New Issue: National Rural Utilities sells $400 million 5.6% three-year notes to yield 5.612%

By Wendy Van Sickle

Columbus, Ohio, Oct. 30 – National Rural Utilities Cooperative Finance Corp. priced $400 million of 5.6% three-year notes (A2/A-/A) at 99.965 to yield 5.612%, or a spread of 73 basis points over Treasuries, on Monday, according to an FWP filing with the Securities and Exchange Commission.

Mizuho Securities USA LLC, RBC Capital Markets, LLC and Truist Securities, Inc. were the agents.

The market lender for electric cooperatives is based in Dulles, Va.

Issuer:	National Rural Utilities Cooperative Finance Corp.
Amount:	$400 million
Issue:	Medium-term notes, series D
Maturity:	Nov. 13, 2026
Agents:	Mizuho Securities USA LLC, RBC Capital Markets, LLC and Truist Securities, Inc.
Coupon:	5.6%
Price:	99.965
Yield:	5.612%
Spread:	Treasuries plus 73 bps
Call option:	Make-whole call at Treasuries plus 15 bps until Oct. 13, 2026, then a par call
Trade date:	Oct. 30
Settlement date:	Nov. 2
Ratings:	Moody’s: A2
	S&P: A-
	Fitch: A
Distribution:	SEC registered
Cusip:	63743HFK3

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