National Rural issues 3.68% 2027 medium note

National Rural Utilities Cooperative Finance Corporation is issuing a new Series D medium-term note with a principal amount of $110,000.00.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a new Series D medium-term note with a principal amount of $110,000.00. The note carries a fixed interest rate of 3.68% per annum, priced at 100% of principal, with interest paid semiannually on January 15 and July 15 to holders of record on January 1 and July 1.

The note will be issued on January 15, 2026 and will mature on January 15, 2027, with no stated redemption features and no agent’s commission. Counsel Hogan Lovells US LLP opines that, after proper authorization, payment and issuance under the governing indenture, the note will be a valid and binding obligation of the company, subject to customary bankruptcy, creditor-rights and equity-law limitations.

FAQ

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

What security is National Rural Utilities Cooperative Finance Corporation (NRUC) offering in this 424B3?

The company is offering a Medium-Term Note, Series D, with a principal amount of $110,000.00, due January 15, 2027, bearing interest at 3.68% per annum.

What are the key interest terms of NRUCs new medium-term note?

The note has an interest rate of 3.68% per annum, priced at 100% of principal, with interest payments on each January 15 and July 15 to holders of record on each January 1 and July 1.

When does NRUCs 3.68% Medium-Term Note, Series D, start and when does it mature?

The original issue date is January 15, 2026, and the maturity date is January 15, 2027.

Is there any redemption feature or agent commission on NRUCs new note?

The pricing terms state a redemption date of none and an agents commission of none for this Medium-Term Note, Series D.

What legal opinion supports the validity of NRUCs 3.68% medium-term note?

Hogan Lovells US LLP opines that, after receipt of consideration and proper execution and issuance under the indenture and related agreements, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equity-law limitations.

Which laws govern the validity opinion for NRUCs medium-term note?

The opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, subject to customary assumptions regarding the trustee and indenture.

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

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Accepted by SEC EDGAR 01/14/2026 - 11:22 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			January 12, 2026
Pricing Supplement No.			10443
Pricing Supplement Date			January 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$110,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.68% 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.