National Rural Utilities Cooperative Finance Corporation

10/06/2025 | Press release | Distributed by Public on 10/06/2025 12:26

Supplemental Prospectus (Form 424B3)


Filed under Rule 424(b)(3), Registration Statement No. 333-275151
Pricing Supplement No. 647 - Dated Monday, October 6, 2025 (To: Prospectus Dated October 24, 2023 and Prospectus Supplement Dated October 27, 2023)
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
63743F3Y0
[ ]
100.000%
0.550%
[ ]
Fixed 3.700% Monthly 10/15/2027 11/15/2025 $2.88 Yes
Senior Unsecured Notes

Redemption Information: Non-Callable

Offering Date: Monday, October 6, 2025 through Tuesday, October 14, 2025 National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp Trade Date: Tuesday, October 14, 2025 @12:00 PM ET
Settle Date: Friday, October 17, 2025 Prospectus dated October 24, 2023 and
Minimum Denomination/Increments:$1,000.00/$1,000.00 Prospectus Supplement Dated: October 27, 2023
Initial trades settle flat and clear SDFS: DTC Book Entry only
DTC Number: 0235 via RBC Dain Rauscher Inc.
Agents: InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services, LLC, RBC Capital Markets, LLC
Trustee: U.S. Bank Trust Company, National Association
If the maturity date or an interest payment date for any note is not a business day (as term is defined in prospectus), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date or interest payment date.
Notes will be sold to you at the selling price specified in this Pricing Supplement. The Purchasing Agent shall purchase notes from us at the selling price less the applicable gross concession specified in this Pricing Supplement. The Purchasing Agent may resell the notes it purchases to the agents and selected dealers at the selling price less a concession that, at the discretion of the Purchasing Agent, may be less than or equal to the gross concession received by the Purchasing Agent. Notes purchased by the agents and selected dealers on behalf of level-fee [investment or advisory] accounts may be sold to such accounts at the selling price less the applicable concession, and such agents and selected dealers shall not retain, as compensation, any portion of such concession.
InterNotes® is a registered trademark of InspereX Holdings LLC. All Rights Reserved.







National Rural Utilities Cooperative Finance Corporation published this content on October 06, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on October 06, 2025 at 18:26 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]