses narrowed to $32.2 million from $198.3 million. Reported net interest income rose to $71.0 million with net interest yield at 0.75% (up 6 bps), supported by 6% growth in average interest‑earning assets.
On a non-GAAP basis, adjusted net income was $57.2 million (down from $66.1 million) and adjusted TIER was 1.16. Loans to members reached $37.57 billion, up $490 million, with credit quality steady: one nonperforming loan at $24 million and an allowance of $42 million (0.11%). Total debt rose 1% to $35.28 billion; NRUC issued $1.225 billion in unsecured medium‑term notes (including $700 million at 4.15% for three years). Available liquidity was $7.74 billion against next‑12‑month scheduled obligations of $8.77 billion, which include $3.14 billion of member short‑term investments; scheduled long‑term loan principal receipts are expected to add $1.76 billion. S&P withdrew its A‑2 commercial paper rating at NRUC’s request; long‑term ratings remain unchanged, and Fitch affirmed a stable outlook. NRUC notified investors it will redeem $50 million of subordinated deferrable debt on October 23, 2025.