National Rural Utilities (NYSE: NRUC) prices 3.66% notes due 2026

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing Medium-Term Notes, Series D, with a principal amount of $1,500,000.00 at an interest rate of 3.66% per annum, maturing on November 15, 2026. The notes are priced at 100% of principal, with an original issue date of January 15, 2026.

Interest is paid semiannually on each January 15 and July 15, to holders of record on each preceding January 1 and July 1. The notes have no redemption date and carry no agent’s commission. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance and delivery, the notes will be valid and binding obligations of the company, subject to standard bankruptcy and equity-related legal limitations.

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Accepted by SEC EDGAR 01/14/2026 - 11:28 AM Learn about SEC filing dates

FAQ

What medium-term notes is NRUC offering in this 424B3 filing?

National Rural Utilities Cooperative Finance Corporation is offering Medium-Term Notes, Series D, with a principal amount of $1,500,000.00 under its existing program.

What are the interest rate and maturity date of NRUC’s Series D notes?

The Series D notes bear interest at 3.66% per annum and mature on November 15, 2026.

When do investors in NRUC’s notes receive interest payments?

Interest is payable on each January 15 and July 15, to holders of record on the prior January 1 and July 1.

Is there any redemption feature or agent’s commission on NRUC’s notes?

The notes have no redemption date and there is no agent’s commission listed for this issuance.

What does legal counsel say about the validity of NRUC’s notes?

Hogan Lovells US LLP opines that, after proper authorization, execution, issuance and delivery, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity law limitations.

On what legal basis is the validity opinion for NRUC’s notes provided?

The opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as currently in effect.

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			January 12, 2026
Pricing Supplement No.			10445
Pricing Supplement Date			January 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 15, 2026
Maturity Date			November 15, 2026
Interest Rate			3.66% 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.