National Rural Utilities Cooperative Finance Corporation (NRUCFC) filed an 8-K report on October 16, 2026, outlining several new programs for issuing debt and capital securities. The filings detail agreements with various financial institutions to facilitate the sale of these instruments.
The Company filed a prospectus supplement with the SEC to establish a program for issuing an unlimited aggregate principal amount of Member Capital Securities, Series 2026. These securities will be offered to the Company's voting members. The filing includes forms for both fixed and floating rate certificates for these securities.
In addition to the Member Capital Securities, NRUCFC entered into agency agreements to continue programs for Medium-Term Notes, Series D, InterNotes, and Retail Subordinated Notes. The Medium-Term Notes program involves an agency agreement with a group of twelve financial institutions, including RBC Capital Markets, J.P. Morgan Securities, and U.S. Bancorp Investments. This program allows for the sale of an unlimited aggregate principal amount of MTNs.
The InterNotes program, which utilizes the InterNotes trademark, involves an agency agreement with InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, and Wells Fargo Clearing Services. Similarly, the Retail Subordinated Notes program, which includes Subordinated Deferrable Interest Notes, is managed by InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, and Wells Fargo Clearing Services.
All these issuances are to be made pursuant to a shelf registration statement on Form S-3 (File No. 333-299452) filed on October 14, 2026, and a base prospectus dated October 14, 2026. The Company also filed legal opinions from Hogan Lovells regarding the legality of the various notes and tax matters related to their issuance.
