NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ (NRUC) Form 424B3 — Oct 21, 2026
National Rural Utilities Cooperative Finance Corporation priced $400 million of 5.25% Medium-Term Notes, Series D due October 27, 2028, issued at 99.976% of principal under Pricing Supplement D1037. A concurrent tranche of $400 million of 5.40% notes due October 30, 2029 was priced at 99.885%, bringing the total Series D offering to $800 million, with J.P. Morgan, KeyBanc, Mizuho, and PNC as agents. Both tranches feature make-whole redemption provisions (par call on the 2029 notes at September 30, 2029) and settle T+7 on October 30, 2026.
Key figures
- Debt Amount
- 800000000
- Interest Rate
- 5.25% (tranche 1) / 5.40% (tranche 2)
- Maturity Date
- October 27, 2028 (tranche 1); October 30, 2029 (tranche 2)
- Settlement
- October 30, 2026 (T+7)
- Tranche 1 principal
- 400000000
- Tranche 2 principal
- 400000000
- Tranche 1 issue price
- 99.976%
- Tranche 2 issue price
- 99.885%
- Agent discount tranche 1
- 0.20%
- Agent discount tranche 2
- 0.30%
AI analysis
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