NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ 8-K

What Happened
National Rural Utilities Cooperative Finance Corporation (CFC, NRUC) announced on March 20, 2026 (via Form 8-K) that it will redeem all $350 million of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2046 on April 20, 2026. The Notes (CUSIP 637432NK7) will be redeemed at par plus accrued interest and the principal and accrued interest will be paid with cash on hand. CFC said the redemption is being done to reduce interest expense.

Key Details

• Redemption date: April 20, 2026.
• Amount: $350,000,000 of 5.25% Fixed-to-Floating Rate Subordinated Notes due 2046.
• CUSIP: 637432NK7.
• Redemption price: par plus accrued interest; payment from cash on hand.

Why It Matters
This action eliminates the outstanding subordinated notes and their interest obligations, which CFC says will reduce future interest expense. For investors, the redemption affects bondholders of the specified CUSIP (who will receive par plus accrued interest) and may modestly improve CFC’s interest cost profile and credit metrics going forward.