NRUC (NRUC) prices $931K Series D note, 3.64% coupon, 1-year tenor

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a medium-term note offering. The Pricing Supplement shows $931,000.00 of Medium-Term Notes, Series D, priced on March 11, 2026 with an 3.64% per annum coupon and 100% issue price. The notes have an Original Issue Date of March 15, 2026 and a Maturity Date of March 15, 2027.

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 and no agents commission. Legal counsel opinion from Hogan Lovells US LLP describes conditions to validity and enumerates customary bankruptcy- and equity-law qualifiers.

Insights

Debt Capital Markets Analyst

Short-term note issuance priced at a fixed coupon for a one-year term.

The Pricing Supplement records a $931,000.00 principal issuance of Medium-Term Notes, Series D, at 100% of principal and a fixed 3.64% coupon. The tenor runs from March 15, 2026 to March 15, 2027.

This is a standard short-dated debt placement reflecting current funding needs; cash-flow treatment and purchaser identities are not disclosed in the provided excerpt.

Securities/Capital Markets Counsel

Offering includes customary legal opinion with standard qualifiers.

The counsel opinion from Hogan Lovells US LLP states the notes will be valid obligations subject to bankruptcy, insolvency and equitable principles and cites the District of Columbia General Cooperative Association Act and New York law.

Qualifiers include standard insolvency and equity-law effects; no unusual legal conditions appear in the excerpt.

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

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Accepted by SEC EDGAR 03/13/2026 - 11:22 AM Learn about SEC filing dates

FAQ

What is NRUC's offering size and price?

The offering principal is $931,000.00 issued at 100% of principal. The Pricing Supplement lists the principal amount and the issue price on the cover table, identifying the offering as Medium-Term Notes, Series D.

What are the interest and payment terms for the Series D notes?

The notes pay interest at 3.64% per annum. Interest payment dates are each January 15 and July 15, with regular record dates on January 1 and July 1, per the Pricing Supplement.

When do the Series D notes mature and when were they issued?

The Original Issue Date is March 15, 2026 and Maturity Date is March 15, 2027. The Pricing Supplement shows the trade date and pricing supplement date as March 11, 2026.

Are the notes redeemable or subject to agent commissions?

The Pricing Supplement states no redemption and no agents commission. The cover table explicitly lists "Redemption Date | None" and "Agents Commission | None" for this Series D issuance.

What legal opinion is provided regarding the validity of the notes?

Hogan Lovells US LLP opines the notes will be valid obligations subject to standard qualifiers. The opinion cites applicable District of Columbia and New York law and reserves customary insolvency and equity-law limitations.

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			March 11, 2026
Pricing Supplement No.			10515
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$931,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			March 15, 2027
Interest Rate			3.64% 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.