Filed Pursuant to Rule 433 under the Securities Act
Registration Statement No. 333-221261
Issuer Free Writing Prospectus dated January 22, 2020
CUSIP #: 63743HET5
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Medium-Term Notes, Series D
With Maturities of Nine Months or More from Date of Issue
Fixed Rate Notes
Issuer: | National Rural Utilities Cooperative Finance Corporation |
Issuer Ratings: | A2 / A / A (Moodys / S&P / Fitch) |
Principal Amount: | $500,000,000 |
Security Type: | Senior Unsecured |
Interest Rate: | 1.75% |
Issue Price: | 99.912% of Principal Amount |
Trade Date: | January 22, 2020 |
Original Issue Date: | February 5, 2020 (T+10) |
Maturity Date: | January 21, 2022 |
Benchmark Treasury: | 1.625% due December 31, 2021 |
Benchmark Treasury Yield: | 1.526% |
Spread to Benchmark Treasury: | + 27 basis points |
Yield to Maturity: | 1.796% |
Interest Payment Dates: | Each January 15 and July 15, and the maturity date, commencing July 15, 2020 |
Payment at Maturity: | The payment at maturity will be 100% of the Principal Amount plus accrued and unpaid interest, if any |
Optional Redemption: | None |
Agents Discount or Commission: | 0.10% |
Basis: | As Principal |
Agent(s): | PNC Capital Markets LLC |
U.S. Bancorp Investments, Inc. | |
Form of Note: | Book-Entry |
(Book-Entry or Certificated) | |
Denominations: | $2,000 x $1,000 |
Other Terms: | None |
Note: A securities rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time.
Concurrently with this offering, we are also offering $500,000,000 aggregate principal amount of 2.40% collateral trust bonds due 2030 (the “Collateral Trust Bonds”), pursuant to a separate registration statement, prospectus and prospectus supplement. Although we expect that the sales of the Notes and the Collateral Trust Bonds will take place concurrently, the sales are not conditioned upon each other, and we may consummate the sale of one issue and not the other, or consummate the sales at different times.
The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus for this offering in that registration statement, and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, you may obtain a copy of the prospectus from PNC Capital Markets LLC by calling toll-free at 1-855-881-0697 or U.S. Bancorp Investments, Inc. by calling toll-free at 1-877-558-2607.