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National Rural Utilities Cooperative Finance Corp/DC – ‘FWP’ on 1/22/20 re: National Rural Utilities Cooperative Finance Corp/DC

On:  Wednesday, 1/22/20, at 4:59pm ET   ·   Accession #:  70502-20-9   ·   File #:  333-233687

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer

 1/22/20  Nat’l Rural Utilities Co… Corp/DC FWP                    1:38K  Nat’l Rural Utilities Co… Corp/DC

Free-Writing Prospectus   —   Rule 163 / 433   —   SA’33
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Ctb FWP January 2020                                HTML     18K 


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Filed Pursuant to Rule 433 under the Securities Act
Registration Statement No. 333-233687
Issuer Free Writing Prospectus dated January 22, 2020

 
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORPORATION
COLLATERAL TRUST BOND TERM SHEET
Issuer:
 
National Rural Utilities Cooperative Finance Corporation
 
 
 
Expected Ratings:
 
 A1 (Stable) / A (Stable) / A+ (Stable) (Moody’s / S&P / Fitch)
 
 
 
Principal Amount:
 
$500,000,000
 
 
 
Security Type:
 
Collateral Trust Bonds
 
 
 
Legal Format:
 
SEC Registered
 
 
 
Pricing Date:
 
 
 
 
Settlement Date:
 
 
 
 
Maturity Date:
 
 
 
 
Coupon:
 
2.40%
 
 
 
Price to Public:
 
99.562%
 
 
 
Benchmark Treasury:
 
 
 
 
Benchmark Treasury Yield:
 
1.769%
 
 
 
Spread to Benchmark Treasury:
 
+68 basis points
 
 
 
Yield to Maturity:
 
2.449%
 
 
 
Interest Payment Dates:
 
Semi-annually on March 15 and September 15, commencing September 15, 2020
 
 
 
Optional Redemption
 
The issuer may redeem the bonds at any time, prior to December 15, 2029, in whole or in part, at a “make-whole” redemption price equal to the greater of (1) 100% of the principal amount being redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (other than accrued interest) on the bonds being redeemed that would be due if such bonds matured on December 15, 2029, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 12.5 basis points for the bonds plus in each case of (1) and (2) above, accrued interest to, but excluding, the redemption date.

At any time on or after December 15, 2029, the issuer may redeem the bonds at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of the bonds then outstanding to be redeemed, plus accrued and unpaid interest on the bonds being redeemed to, but excluding, the redemption date.




 
 
 
Denominations:
 
$2,000 x $1,000
 
 
 
CUSIP / ISIN:
 
637432 NV3 / US637432NV39





    





Joint Book-Running Managers:

MUFG Securities Americas Inc.
RBC Capital Markets, LLC
Scotia Capital (USA) Inc.
U.S. Bancorp Investments, Inc.
 
 
 
Co-Manager:

Regions Securities LLC
 
 
 

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.

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 MUFG Securities Americas Inc. toll-free at 1-877-649-6848; RBC Capital Markets, LLC toll-free at 1-866-375-6829; Scotia Capital (USA) Inc. toll-free at 1-800-372-3930; or US Bancorp Investments Inc. toll-free at 877-558-2607.









Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘FWP’ Filing    Date    Other Filings
3/15/30
12/15/29
11/15/29
9/15/20
2/5/20
Filed on:1/22/20424B3,  424B5,  FWP
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Filing Submission 0000070502-20-000009   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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