Rule 424 (b)
(3)
|
Registration No.:
333-249702
|
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION ("National Rural")
|
Member
Capital Securities
|
Trade
Date
|
October 25,
2022
|
Pricing
Supplement No.
|
731
|
Pricing Supplement Date |
October 25,
2022
|
Prospectus Supplement Date |
June
17, 2022
|
Base Prospectus
Date
|
October 28,
2020
|
|
|
Principal
Amount
|
$2,000,000.00
|
Issue
Price
|
100%
of Principal Amount
|
Original Issue
Date
|
October 28,
2022
|
Maturity
Date
|
October
28,
2052
|
Interest
Rate
|
5.50%
per annum
|
Regular
Record Dates
|
Each March
15 and September 15
|
Interest Payment Dates
|
Each
April 1 and October 1
|
First
Coupon Date
|
April 3,
2023
|
Product
Ranking
|
Subordinate to all existing and future senior
indebtedness of National Rural and all existing subordinated
indebtedness of National Rural that is held by or transferable by
non-members of National Rural. |
Optional
Redemption
|
Redeemable
at the option of National Rural, in whole or in part, at any time
after October 28, 2027 at a redemption price equal to 100% of the
principal amount to be redeemed together with accrued and unpaid
interest, if any, to the redemption date.
|
Option to
Extend Interest Payment Period
|
National
Rural will have the right to extend the interest payment period to
a period not exceeding 10 consecutive semi-annual interest payment
periods. At the end of a deferral period, National Rural must
pay all interest then accrued and unpaid together with interest
thereon at the same rate as specified for the
securities.
|
Restrictions on Transfer
|
The
securities can only be sold or transferred to other National Rural
voting members upon the written consent of National
Rural.
|
Agents
Commission
|
None
|
Form
of Note (Book-Entry or
Certificated)
|
Certificated
|
Denominations/Multiples |
$25,000/$5,000
|
Listing
|
None
|
|
|
|
Security
Type
|
Security
Class Title
|
Fee
Calculation or Carry Forward Rule
|
Amount
Registered
|
Proposed
Maximum Offering Price Per Unit
|
Maximum
Aggregate Offering Price
|
Fee
Rate
|
Amount
of Registration Fee
|
Fees to Be Paid
|
Debt
|
Member Capital
Securities, Series 2022
|
457(r)
|
$2,000,000
|
100%
|
$2,000,000
|
0.0001102
|
$220.40
|
|
Total
Offering Amount
|
|
|
$2,000,000
|
|
|
||
|
Net Fee
Due
|
|
|
|
|
$220.40
|