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National Rural Utilities Cooperative Finance registers $3B of demand notes

National RuralUtilities Cooperative Finance Corp. on March 31 filed an automatic shelfregistration statement related to the sale of up to $3 billion of variable denominationfloating rate demand notes from time to time.

The net proceeds from the sale of the notes will be added tothe general funds of the company, which will be used to make loans to members, refinanceexisting debt and for other corporate purposes.

The notes are unsecured and unsubordinated obligations of thecompany and will rank equally and ratably with all other unsecured senior debt ofthe company. The notes have no stated maturity and are redeemable in whole or inpart on any business day at the option of the holder. The company reserves the rightto redeem the notes of any holder, in whole or in part, at any time at its option.

The notes earn interest at a floating rate per annum, subjectto daily adjustment by the company. Interest will accrue on a daily basis and becalculated on a 365-day year.