The National Rural Utilities Cooperative will be selling a new $25 baby bond. The issue will have a maturity date out in 2064. There is an early redemption period starting in May, 2024.
The coupon will be 5.50% and they will be selling 10 million shares (bonds).
National Rural Utilities is a cooperative non profit with $25 billion in assets–as such they have no publicly traded common stock.
The cooperative had outstanding $25 debt years ago as some of us old timers remember and we expect this issue to trade strongly.
This issue is rated BBB+ (investment grade) by Standard and Poors.
The expected ticker is NRUC. Being debt there will be no OTC Grey market trading.
Thanks to Eugene for the heads up on this more obscure issue.