National Rural Utilities Cooperative Finance Corporation

06/16/2025 | Press release | Distributed by Public on 06/16/2025 12:54

Supplemental Prospectus (Form 424B3)


The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.
Subject to completion dated June 16, 2025
Filed under Rule 424(b)(3), Registration Statement No. 333-275151
Pricing Supplement No. 21 - Dated Monday, June 16, 2025 (To: Prospectus Dated October 24, 2023 and Prospectus Supplement Dated November 1, 2024)
CUSIP Number Principal Amount Selling Price Gross Concession
Net Proceeds
Coupon Type Coupon Rate Coupon Frequency Maturity Date 1st Coupon Date 1st Coupon Amount Survivor's Option
Product Ranking
63743LAW3
[ ]
100.000%
3.150%
[ ]
Fixed 5.750% Semi- Annual 06/15/2055 12/15/2025 $26.99 Yes
Subordinated Notes

Redemption Information:
Callable at the Issuer's option, in whole or from time to time in part, on any day on or after 06/15/2030 (the "Par Call Period") at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date


Offering Date: Monday, June 16, 2025 through Monday, June 23, 2025 National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp Trade Date: Monday, June 23, 2025 @12:00 PM ET Subordinated Notes (Subordinated Deferrable Interest Notes)
Settle Date: Thursday, June 26, 2025
Minimum Denomination/Increments:$1,000.00/$1,000.00 Prospectus dated October 24, 2023 and
Initial trades settle flat and clear SDFS: DTC Book Entry only Prospectus Supplement Dated: November 1, 2024
DTC Number: 0235 via RBC Dain Rauscher Inc.
Agents: InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC, Wells Fargo Clearing Services, LLC
Trustee: U.S. Bank Trust Company, National Association







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