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Published on 4/27/2022 in the Prospect News Investment Grade Daily.

New Issue: National Rural sells $100 million of 3.859% medium-term notes due 2029

By Devika Patel

Knoxville, Tenn., April 27 – National Rural Utilities Cooperative Finance Corp. priced $100 million of 3.859% series D medium-term notes (A2/A-/A) due June 15, 2029 on Monday, according to an FWP filed with the Securities and Exchange Commission.

Pricing was at par to yield 3.859%, or a spread 108 basis points over Treasuries.

J.P. Morgan Securities LLC was the agent.

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

Issuer:National Rural Utilities Cooperative Finance Corp.
Amount:$100 million
Issue:Series D medium-term notes
Maturity:June 15, 2029
Agent:J.P. Morgan Securities LLC
Coupon:3.859%
Price:Par
Yield:3.859%
Spread:Treasuries plus 108 bps
Call:Make-whole call at Treasuries plus 20 bps until April 15, 2029, then a par call
Trade date:April 26
Settlement date:May 9
Ratings:Moody’s: A2
S&P: A-
Fitch: A
Distribution:SEC registered
Cusip:63743HFD9

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