NRUC (NRUC) issues $500,000 Medium‑Term Notes due Apr 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $500,000 Medium-Term Notes. The pricing supplement dated April 10, 2026 sets a $500,000 principal amount at an issue price of 100% with an original issue date of April 15, 2026 and maturity on April 15, 2027. Interest is 3.83% per annum payable each January 15 and July 15, with regular record dates each January 1 and July 1. The supplement cites counsel opinion on validity and references the prospectus supplement dated October 27, 2023 and base prospectus dated October 24, 2023.

Insights

Debt Capital Markets Analyst

Short-term note issuance priced at par with a fixed 3.83% coupon.

The company issued $500,000 of medium-term notes due April 15, 2027 at an issue price of 100%. This represents a straightforward financing instrument with semiannual interest payments on January 15 and July 15 and no agents' commission listed.

Cash‑flow treatment and use of proceeds are not specified in the excerpt; subsequent filings or the prospectus may disclose allocation and any underwriting arrangements.

Securities Counsel Summary

Counsel issued a standard legal opinion limited by insolvency and equitable defenses.

Hogan Lovells US LLP opines the notes will be valid and binding obligations upon receipt of consideration and proper issuance under the indenture, subject to bankruptcy, insolvency and equitable principles.

The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law as governing legal bases.

Key Figures

Principal Amount: $500,000 Issue Price: 100% of Principal Amount Interest Rate: 3.83% per annum +3 more

6 metrics

Principal Amount $500,000 Principal amount of Medium‑Term Notes, Series D

Issue Price 100% of Principal Amount Pricing Supplement No. 10542

Interest Rate 3.83% per annum Fixed coupon stated in pricing table

Original Issue Date April 15, 2026 Original issue date for the notes

Maturity Date April 15, 2027 Maturity of the Series D notes

Pricing Supplement Date April 10, 2026 Date of this pricing supplement

Key Terms

Medium‑Term Notes, Pricing Supplement, Indenture, Agents Commission

4 terms

Medium‑Term Notes financial

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

Pricing Supplement regulatory

"Pricing Supplement No. | 10542 Pricing Supplement Date | April 10, 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.

Agents Commission financial

"Agents Commission | None"

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

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Accepted by SEC EDGAR 04/13/2026 - 12:43 PM Learn about SEC filing dates

FAQ

What securities did NRUC (NRUC) register in this pricing supplement?

The supplement registers $500,000 of Medium-Term Notes, Series D due April 15, 2027. The notes were priced at 100% of principal with a 3.83% per annum fixed interest rate and semiannual payments.

When are interest payments and record dates for these NRUC notes?

Interest is payable each January 15 and July 15. Regular record dates are each January 1 and July 1 to determine holders entitled to those payments.

What are the issue and maturity dates of the NRUC Medium-Term Notes?

The original issue date is April 15, 2026 and the maturity date is April 15, 2027. The pricing supplement and trade date are April 10, 2026.

Was there any agents' commission or underwriting fee disclosed?

The pricing table states Agents Commission: None. The excerpt does not provide further detail on underwriting or distribution arrangements beyond this line.

Which laws did counsel rely on in its validity opinion?

Counsel referenced the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York as the legal basis for the opinion, subject to standard insolvency and equitable defenses.

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			April 10, 2026
Pricing Supplement No.			10542
Pricing Supplement Date			April 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 15, 2026
Maturity Date			April 15, 2027
Interest Rate			3.83% 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.