[424B3] National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) Prospectus Filed Pursuant to Rule 424(b)(3)
National Rural Utilities Cooperative Finance Corp. (NRUC) filed Pricing Supplement No. 638 for a new InterNotes庐 offering of senior unsecured notes (CUSIP 63743F3P9). The notes are non-callable, carry a fixed 4.050% coupon paid monthly, and mature on 15 July 2027. Investors purchasing at the 100.000% offering price will receive their first coupon of $2.36 on 15 August 2025. The minimum purchase is $1,000 in $1,000 increments. A survivor鈥檚 option is included, allowing early redemption upon the holder鈥檚 death. The trade date is set for 21 July 2025 with settlement on 24 July 2025. Distribution will be handled through DTC book entry; InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC and RBC Capital Markets LLC act as agents, and U.S. Bank Trust Company, National Association serves as trustee.
The filing discloses a 0.550% selling concession; net proceeds amounts are not specified. The offering is made under the base prospectus dated 24 October 2023 and prospectus supplement dated 27 October 2023.
National Rural Utilities Cooperative Finance Corp. (NRUC) ha presentato il Pricing Supplement n. 638 per una nuova emissione di InterNotes庐 di obbligazioni senior non garantite (CUSIP 63743F3P9). Le obbligazioni sono non richiamabili, offrono un cedola fissa del 4,050% pagata mensilmente e scadono il 15 luglio 2027. Gli investitori che acquistano al prezzo di offerta del 100,000% riceveranno la prima cedola di $2,36 il 15 agosto 2025. L'acquisto minimo 猫 di $1.000 con incrementi di $1.000. 脠 inclusa un'opzione sopravvivenza che consente il rimborso anticipato in caso di decesso del titolare. La data di negoziazione 猫 fissata al 21 luglio 2025 con regolamento il 24 luglio 2025. La distribuzione avverr脿 tramite registrazione elettronica DTC; InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC e RBC Capital Markets LLC operano come agenti, mentre U.S. Bank Trust Company, National Association svolge il ruolo di trustee.
Il documento segnala una concessione di vendita dello 0,550%; gli importi netti ricavati non sono specificati. L'offerta 猫 effettuata sulla base del prospetto base datato 24 ottobre 2023 e del supplemento al prospetto datato 27 ottobre 2023.
National Rural Utilities Cooperative Finance Corp. (NRUC) present贸 el Suplemento de Precio No. 638 para una nueva emisi贸n de InterNotes庐 de notas senior no garantizadas (CUSIP 63743F3P9). Las notas son no redimibles anticipadamente, tienen un cup贸n fijo del 4,050% pagado mensualmente y vencen el 15 julio 2027. Los inversores que compren al precio de oferta del 100,000% recibir谩n su primer cup贸n de $2.36 el 15 agosto 2025. La compra m铆nima es de $1,000 en incrementos de $1,000. Se incluye una opci贸n de supervivencia que permite el reembolso anticipado en caso de fallecimiento del titular. La fecha de negociaci贸n est谩 establecida para el 21 julio 2025 con liquidaci贸n el 24 julio 2025. La distribuci贸n se realizar谩 a trav茅s de registro electr贸nico DTC; InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC y RBC Capital Markets LLC act煤an como agentes, y U.S. Bank Trust Company, National Association es el fiduciario.
El documento revela una concesi贸n de venta del 0,550%; no se especifican los importes netos obtenidos. La oferta se realiza bajo el prospecto base fechado el 24 octubre 2023 y el suplemento del prospecto fechado el 27 octubre 2023.
National Rural Utilities Cooperative Finance Corp. (NRUC)臧� 靸堧鞖� InterNotes庐 靹犾垳鞙� 氍措嫶氤� 毂勱秾 (CUSIP 63743F3P9)鞐� 雽�頃� 臧�瓴� 氤挫订靹� No. 638鞚� 鞝滌稖頄堨姷雼堧嫟. 鞚� 毂勱秾鞚� 旖� 攵堦皜電�顷橂┌, 鞐� 4.050% 瓿犾爼 炜犿彴鞚� 毵れ洈 歆�旮�2027雲� 7鞗� 15鞚�鞛呺媹雼�. 韴瀽鞛愲摛鞚� 100.000% 氚滍枆臧�搿� 甑Г 鞁� 2025雲� 8鞗� 15鞚检棎 觳� 炜犿彴 $2.36$1,000鞚措┌ $1,000 雼渼搿� 於旉皜 甑Г 臧�電�頃╇媹雼�. 氤挫湢鞛� 靷 鞁� 臁瓣赴 靸來櫂鞚� 臧�電ロ暅 靸濎〈鞛� 鞓奠厴霃� 韽暔霅橃柎 鞛堨姷雼堧嫟. 瓯半灅鞚检潃 2025雲� 7鞗� 21鞚�, 瓴办牅鞚检潃 2025雲� 7鞗� 24鞚�搿� 鞝曧暣臁岇姷雼堧嫟. 氚绊彫電� DTC 鞝勳瀽霌彪 氚╈嫕鞙茧 鞚措（鞏挫氅�, InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC, RBC Capital Markets LLC臧� 雽�毽澑鞙茧, U.S. Bank Trust Company, National Association鞚� 靾橅儊鞛愲 彀胳棳頃╇媹雼�.
鞝滌稖 氍胳劀鞐愲姅 0.550% 韺愲Г 靾橃垬耄�臧� 氇呾嫓霅橃柎 鞛堨溂氅�, 靾滌垬鞚� 旮堨暋鞚� 甑泊鞝侅溂搿� 鞏戈笁霅橃 鞎婌晿鞀惦媹雼�. 鞚� 氚滍枆鞚� 2023雲� 10鞗� 24鞚检瀽 旮半掣 靹る獏靹滌檧 2023雲� 10鞗� 27鞚检瀽 靹る獏靹� 氤挫订氤胳棎 霐半澕 鞚措（鞏挫雼堧嫟.
National Rural Utilities Cooperative Finance Corp. (NRUC) a d茅pos茅 le suppl茅ment de prix n掳 638 pour une nouvelle 茅mission d鈥橧nterNotes庐 de notes senior non s茅curis茅es (CUSIP 63743F3P9). Les notes sont non remboursables par anticipation, portent un coupon fixe de 4,050% pay茅 mensuellement et arrivent 脿 茅ch茅ance le 15 juillet 2027. Les investisseurs achetant au prix d鈥檕ffre de 100,000% recevront leur premier coupon de 2,36 $ le 15 ao没t 2025. L鈥檃chat minimum est de 1 000 $ par incr茅ments de 1 000 $. Une option survivant est incluse, permettant un remboursement anticip茅 en cas de d茅c猫s du porteur. La date de transaction est fix茅e au 21 juillet 2025 avec r猫glement le 24 juillet 2025. La distribution sera effectu茅e par inscription en compte DTC ; InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC et RBC Capital Markets LLC agissent en tant qu鈥檃gents, et U.S. Bank Trust Company, National Association est le fiduciaire.
Le d茅p么t r茅v猫le une commission de vente de 0,550% ; les montants nets ne sont pas pr茅cis茅s. L鈥檕ffre est r茅alis茅e sous le prospectus de base dat茅 du 24 octobre 2023 et le suppl茅ment de prospectus dat茅 du 27 octobre 2023.
National Rural Utilities Cooperative Finance Corp. (NRUC) hat das Preiszusatzblatt Nr. 638 f眉r ein neues Angebot von InterNotes庐 Senior unbesicherte Anleihen (CUSIP 63743F3P9) eingereicht. Die Anleihen sind nicht k眉ndbar, haben einen festen Kupon von 4,050%, der monatlich gezahlt wird, und laufen am 15. Juli 2027 ab. Anleger, die zum Angebotspreis von 100,000% kaufen, erhalten ihre erste Kuponzahlung von $2,36 am 15. August 2025. Die Mindestanlage betr盲gt $1.000 in $1.000-Schritten. Eine 脺产别谤濒别产别苍诲别苍辞辫迟颈辞苍 ist enthalten, die eine vorzeitige R眉ckzahlung im Todesfall des Inhabers erm枚glicht. Das Handelsdatum ist auf den 21. Juli 2025 festgelegt, die Abwicklung erfolgt am 24. Juli 2025. Der Vertrieb erfolgt 眉ber elektronische DTC-Buchf眉hrung; InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC und RBC Capital Markets LLC fungieren als Agenten, und die U.S. Bank Trust Company, National Association ist der Treuh盲nder.
Die Einreichung weist eine Verkaufsprovision von 0,550% aus; Nettoerl枚se werden nicht angegeben. Das Angebot erfolgt unter dem Basisprospekt vom 24. Oktober 2023 und dem Prospekterg盲nzungsblatt vom 27. Oktober 2023.
- Fixed 4.050% monthly coupon offers predictable income over the two-year term.
- Survivor鈥檚 option provides early redemption flexibility for estates.
- Non-callable structure eliminates reinvestment risk for investors.
- Net proceeds amount is not disclosed, giving investors no view on funding scale.
Insights
TL;DR Routine two-year senior unsecured InterNotes with 4.05% monthly coupon; neutral credit impact, modest yield for investors.
This filing outlines a standard debt issuance, extending NRUC鈥檚 funding through July 2027. A 4.050% fixed monthly coupon may appeal to income-focused buyers seeking regular cash flow. The survivor鈥檚 option enhances flexibility for estate planning. Absence of call provision removes reinvestment risk but locks the issuer into current costs. Concession of 0.55% is typical; however, the document omits total net proceeds, limiting insight into financing scale. Overall, this is a low-impact, routine capital markets transaction that neither materially strengthens nor weakens NRUC鈥檚 balance sheet based on information provided.
National Rural Utilities Cooperative Finance Corp. (NRUC) ha presentato il Pricing Supplement n. 638 per una nuova emissione di InterNotes庐 di obbligazioni senior non garantite (CUSIP 63743F3P9). Le obbligazioni sono non richiamabili, offrono un cedola fissa del 4,050% pagata mensilmente e scadono il 15 luglio 2027. Gli investitori che acquistano al prezzo di offerta del 100,000% riceveranno la prima cedola di $2,36 il 15 agosto 2025. L'acquisto minimo 猫 di $1.000 con incrementi di $1.000. 脠 inclusa un'opzione sopravvivenza che consente il rimborso anticipato in caso di decesso del titolare. La data di negoziazione 猫 fissata al 21 luglio 2025 con regolamento il 24 luglio 2025. La distribuzione avverr脿 tramite registrazione elettronica DTC; InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC e RBC Capital Markets LLC operano come agenti, mentre U.S. Bank Trust Company, National Association svolge il ruolo di trustee.
Il documento segnala una concessione di vendita dello 0,550%; gli importi netti ricavati non sono specificati. L'offerta 猫 effettuata sulla base del prospetto base datato 24 ottobre 2023 e del supplemento al prospetto datato 27 ottobre 2023.
National Rural Utilities Cooperative Finance Corp. (NRUC) present贸 el Suplemento de Precio No. 638 para una nueva emisi贸n de InterNotes庐 de notas senior no garantizadas (CUSIP 63743F3P9). Las notas son no redimibles anticipadamente, tienen un cup贸n fijo del 4,050% pagado mensualmente y vencen el 15 julio 2027. Los inversores que compren al precio de oferta del 100,000% recibir谩n su primer cup贸n de $2.36 el 15 agosto 2025. La compra m铆nima es de $1,000 en incrementos de $1,000. Se incluye una opci贸n de supervivencia que permite el reembolso anticipado en caso de fallecimiento del titular. La fecha de negociaci贸n est谩 establecida para el 21 julio 2025 con liquidaci贸n el 24 julio 2025. La distribuci贸n se realizar谩 a trav茅s de registro electr贸nico DTC; InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC y RBC Capital Markets LLC act煤an como agentes, y U.S. Bank Trust Company, National Association es el fiduciario.
El documento revela una concesi贸n de venta del 0,550%; no se especifican los importes netos obtenidos. La oferta se realiza bajo el prospecto base fechado el 24 octubre 2023 y el suplemento del prospecto fechado el 27 octubre 2023.
National Rural Utilities Cooperative Finance Corp. (NRUC)臧� 靸堧鞖� InterNotes庐 靹犾垳鞙� 氍措嫶氤� 毂勱秾 (CUSIP 63743F3P9)鞐� 雽�頃� 臧�瓴� 氤挫订靹� No. 638鞚� 鞝滌稖頄堨姷雼堧嫟. 鞚� 毂勱秾鞚� 旖� 攵堦皜電�顷橂┌, 鞐� 4.050% 瓿犾爼 炜犿彴鞚� 毵れ洈 歆�旮�2027雲� 7鞗� 15鞚�鞛呺媹雼�. 韴瀽鞛愲摛鞚� 100.000% 氚滍枆臧�搿� 甑Г 鞁� 2025雲� 8鞗� 15鞚检棎 觳� 炜犿彴 $2.36$1,000鞚措┌ $1,000 雼渼搿� 於旉皜 甑Г 臧�電�頃╇媹雼�. 氤挫湢鞛� 靷 鞁� 臁瓣赴 靸來櫂鞚� 臧�電ロ暅 靸濎〈鞛� 鞓奠厴霃� 韽暔霅橃柎 鞛堨姷雼堧嫟. 瓯半灅鞚检潃 2025雲� 7鞗� 21鞚�, 瓴办牅鞚检潃 2025雲� 7鞗� 24鞚�搿� 鞝曧暣臁岇姷雼堧嫟. 氚绊彫電� DTC 鞝勳瀽霌彪 氚╈嫕鞙茧 鞚措（鞏挫氅�, InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC, RBC Capital Markets LLC臧� 雽�毽澑鞙茧, U.S. Bank Trust Company, National Association鞚� 靾橅儊鞛愲 彀胳棳頃╇媹雼�.
鞝滌稖 氍胳劀鞐愲姅 0.550% 韺愲Г 靾橃垬耄�臧� 氇呾嫓霅橃柎 鞛堨溂氅�, 靾滌垬鞚� 旮堨暋鞚� 甑泊鞝侅溂搿� 鞏戈笁霅橃 鞎婌晿鞀惦媹雼�. 鞚� 氚滍枆鞚� 2023雲� 10鞗� 24鞚检瀽 旮半掣 靹る獏靹滌檧 2023雲� 10鞗� 27鞚检瀽 靹る獏靹� 氤挫订氤胳棎 霐半澕 鞚措（鞏挫雼堧嫟.
National Rural Utilities Cooperative Finance Corp. (NRUC) a d茅pos茅 le suppl茅ment de prix n掳 638 pour une nouvelle 茅mission d鈥橧nterNotes庐 de notes senior non s茅curis茅es (CUSIP 63743F3P9). Les notes sont non remboursables par anticipation, portent un coupon fixe de 4,050% pay茅 mensuellement et arrivent 脿 茅ch茅ance le 15 juillet 2027. Les investisseurs achetant au prix d鈥檕ffre de 100,000% recevront leur premier coupon de 2,36 $ le 15 ao没t 2025. L鈥檃chat minimum est de 1 000 $ par incr茅ments de 1 000 $. Une option survivant est incluse, permettant un remboursement anticip茅 en cas de d茅c猫s du porteur. La date de transaction est fix茅e au 21 juillet 2025 avec r猫glement le 24 juillet 2025. La distribution sera effectu茅e par inscription en compte DTC ; InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC et RBC Capital Markets LLC agissent en tant qu鈥檃gents, et U.S. Bank Trust Company, National Association est le fiduciaire.
Le d茅p么t r茅v猫le une commission de vente de 0,550% ; les montants nets ne sont pas pr茅cis茅s. L鈥檕ffre est r茅alis茅e sous le prospectus de base dat茅 du 24 octobre 2023 et le suppl茅ment de prospectus dat茅 du 27 octobre 2023.
National Rural Utilities Cooperative Finance Corp. (NRUC) hat das Preiszusatzblatt Nr. 638 f眉r ein neues Angebot von InterNotes庐 Senior unbesicherte Anleihen (CUSIP 63743F3P9) eingereicht. Die Anleihen sind nicht k眉ndbar, haben einen festen Kupon von 4,050%, der monatlich gezahlt wird, und laufen am 15. Juli 2027 ab. Anleger, die zum Angebotspreis von 100,000% kaufen, erhalten ihre erste Kuponzahlung von $2,36 am 15. August 2025. Die Mindestanlage betr盲gt $1.000 in $1.000-Schritten. Eine 脺产别谤濒别产别苍诲别苍辞辫迟颈辞苍 ist enthalten, die eine vorzeitige R眉ckzahlung im Todesfall des Inhabers erm枚glicht. Das Handelsdatum ist auf den 21. Juli 2025 festgelegt, die Abwicklung erfolgt am 24. Juli 2025. Der Vertrieb erfolgt 眉ber elektronische DTC-Buchf眉hrung; InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services LLC und RBC Capital Markets LLC fungieren als Agenten, und die U.S. Bank Trust Company, National Association ist der Treuh盲nder.
Die Einreichung weist eine Verkaufsprovision von 0,550% aus; Nettoerl枚se werden nicht angegeben. Das Angebot erfolgt unter dem Basisprospekt vom 24. Oktober 2023 und dem Prospekterg盲nzungsblatt vom 27. Oktober 2023.
FAQ
What is the coupon rate on NRUC's new InterNotes offering?
When do the NRUC notes mature?
Is there a minimum purchase amount for these NRUC notes?
Does the NRUC issuance include a survivor鈥檚 option?
Are the NRUC notes callable before maturity?
When is the first interest payment for the new NRUC notes?
