NRUC (NRUC) prices $150,000 Medium‑Term Note, 3.88%, due May 15, 2027

Rhea-AI Filing Summary

The National Rural Utilities Cooperative Finance Corporation priced a Medium‑Term Note offering: $150,000 of notes at 100% of principal, with an interest rate of 3.88% per annum. The notes have an original issue date of May 15, 2026 and mature on May 15, 2027. Interest is payable each January 15 and July 15, with record dates of January 1 and July 1. The pricing supplement is dated May 12, 2026, and the prospectus supplement is dated October 27, 2023.

The securities are issued under the existing base prospectus dated October 24, 2023. There is no agent commission and no scheduled redemption date stated in the excerpt.

Insights

Debt Capital Markets Analyst

Short maturity, modest fixed coupon issuance for liquidity management.

The offering lists $150,000 of Medium‑Term Notes at an 3.88% fixed rate with a one‑year tenor from May 15, 2026 to May 15, 2027. The notes are issued at 100% of principal under the issuer's existing base prospectus and related pricing supplement.

Key dependencies include the indenture and the stated record/payment dates; cash‑flow treatment to the issuer and specific distribution agents are not detailed in the excerpt. Subsequent filings would show placement details and uses of proceeds.

Fixed‑Income Portfolio Manager

Short‑dated paper that can serve working‑capital or roll‑over needs.

The structure—short maturity and fixed 3.88% coupon—fits a liquidity or bridging role rather than long‑term financing. Issue price at 100% indicates standard par issuance.

Material items to watch in later disclosures include whether the notes were privately placed or broadly distributed and any stated use of proceeds; timing and placement details determine market impact.

Key Figures

Principal Amount: $150,000 Issue Price: 100% of Principal Amount Interest Rate: 3.88% per annum +4 more

7 metrics

Principal Amount $150,000 Principal Amount stated on pricing supplement

Issue Price 100% of Principal Amount Pricing Supplement No. 10564

Interest Rate 3.88% per annum Fixed coupon for the note

Original Issue Date May 15, 2026 Original Issue Date shown on pricing supplement

Maturity Date May 15, 2027 Maturity Date of the Medium‑Term Note

Pricing Supplement Date May 12, 2026 Pricing Supplement No. 10564

Agents Commission None Agents Commission stated on pricing supplement

Key Terms

Pricing Supplement, Medium‑Term Notes, Indenture, Original Issue Date

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 Notes financial

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

Indenture legal

"due 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.

Original Issue Date regulatory

"Original Issue Date | May 15, 2026"

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

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Accepted by SEC EDGAR 05/14/2026 - 11:51 AM Learn about SEC filing dates

FAQ

What did NRUC price on May 12, 2026?

NRUC priced a Medium‑Term Note offering of $150,000 at 100% of principal. The pricing supplement is dated May 12, 2026, with an original issue date of May 15, 2026.

What are the key terms of the NRUC note due May 15, 2027?

The notes carry a fixed interest rate of 3.88% per annum, mature on May 15, 2027, and pay interest each January 15 and July 15 with record dates of January 1 and July 1.

Was there an underwriting commission for the NRUC offering?

The pricing supplement states an Agents Commission: None. The excerpt lists no agent commission and shows the notes priced at par (100% of principal).

Under which documents were these NRUC notes issued?

The notes are issued under the base prospectus dated October 24, 2023 and the prospectus supplement dated October 27, 2023, pursuant to the referenced pricing supplement dated May 12, 2026.

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.			10564
Pricing Supplement Date			May 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$150,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 15, 2026
Maturity Date			May 15, 2027
Interest Rate			3.88% 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.