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 institutional 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:

September 9, 2016

Current Outstanding:

Please refer to CFC’s most current financial report.

Underwriters:

J.P. Morgan, RBC Capital Markets, KeyBanc Capital Markets, Mizuho Securities, Mitsubishi UFJ Securities, US Bancorp, Scotia Capital, SunTrust Robinson Humphrey, Inc., PNC Capital Markets LLC

Min. Piece/Increment:

$1,000/$1,000

Interest Payment Dates:

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

Ratings:

A-1 (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
637432NP6 CTB 02/07/18 02/07/28 $700.0 3.40% 2/7, 8/7 MW+15 bps;
3-month par call
Term sheet |  Prospectus
637432NM3 CTB 04/25/17 04/25/22 $450.0 2.40% 4/25, 10/25 MW+12.5 bps;
1-month par call
Term sheet |  Prospectus
637432NN1 CTB 04/25/17 04/25/27 $350.0 3.05% 4/25, 10/25 MW+15 bps;
3-month par call
Term sheet |  Prospectus
637432NL5 CTB 02/07/17 02/07/24 $450.0 2.95% 2/7, 8/7 MW+15 bps; 2-month par call Term sheet |  Prospectus
637432NJ0 CTB 02/08/16 02/15/23 $350.0 2.70% 2/15, 8/15 MW+20 bps; 2-month par call Term sheet |  Prospectus
637432NH4 CTB 02/08/16 02/08/19 $350.0 1.65% 2/8, 8/8 MW+15 bps Term sheet |  Prospectus
637432NG6 CTB 10/27/15 11/01/25 $400.0 3.25% 5/1, 11/1 MW+20 bps; 3-month par call Term sheet |  Prospectus
637432NF8 CTB 10/27/15 11/01/20 $350.0 2.30% 5/1, 11/1 MW+15 bps; 1-month par call Term sheet |  Prospectus
637432NC5 CTB 01/27/15 01/27/20 $400.0 2.00% 1/27, 7/27 MW+12.5 bps; 1-month par call Term sheet |  Prospectus
637432ND3 CTB 01/27/15 01/27/25 $500.0 2.85% 1/27, 7/27 MW+20 bps; 3-month par call Term sheet |  Prospectus
637432NB7 CTB 11/12/14 11/15/19 $300.0 2.30% 5/15, 11/15 MW+12.5 bps; 1-month par call Term sheet |  Prospectus
637432MX0 CTB 01/28/14 02/01/19 $300.0 2.15% 2/1, 8/1 MW+10 bps; 1-month par call
Term sheet |  Prospectus
637432MV4 CTB 11/05/13 11/15/23 $400.0 3.40% 5/15, 11/15 MW+15 bps; 3-month par call Term sheet |  Prospectus
637432MU6 CTB 06/06/13 06/15/20 $400.0 2.35% 6/15, 12/15 MW+15 bps; 1-month par call Term sheet |  Prospectus
637432MY8
U6373BDX3
CTB 05/23/14 11/01/32 $218.339 4.023% 5/1,
11/1
MW+20 bps; 6-month par call N/A
637432MS1 CTB 10/16/12 11/01/32 $379.372  4.023%  5/1, 11/1 MW+20 bps; 6-month par call Prospectus
637432MQ5 CTB 02/02/12 02/15/22 $400.0 3.050% 2/15, 8/15 MW+20 bps; 3-month par call Term sheet |  Prospectus
637432LR4 CTB 10/30/08 11/01/18 $1,000.0 10.375% 5/1, 11/1 MW+50 bps Prospectus
637432CG8 CTB 11/04/98 11/01/18 $175.0 6.550% 5/1, 11/1 MW+15 bps N/A
637432BS3 CTB 11/06/96 11/01/26 $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:

November 3, 2017

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.; SunTrust Robinson Humphrey, Inc.; U.S. Bancorp Investments, Inc.

Min. Piece/Increment:

$100,000/$1,000

Ratings:

A-2 (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
63743HES7 MTN 07/26/2018 06/30/2021 $300.00 USD 3-month LIBOR + 37.5 bps 03/30, 06/30, 09/30, 12/30 NA  Summary terms
63743HER9 MTN 02/26/2018 03/15/2021 $450.00 2.90% 03/15, 09/15 NA Summary terms: 
Feb. 2018, Apr. 2018
63743HEQ1 MTN 08/30/2017 09/15/2022 $350.00 2.30% 03/15, 09/15 MW+10 bps; 1-month par call Summary terms
63743HEP3 MTN 04/11/2017 04/05/2019 $350.00 USD 3-month LIBOR + 20 bps 07/05, 10/05, 01/05, 04/05 NA Summary terms
63743HEN8 MTN 11/01/2016 11/01/2019 $300.00 1.50% 05/01, 11/01 MW+10 bps Summary terms
637432CT0 MTN 03/07/2002 03/01/2032 $450.874 8.00% 03/01, 09/01 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; Mitsubishi UFJ Securities (USA), Inc.; Mizuho Securities USA Inc.; and RBC Capital Markets, LLC

Min. Piece/Increment:

$100,000/$1,000

Ratings:

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

Subordinated Notes

CFC offers from time to time senior debt securities and subordinated debt securities.

Overview

Most Recent SEC Shelf Filing1:

November 1, 2017

Current Outstanding:

Please refer to CFC’s most current financial report.

Min. Piece/Increment:

$1,000/$1,000

Ratings:

A-3 (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 Prospectus Supplement
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 4/20/26:
MW+50 bps;
On or after 4/20/2026:
Callable at par
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 4/30/23:
MW + 50 bps;
On or after 4/30/23:
Callable at par
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.

Credit Ratings

CFC is rated 'A' or higher by three major credit rating agencies.