Issuer:
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National Rural Utilities Cooperative Finance Corporation
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Expected Ratings:
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A1 (Stable) / A (Negative) / A+ (Stable) (Moody’s / S&P /Fitch)
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Principal Amount:
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$350,000,000
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Security Type:
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Collateral Trust Bonds
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Legal Format:
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SEC Registered
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Pricing Date:
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February 3, 2016
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Settlement Date:
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February 8, 2016 (T+3)
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Maturity Date:
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February 15, 2023
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Coupon:
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2.70%
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Price to Public:
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99.727%
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Benchmark Treasury:
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1.750% due January 31, 2023
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Benchmark Treasury Yield:
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1.593%
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Spread to Benchmark Treasury:
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+115 basis points
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Yield to Maturity:
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2.743%
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Interest Payment Dates:
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Semi-annually on February 15 and August 15, commencing August 15, 2016
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Optional Redemption:
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At any time on or after December 15, 2022, the Bonds will be redeemable, in whole or in part, at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest on the Bonds being redeemed to, but excluding, the redemption date.
At any time before December 15, 2022, the Bonds will be redeemable, in whole or in part, at a redemption price equal to the greater of (1) 100% of the principal amount of the Bonds being redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (other than accrued interest) that would be due if such bonds matured on December 15, 2022 discounted on a semi-annual basis at the Treasury Rate, plus 20 basis points, plus accrued and unpaid interest on the Bonds being redeemed to, but excluding, the redemption date.
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Denominations:
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$2,000 x $1,000
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CUSIP:
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637432 NJ0 / US637432NJ01
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Joint Book-Running Managers:
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Mitsubishi UFJ Securities (USA), Inc.
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RBC Capital Markets, LLC
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Scotia Capital (USA) Inc.
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U.S. Bancorp Investments, Inc.
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Senior Co-Managers: | Mizuho Securities USA Inc. | |
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J.P. Morgan Securities LLC
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KeyBanc Capital Markets Inc.
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PNC Capital Markets LLC
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SunTrust Robinson Humphrey, Inc.
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Regions Securities LLC
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