Welcome to our dedicated page for National Rural Utilities Cooperative Finance SEC filings (Ticker: NRUC), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
National Rural Utilities Cooperative Finance Corporation filings document the financing structure and public debt disclosures of CFC, including the 5.50% Subordinated Notes due 2064 traded under NRUC. Form 8-K reports cover material financing events such as revolving credit agreement amendments, a Federal Financing Bank committed loan facility guaranteed through the Rural Utilities Service, and redemptions of medium-term notes, InterNotes and subordinated notes.
The issuer’s regulatory record also identifies registered debt classes, exchange listings, governance changes, and forward-looking risk disclosures referenced in its annual and quarterly reports. These filings frame CFC as a nonprofit finance cooperative serving America’s electric cooperative network.
National Rural Utilities Cooperative Finance Corporation (NRUC) filed a Rule 424(b)(3) pricing supplement for a new tranche of subordinated deferrable interest notes.
The offering covers a single CUSIP (63743LAW3) with a principal amount of $130,000, priced at 100%. Underwriting gross concession is 3.150%, resulting in net proceeds of $125,905 to the issuer.
Key terms
- Coupon: 5.750% fixed, paid semi-annually.
- Maturity: 06/15/2055 (30-year tenor).
- Call provision: Redeemable at par on any day on or after 06/15/2030.
- Survivor’s option: Yes, allowing early redemption in the event of the holder’s death.
- Ranking: Subordinated to senior debt; issued under the 1996 Indenture with U.S. Bank Trust Co. as trustee.
- Denomination: Minimum $1,000; book-entry through DTC.
Distribution & settlement: Trades during the offering period (16–23 June 2025) settle flat through DTC on 26 June 2025. Selling group includes InspereX, Citigroup, RBC Capital Markets and Wells Fargo.
Legal & tax opinions: Hogan Lovells opines the notes constitute valid, binding obligations, subject to standard bankruptcy and equitable-principles exceptions. For U.S. federal income tax purposes the notes are expected to be treated as indebtedness, but there is no controlling authority; the IRS could challenge this characterization.
Investor takeaways: The 5.75% coupon may appeal to income-oriented investors, yet the subordination, 30-year maturity, call risk, and tax uncertainty elevate risk. The survivor’s option and par-call structure provide limited flexibility, whereas underwriting fees reduce proceeds to the issuer.
National Rural Utilities Cooperative Finance Corp (NRUC) filed Pricing Supplement No. 635 under its shelf registration (333-275151) for a $171,000 senior unsecured InterNotes® offering. The notes carry a 4.10% fixed coupon paid monthly, price at 100%, with a gross concession of 0.55% and net proceeds of $170,059.50. The security (CUSIP 63743F3L8) is non-callable, includes a survivor’s option, and matures on 06/15/2027; first coupon date is 07/15/2025 with an initial payment of $2.16 per $1,000 denomination.
The offer window ran from 06/16/2025 to 06/23/2025, with trade date on 06/23/2025 (12:00 p.m. ET) and settlement on 06/26/2025 via DTC (number 0235). Minimum purchase is $1,000 in $1,000 increments. InspereX LLC acts as lead agent alongside Citigroup, Wells Fargo, and RBC; U.S. Bank Trust Company, N.A. serves as trustee.
Legal counsel Hogan Lovells US LLP opines that, upon proper issuance, the notes will constitute valid and binding obligations of NRUC, subject to customary bankruptcy and equitable principles. The opinion is limited to District of Columbia cooperative law and New York state law.
No redemption provisions, credit ratings, or comparative yield metrics are disclosed. Given the modest size of the issuance, the filing is routine and has limited balance-sheet impact but provides investors a short-dated, fixed-rate debt option with monthly income.