1. National Rural Utilities Cooperative Finance Corporation (CFC)
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  5. Institutional Investing

Institutional Investing

CFC qualifies as a well-known seasoned issuer under U.S. Securities and Exchange Commission rules. The tables below provide additional information on individual CFC investments.

Investing Instruments
Maturity
Rate Options
Market
Security

Collateral Trust Bonds

CFC must pledge collateral equal to at least 100 percent of the outstanding balance of debt issued under collateral trust bond indentures.

CFC pledges distribution mortgage loans and permitted investments under collateral trust bond indentures. As a result, collateral trust bonds offer investors a direct pledge of electric distribution mortgages.

Overview

Most Recent SEC Shelf Filing1:

October 28, 2020

Current Outstanding:

Please refer to CFC’s most current financial report.

Underwriters:

J.P. Morgan; RBC Capital Markets; KeyBanc Capital Markets; Mizuho Securities; MUFG Securities; US Bancorp; Scotia Capital; Truist Securities; PNC Capital Markets LLC

Min. Piece/Increment:

$1,000/$1,000

Interest Payment Dates:

Semi-annually according to issue date, unless determined otherwise.

Ratings:

A1 (Moody's) | A- (S&P) | A+ (Fitch)

  Prospectus | CTB Diagram

Current CTB Issuances

Cusip Structure Issue Date Maturity Date Principal
($ in millions)		 Coupon Payment Dates Callable Prospectus Supplement
637432PA7 CTB 2/9/2023 1/15/2033 $300.0 5.80% 1/15, 7/15 MW +25bps, 6-month par call Term sheet |  Prospectus
637432PA7 CTB 10/31/2022 1/15/2033 $350.0 5.80% 1/15, 7/15 MW+25bps, 6-month par call Term sheet |  Prospectus
637432NZ4 Sustainability CTB 8/17/2022 12/15/2032 $400.0 4.15% 6/15, 12/15 MW +25bps, 3-month par call Term sheet |  Prospectus
637432NY7 CTB 2/7/2022 4/15/2032 $500.0 2.75% 4/15, 10/15 MW+15bps, 3-month par call Term sheet |  Prospectus
637432NX9 CTB 2/8/2021 6/15/2031 $350.0 1.65% 6/15,
12/15		 MW+10bps, 3-month par call Term sheet |  Prospectus
637432NW1 Sustainability CTB 10/8/2020 3/15/2031 $400.0 1.35% 3/15, 9/15 MW+15 bps, 3- month par call Term sheet |  Prospectus
637432NV3 CTB 2/5/2020 3/15/2030 $500.0 2.40% 3/15, 9/15 MW+12.5 bps; 3-month par call Term sheet |  Prospectus
637432NT8 CTB 1/31/2019 3/15/2049 $500.0 4.30% 3/15, 9/15 MW+20 bps;
6-month par call		 Term sheet |  Prospectus
637432NS0 CTB 1/31/2019 3/15/2029 $450.0 3.70% 3/15, 9/15 MW+15 bps;
3-month par call		 Term sheet |  Prospectus
637432NQ4 CTB 10/31/2018 11/1/2028 $325.0 3.90% 5/1,
11/1		 MW+12.5 bps;
3-month par call		 Term sheet |  Prospectus
637432NR2 CTB 10/31/2018 11/1/2048 $300.0 4.40% 5/1,
11/1		 MW+20 bps;
6-month par call		 Term sheet |  Prospectus
637432NP6 CTB 2/7/2018 2/7/2028 $700.0 3.40% 2/7,
8/7		 MW+15 bps;
3-month par call		 Term sheet |  Prospectus
637432NN1 CTB 4/25/2017 4/25/2027 $350.0 3.05% 4/25, 10/25 MW+15 bps;
3-month par call		 Term sheet |  Prospectus
637432NL5 CTB 2/7/2017 2/7/2024 $450.0 2.95% 2/7,
8/7		 MW+15 bps; 2-month par call Term sheet |  Prospectus
637432NG6 CTB 10/27/2015 11/1/2025 $400.0 3.25% 5/1,
11/1		 MW+20 bps; 3-month par call Term sheet |  Prospectus
637432ND3 CTB 1/27/2015 1/27/2025 $500.0 2.85% 1/27, 7/27 MW+20 bps; 3-month par call Term sheet |  Prospectus
637432MV4 CTB 11/05/2013 11/15/2023 $400.0 3.40% 5/15, 11/15 MW+15 bps; 3-month par call Term sheet |  Prospectus
637432MY8
U6373BDX3		 CTB 5/23/2014 11/1/2032 $218.339 4.023% 5/1,
11/1		 MW+20 bps; 6-month par call N/A
637432MS1 CTB 10/16/2012 11/1/2032 $379.372  4.023% 5/1,
11/1		 MW+20 bps; 6-month par call Prospectus
637432BS3 CTB 11/6/1996 11/1/2026 $75.0 7.350% 5/1,
11/1		 Sinking Fund N/A

1Since National Rural Utilities Cooperative Finance Corporation (CFC) is a well-known seasoned issuer with the U.S. Securities and Exchange Commission (SEC), Securities Offering Reform issued by the SEC in July 2005 allows CFC to file a shelf with the SEC with an indeterminate amount of collateral trust bonds being registered as may from time to time be sold at indeterminate prices. CFC may only issue collateral trust bonds up to the amount authorized and approved by the CFC Board of Directors.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents CFC has filed with the SEC for more complete information about the issuer and this offering. You can get a free copy of documents by visiting www.nrucfc.coop or at www.sec.gov.

Medium-Term Notes

Medium-term notes (MTNs) are unsecured, fixed- or variable-rate debt obligations with a maturity range from 10 months to 30 years.

Overview

MTNs (Domestic: Series D)

Most Recent SEC Shelf Filing1:

October 28, 2020

Current Outstanding:

Please refer to CFC’s most current financial report.

Dealers:

RBC Capital Markets, LLC; J.P. Morgan Securities LLC; KeyBanc Capital Markets Inc.; Mizuho Securities USA LLC; MUFG Securities Americas Inc.; PNC Capital Markets LLC; Regions Securities LLC; Scotia Capital (USA) Inc.; Truist Securities, Inc.; U.S. Bancorp Investments, Inc.

Min. Piece/Increment:

$100,000/$1,000

Ratings:

A2 (Moody's) | A- (S&P) | A (Fitch)

  Prospectus

Current Domestic MTN Issuances

Cusip Structure Issue Date Maturity Date Principal ($ in millions) Coupon Payment Dates Callable Prospectus Supplement
63743HFG2 MTN 2/9/2023 3/15/2028 $200.00 4.80% 3/15, 9/15 MW +20bps, 1-month par call Summary terms
63743HFH0 MTN 2/9/2023 3/13/2026 $600.00 4.45% 3/13, 9/13 MW +15 bps, 1-month par call Summary terms
63743HFG2 MTN 12/16/2022 3/15/2028 $400.00 4.80% 3/15, 9/15 MW +20 bps, 1-month par call Summary terms
63743HFF4 MTN 10/31/2022 10/30/2025 $500.00 5.45% 4/30, 10/30 MW+15bps Summary terms
63743HFE7 MTN 5/4/2022 6/15/2025 $300.00 3.450% 6/15, 12/15 MW + 15bps Summary terms
63743HFB3 MTN 2/7/2022 8/7/2023 $400.00 USD SOFR + 40 bps 2/7, 5/7, 8/7, 11/7 NA Summary terms
63743HFC1 MTN 2/7/2022 2/7/2025 $600.00 1.875% 2/7, 8/7 MW + 10bps Summary terms
63743HEY4 MTN 10/25/2021 10/18/2024 $400.00 1.000% 4/18, 10/18 MW + 5 bps Summary terms
63743HFA5 MTN 10/25/2021 10/18/2024 $350.00 USD SOFR + 33 bps 1/18, 4/18, 7/18, 10/18 NA Summary terms
63743HEW8 MTN 2/24/2021 6/15/2026 $600.00 1.00% 6/15, 12/15 MW + 10 bps, 1-month par call Summary terms
63743HEU2 MTN 2/8/2021 2/8/2024 $500.00 0.35% 2/8,
8/8		 MW+ 5 bps  Summary terms
637432CT0 MTN 3/7/2002 3/1/2032 $450.874 8.00% 3/1,
9/1		 MW+25 bps Prospectus

1Since National Rural Utilities Cooperative Finance Corporation (CFC) is a well-known seasoned issuer with the U.S. Securities and Exchange Commission (SEC), Securities Offering Reform issued by the SEC in July 2005 allows CFC to file a shelf with the SEC with an indeterminate amount of medium-term notes being registered as may from time to time be sold at indeterminate prices. CFC may only issue medium-term notes up to the amount authorized and approved by the CFC Board of Directors.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents CFC has filed with the SEC for more complete information about the issuer and this offering. You can get a free copy of documents by visiting www.nrucfc.coop or at www.sec.gov.

Commercial Paper

CFC Commercial Paper offers a direct general corporate obligation of CFC.

Overview

Reg Type:

3(a)3

Program Size:

$5,000,000,000

Outstandings:

Please refer to CFC’s most current financial report.

Dealers:

JPMorgan; MUFG Securities Americas Inc.; Mizuho Securities USA Inc.; and RBC Capital Markets, LLC

Min. Piece/Increment:

$100,000/$1,000

Ratings:

P-1 (Moody's) | A-2 (S&P) | F1 (Fitch)

Subordinated Notes

CFC offers from time to time subordinated debt securities.

Overview

Most Recent SEC Shelf Filing1:

October 28, 2020

Current Outstanding:

Please refer to CFC’s most current financial report.

Ratings:

A3 (Moody's) | BBB (S&P) | BBB+ (Fitch)

  Prospectus

Current Subordinated Notes Issuances

Cusip Structure Issue Date Maturity Date Principal
($ in millions)		 Coupon Payment Dates Callable Min. Piece/Increment: Prospectus Supplement

637432105

NYSE: NRUC

 Sub Notes 5/6/2019 5/15/2064 $250.0 5.50% 2/15, 5/15, 8/15, 11/15 Before 5/15/2024:
MW+50 bps;
On or after 5/15/2024:
Callable at par		 $25 Term sheet | Prospectus
637432NK7 Sub Notes 4/20/2016 4/20/2046 $350.0 5.25% fixed rate
until 4/20/2026;
3ML + 363 bps on
and after 4/20/2026		 Before 4/20/2026:
4/20, 10/20;
After 4/20/2026:
1/20, 4/20, 7/20, 10/20		 Before 4/20/2026:
MW+50 bps;
On or after 4/20/2026:
Callable at par		 $1,000 Term sheet | Prospectus
637432MT9 Sub Notes 4/25/2013 4/30/2043 $400.0 4.75% fixed rate
until 4/30/2023;
3ML+291 bps on
and after 4/30/2023		 Before 4/30/2023:
4/30, 10/30;
After 4/30/2023:
4/30, 7/30, 10/30, 1/30		 Before 4/30/2023:
MW + 50 bps;
On or after 4/30/2023:
Callable at par		 $1,000

 Term sheet | Prospectus

1Since National Rural Utilities Cooperative Finance Corporation (CFC) is a well-known seasoned issuer with the U.S. Securities and Exchange Commission (SEC), Securities Offering Reform issued by the SEC in July 2005 allows CFC to file a shelf with the SEC with an indeterminate amount of subordinated notes being registered as may from time to time be sold at indeterminate prices. CFC may only issue subordinated notes up to the amount authorized and approved by the CFC Board of Directors.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents CFC has filed with the SEC for more complete information about the issuer and this offering. You can get a free copy of documents by visiting www.nrucfc.coop or at www.sec.gov.

Sustainability Bond

CFC provides capital for member-owners to build broadband infrastructure and provide essential services to their communities.