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.
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 24, 2023
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/$1,000
Interest Payment Dates:
Semi-annually according to issue date, unless determined otherwise.
Ratings:
A1 (Moody's) | A- (S&P) | A+ (Fitch)
Current CTB Issuances
| Cusip | Structure | Issue Date | Maturity Date | Principal ($ 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 |
| 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 24, 2023
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/$1,000
Ratings:
A2 (Moody's) | A- (S&P) | A (Fitch)
Current Domestic MTN Issuances
| Cusip | Structure | Issue Date | Maturity Date | Principal ($ in millions) | Coupon | Payment Dates | Callable | Prospectus Supplement |
|---|---|---|---|---|---|---|---|---|
| 63743HFL1 | MTN | 11/7/2023 | 5/7/2025 | $300.00 | USD SOFR + 70 bps | 2/7, 5/7, 8/7, 11/7 | NA | Summary terms |
| 63743HFK3 | MTN | 11/2/2023 | 11/13/2026 | $400.00 | 5.60% | 5/13, 11/13 | MW +15 bps, 1-month par call | Summary terms |
| 63743HFJ6 | MTN | 6/29/2023 | 9/15/2028 | $400.00 | 5.05% | 3/15, 9/15 | MW +20 bps, 1-month par call | Summary terms |
| 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 |
| 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/$1,000
Ratings:
P-1 (Moody's) | A-2 (S&P) | F1 (Fitch)
Subordinated Notes
CFC offers from time to time subordinated debt securities.
Overview
Most Recent SEC Shelf Filing1:
October 24, 2023
Current Outstanding:
Please refer to CFC’s most current financial report.
Ratings:
A3 (Moody's) | BBB (S&P) | BBB+ (Fitch)
Current Subordinated Notes Issuances
| Cusip | Structure | Issue Date | Maturity Date | Principal ($ in millions) |
Coupon | Payment Dates | Callable | Minimum Denomination/ Increment |
Prospectus Supplement |
|---|---|---|---|---|---|---|---|---|---|
637432PB5 NYSE: NRUC |
Sub Notes | 5/26/2023 | 9/15/2053 | $300.0 | 7.125% fixed rate until 9/15/2028; US 5Y T + 353.3 bps on and after 9/15/2028, reset every fifth year after 2028. | 3/15, 9/15 | Callable at par for the period between and including June 15 and September 15 of 2028 and every fifth year after. | $2,000/$1,000 | Term sheet | Prospectus |
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; USD 3M SOFR + 26.161 bps + 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 | $300.0 | 4.75% fixed rate until 4/30/2023; 3ML+291 bps on and after 4/30/2023 until 7/31/2023; USD 3M SOFR + 26.161 bps + 291 bps on and after 7/31/2023 |
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.