National Rural Utilities CFC (NRUC) prices $625,000 note 4.00% due Apr 15, 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a series of Medium-Term Notes with a principal amount of $625,000 issued at 100% of principal. The notes carry a 4.00% per annum interest rate, have an original issue date of April 15, 2026, and mature on April 15, 2028. Interest is payable each January 15 and July 15 with regular record dates of January 1 and July 1. The pricing supplement lists no redemption date and shows no agents' commission.

Insights

Fixed Income Analyst

Small, short-dated note issuance at par with a fixed 4.00% coupon.

The transaction is a straightforward medium-term note placement: $625,000 issued at 100% with a 4.00% per annum coupon and a two-year maturity to April 15, 2028. Cash-flow treatment and underwriting details are not shown in the excerpt.

Dependencies include market demand for short-dated paper and the issuer's funding plan; timing and distribution mechanics are set by the pricing supplement and indenture terms.

Key Figures

Principal Amount: $625,000 Issue Price: 100% of Principal Amount Interest Rate: 4.00% per annum +4 more

7 metrics

Principal Amount $625,000 Principal Amount stated on the pricing supplement

Issue Price 100% of Principal Amount Issue Price on pricing supplement

Interest Rate 4.00% per annum Coupon stated in the pricing supplement

Original Issue Date April 15, 2026 Original Issue Date shown on the table

Maturity Date April 15, 2028 Maturity Date shown on the table

Interest Payment Dates January 15 and July 15 Regular interest payment schedule

Redemption Date None Redemption Date as listed in the pricing supplement

Key Terms

Pricing Supplement, Medium-Term Notes, Issue Price

3 terms

Pricing Supplement regulatory

"Pricing Supplement Date | April 10, 2026 Prospectus Supplement Date"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Medium-Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

Issue Price financial

"Principal Amount | $625,000.00 Issue Price | 100% of Principal Amount"

The issue price is the amount of money investors pay to buy a new security, such as a stock or bond, when it is first offered to the public. It matters to investors because it determines their initial cost and potential future gains or losses, similar to paying a set price for a new product before it hits stores. The issue price helps establish the value of the security at the start of its trading life.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/13/2026 - 12:46 PM Learn about SEC filing dates

FAQ

What did NRUC issue in this pricing supplement?

Answer: NRUC issued a $625,000 Medium-Term Note at par with a 4.00% coupon. The supplement shows an original issue date of April 15, 2026 and maturity on April 15, 2028.

When are interest payments for NRUC's note scheduled?

Answer: Interest is payable each January 15 and July 15. The regular record dates are January 1 and July 1 for determining payees.

What price and commissions were disclosed for the offering?

Answer: The issue price is stated as 100% of principal (par). The pricing supplement lists no agents' commission for this issuance.

Is the note redeemable before maturity?

Answer: The pricing supplement explicitly lists None under Redemption Date. No early redemption option is shown in the provided excerpt.

What legal opinion is included with the notes?

Answer: Hogan Lovells US LLP rendered an opinion that the notes will be valid and binding obligations. The opinion is qualified by bankruptcy and equitable principles and cites District of Columbia and New York law.

Rule 424 (b) (3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

Due Nine Months or More from Date of Issue

Trade Date			April 10, 2026
Pricing Supplement No.			10543
Pricing Supplement Date			April 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$625,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 15, 2026
Maturity Date			April 15, 2028
Interest Rate			4.00% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Date			None
Agents Commission			None
Form of Note: (Book-Entry or Certificated)			Certificated
Other Terms			None
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Validity of the Medium-Term Note

In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.

This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.