New Issue: National Rural prices $350 million 2.3% notes due 2022 at 55 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 23 – National Rural Utilities Cooperative Finance Corp. sold $350 million of 2.3% series D five-year senior medium-term notes (A1/A/A+) on Wednesday at a spread of 55 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes (A2/A/A) priced at 99.98 to yield 2.304%.

The agents were MUFG, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., PNC Capital Markets LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and ICBC Standard Bank plc.

The market lender for electric cooperatives is based in Herndon, Va.

Issuer:	National Rural Utilities Cooperative Finance Corp.
Amount:	$350 million
Description:	Senior medium-term notes
Maturity:	Sept. 15, 2022
Agents:	MUFG, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., PNC Capital Markets LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and ICBC Standard Bank Plc
Coupon:	2.3%
Price:	99.98
Yield:	2.304%
Spread:	Treasuries plus 55 bps
Call features:	Make-whole call at greater of par or Treasuries plus 10 bps before Aug. 15, 2022; thereafter at par
Trade date:	Aug. 23
Settlement date:	Aug. 30
Ratings:	Moody’s: A2
	S&P: A
	Fitch: A
Distribution:	SEC registered

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