|
|
|
Issuer:
|
National
Rural Utilities Cooperative Finance Corporation
|
|
|
|
|
Expected
Ratings:
|
A1
(Stable) / A (Stable) / A+ (Stable) (Moody's / S&P /
Fitch)
|
|
|
|
|
Principal
Amount:
|
$700,000,000
|
|
|
|
|
Security
Type:
|
Collateral
Trust Bonds
|
|
|
|
|
Legal
Format:
|
SEC
Registered
|
|
|
|
|
Pricing
Date:
|
January
31, 2018
|
|
|
|
|
Settlement
Date:
|
February
7, 2018 (T+5)
|
|
|
|
|
Maturity
Date:
|
February
7, 2028
|
|
|
|
|
Coupon:
|
3.40%
|
|
|
|
|
Price
to Public:
|
99.706%
|
|
|
|
|
Benchmark
Treasury:
|
2.25%
due November 15, 2027
|
|
|
|
|
Benchmark
Treasury Yield:
|
2.735%
|
|
|
|
|
Spread
to Benchmark Treasury:
|
+70
basis points
|
|
|
|
|
Yield
to Maturity:
|
3.435%
|
|
|
|
|
Interest
Payment Dates:
|
Semi-annually
on February 7 and August 7, commencing August 7, 2018
|
|
|
|
|
Optional
Redemption:
|
The
issuer may redeem the bonds at any time, prior to November 7, 2027,
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 November 7, 2027, 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 15 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 November 7, 2027, 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
NP6 / US637432NP60
|
|
|
|
|
Joint
Book-Running Managers:
|
J.P.
Morgan Securities LLC
|
|
|
KeyBanc
Capital Markets Inc.
|
|
|
Mizuho
Securities USA LLC
|
|
|
PNC
Capital Markets LLC
|
|
|
SunTrust
Robinson Humphrey, Inc.
|
|
|
|
|
Co-Managers:
|
MUFG
Securities Americas Inc.
|
|
|
RBC
Capital Markets, LLC
|
|
|
Regions
Securities LLC
|
|
|
Scotia
Capital (USA) Inc.
|
|
|
U.S.
Bancorp Investments, Inc.
|