NRUC prices $1.1M Medium-Term Note due 2028

National Rural Utilities Cooperative Finance Corporation priced a medium-term note offering with a $1,100,000.00 principal amount at 100% of principal.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a medium-term note offering with a $1,100,000.00 principal amount at 100% of principal. The notes accrue interest at 4.31% per annum, will be originally issued on July 1, 2026, and mature on January 15, 2028.

The pricing supplement lists regular record dates of January 1 and July 1

Insights

Debt Capital Markets Attorney

Pricing supplement documents a $1.1M fixed-rate note due January 15, 2028.

The pricing supplement evidences a primary issuance of Medium-Term Notes: $1,100,000.00 at 100% of principal with a fixed interest rate of 4.31%. The offering is supported by an indenture and standard counsel opinion on validity.

Key legal qualifiers include customary insolvency and equitable defenses; the counsel opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law. Cash‑flow treatment and distribution agents' commissions are stated as None in the excerpt.

Key Figures

Principal Amount: $1,100,000.00 Issue Price: 100% of Principal Amount Original Issue Date: July 1, 2026 +4 more

7 metrics

Principal Amount $1,100,000.00 Principal amount of the Medium-Term Note

Issue Price 100% of Principal Amount Pricing Supplement indicates full principal paid on issuance

Original Issue Date July 1, 2026 Date notes are originally issued

Maturity Date January 15, 2028 Final maturity of the notes

Interest Rate 4.31% per annum Fixed coupon on the notes

Interest Payment Dates January 15 and July 15 Semiannual interest payments

Agents Commission None No agent commission disclosed in the supplement

Key Terms

Pricing Supplement, Indenture, Original Issue Date, Agents Commission

4 terms

Pricing Supplement financial

"Pricing Supplement No. | 10609 Pricing Supplement Date | June 26, 2026"

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.

Indenture legal

"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.

Original Issue Date financial

"Original Issue Date | July 1, 2026 Maturity Date | January 15, 2028"

Agents Commission financial

"Agents Commission | None"

FAQ

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

What did NRUC price in this 424(b)(3) filing?

NRUC priced a Medium-Term Note with a $1,100,000.00 principal amount at 100% of principal. The pricing supplement shows an interest rate of 4.31% per annum and sets an original issue date of July 1, 2026.

When does the NRUC medium-term note mature?

The note matures on January 15, 2028. The supplement also lists interest payment dates on January 15 and July 15 and regular record dates of January 1 and July 1 for interest.

What price and commissions are disclosed for the NRUC note?

The pricing supplement states an issue price of 100% of Principal Amount for $1,100,000.00. The excerpt lists Agents Commission: None, indicating no agent commission is shown in this pricing supplement.

Which laws underpin the counsel opinion for NRUC's note validity?

Counsel cites the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York. The opinion also preserves standard creditor‑law and equitable defenses in insolvency contexts.

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

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Accepted by SEC EDGAR 06/29/2026 - 10:39 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			June 26, 2026
Pricing Supplement No.			10609
Pricing Supplement Date			June 26, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 1, 2026
Maturity Date			January 15, 2028
Interest Rate			4.31% 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.