NRUC issues $250K Medium‑Term Note at 4.07%

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION is offering $250,000 principal amount of Medium-Term Notes, Series D, issued at 100% of principal.

Rhea-AI Filing Summary

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION is offering $250,000 principal amount of Medium-Term Notes, Series D, issued at 100% of principal. The Original Issue Date is May 15, 2026 and the notes mature on November 15, 2027.

The notes pay interest at 4.07% per annum with interest payment dates each January 15 and July 15, and regular record dates each January 1 and July 1. The pricing supplement is dated May 12, 2026 and the prospectus supplement cited is dated October 27, 2023.

Insights

Debt Capital Markets Lawyer

Pricing supplement shows a single-note issuance under the base prospectus.

The excerpt lists a $250,000 principal issuance of Medium-Term Notes, Series D, dated May 15, 2026, issued at 100% of principal under the prospectus supplement dated October 27, 2023. The counsel opinion conditions validity on receipt of payment and customary insolvency and equitable defenses.

Key legal qualifiers preserved in the excerpt include bankruptcy, receivership and judicial discretion; the opinion is based on District of Columbia and New York law. Cash‑flow treatment indicates proceeds to the issuer by implication of issuance mechanics in the pricing supplement language.

Fixed‑Income Structurer

Simple fixed‑rate note: 4.07% to maturity 11/15/2027.

The note bears fixed interest at 4.07% per annum with semiannual payments on January 15 and July 15. Issue price is 100% and there is no listed redemption date in the excerpt.

Liquidity and distribution details (agents, commissions, methods) are minimal in the excerpt; subsequent documents would show underwriting or placement mechanics if material. Timing and investor allocation are governed by the pricing supplement dated May 12, 2026.

Key Figures

Principal Amount: $250,000 Issue Price: 100% of Principal Amount Original Issue Date: May 15, 2026 +4 more

7 metrics

Principal Amount $250,000 Principal Amount of Medium‑Term Notes, Series D

Issue Price 100% of Principal Amount Issue Price stated in pricing supplement

Original Issue Date May 15, 2026 Original Issue Date for the notes

Maturity Date November 15, 2027 Maturity date of the notes

Interest Rate 4.07% per annum Fixed interest rate for the notes

Pricing Supplement Date May 12, 2026 Pricing Supplement trade and pricing date

Prospectus Supplement Date October 27, 2023 Prospectus Supplement cited in the excerpt

Key Terms

Pricing Supplement, Medium‑Term Note, Indenture, Prospectus Supplement

4 terms

Pricing Supplement regulatory

"Pricing Supplement Date | May 12, 2026 Pricing Supplement No."

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 Note financial

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

Indenture legal

"execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Prospectus Supplement regulatory

"Prospectus Supplement Date | October 27, 2023 Base Prospectus Date | October 24, 2023"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

Offering Details

primary

Offering

Offering Type primary

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What securities is NRUC (NRUC) offering in this pricing supplement?

The company is offering $250,000 principal amount of Medium‑Term Notes, Series D, issued at 100% of principal. The Original Issue Date is May 15, 2026 and maturity is November 15, 2027.

What interest and payment schedule applies to the NRUC notes?

The notes pay interest at 4.07% per annum with semiannual payments on January 15 and July 15. Regular record dates are each January 1 and July 1.

What price and commission terms are shown for NRUC's issuance?

The pricing supplement lists an Issue Price of 100% of principal amount for the notes and shows None for agents' commission in the excerpt. Further distribution terms may appear elsewhere in the supplement.

Does the excerpt state any redemption features for the notes?

The excerpt indicates Redemption Date: None for these notes. Any call, put, or early redemption mechanics would need to be confirmed in the full pricing supplement and indenture text.

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

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Accepted by SEC EDGAR 05/14/2026 - 11:24 AM Learn about SEC filing dates

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			May 12, 2026
Pricing Supplement No.			10557
Pricing Supplement Date			May 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 15, 2026
Maturity Date			November 15, 2027
Interest Rate			4.07% 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.