National Rural Utilities CFC (NRUC) prices $1.75M 3.64% note due Mar 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium‑Term Notes, Series D, with a principal amount of $1,750,000. The notes carry a 3.64% per annum interest rate, are issued at 100% of principal, have an original issue date of March 15, 2026 and mature on March 15, 2027. Interest payments are scheduled each January 15 and July 15 with record dates each January 1 and July 1.

Insights

Fixed-Income Analyst

Short‑term note priced at a modest fixed coupon for one‑year tenor.

The company issued $1,750,000 of Medium‑Term Notes at 100% with a 3.64% fixed rate and a maturity date of March 15, 2027. The excerpt lists regular semiannual interest payments on January 15 and July 15.

The issuance size and one‑year tenor indicate a routine funding action; cash‑flow treatment and use of proceeds are not specified in the provided excerpt. Subsequent filings or the base prospectus may show distribution mechanics and purchaser details.

Securities Counsel

Legal opinion on note validity is included and limited to specified governing laws.

Counsel states the notes will be valid and binding obligations upon receipt of consideration and proper execution, subject to insolvency and equitable defenses and governed by the District of Columbia General Cooperative Association Act and New York law.

The opinion preserves typical judicial and statutory qualifiers; no unusual legal conditions or agent commissions are disclosed in the excerpt.

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			March 11, 2026
Pricing Supplement No.			10513
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,750,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			March 15, 2027
Interest Rate			3.64% 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.

FAQ

What size and term did NRUC issue for the Medium‑Term Notes?

NRUC issued $1,750,000 of Medium‑Term Notes maturing in one year on March 15, 2027. The pricing supplement lists an original issue date of March 15, 2026 and a stated maturity one year later, matching the one‑year tenor.

What interest rate and payment schedule apply to NRUC's Series D notes?

The Series D notes bear interest at 3.64% per annum and were issued at 100% of principal. Interest is payable semiannually on January 15 and July 15, with record dates of January 1 and July 1 respectively.

Does the pricing supplement show any redemption or agent fees for the notes?

The pricing supplement states there is no redemption date specified and no agents commission. The table lists 'Redemption Date | None' and 'Agents Commission | None' for this issuance.

What legal assurances accompany NRUC's Medium‑Term Notes?

Hogan Lovells US LLP opines the notes will be valid and binding obligations upon payment and proper issuance. The opinion is subject to insolvency defenses and governed by the District of Columbia General Cooperative Association Act and New York law.

Were proceeds use or underwriting terms disclosed in the excerpt for NRUC's notes?

The excerpt does not disclose the use of proceeds or underwriting economics beyond pricing and issuance details. The table shows Issue Price 100% of Principal Amount, while distribution and purchaser mechanics are not provided here.