Short-Term Borrowings

3 Months Ended

Aug. 31, 2026


NOTE 6—SHORT-TERM BORROWINGS

Short-term borrowings consist of borrowings with an original contractual maturity of one year or less and do not include the current portion of long-term debt. Our short-term borrowings totaled $4,789 million and $5,160 million as of August 31, 2026 and May 31, 2026, respectively, and accounted for 13% and 14% of total debt outstanding as of each respective date. The following table provides information on our short-term borrowings as of August 31, 2026 and May 31, 2026.

Table 6.1: Short-Term Borrowings Sources



	August 31, 2026				May 31, 2026
(Dollars in thousands)	Amount		% of Total Debt Outstanding		Amount		% of Total Debt Outstanding
Short-term borrowings:
Commercial paper:
Commercial paper sold through dealers, net of discounts	$	1,695,026	5	%	$	2,338,411	7	%
Commercial paper sold directly to members, at par	971,657		2		882,692		2
Total commercial paper	2,666,683		7		3,221,103		9
Select notes to members	1,474,693		4		1,361,207		4
Daily liquidity fund notes to members	353,594		1		253,271		—
Medium-term notes sold to members	294,118		1		324,190		1


Total short-term borrowings	$	4,789,088	13	%	$	5,159,771	14	%

Committed Bank Revolving Line of Credit Agreements

The following table presents the amount available for access under our bank revolving line of credit agreements as of August 31, 2026.

Table 6.2: Committed Bank Revolving Line of Credit Agreements Available Amounts


	August 31, 2026
(Dollars in millions)	Total Commitment		Letters of Credit Outstanding		Amount Available for Access		Maturity	Annual Facility Fee(1)
Bank revolving agreements:
3-year agreement	$	50	$	—	$	50	November 28, 2027	7.5 bps
3-year agreement	1,695		—		1,695		November 28, 2028	7.5 bps
Total 3-year agreement	1,745		—		1,745

4-year agreement	1,755		7		1,748		November 28, 2029	10.0 bps

Total	$	3,500	$	7	$	3,493

____________________________

(1)Facility fee based on CFC’s senior unsecured credit ratings in accordance with the established pricing schedules at the inception of the related agreement.

As of August 31, 2026, the total commitment amount under the three-year facility and the four-year facility was $1,745 million and $1,755 million, respectively, resulting in a combined total commitment amount under the two facilities of $3,500 million. We did not have any outstanding borrowings under our committed bank revolving line of credit agreements as of August 31, 2026; however, we had letters of credit outstanding of $7 million under the four-year committed bank revolving agreement as of this date. These agreements allow us to request up to $300 million of letters of credit, which, if requested, would result in a reduction in the total amount available for our use. We were in compliance with all covenants and conditions under the agreements as of August 31, 2026