NRUC (NRUC) issues $700K medium-term note maturing Feb 2027 at 3.72%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary offering of $700,000 in Medium-Term Notes due February 15, 2027. The notes were issued at 100% of principal with an interest rate of 3.72% per annum and an original issue date of April 15, 2026.

The pricing supplement lists regular record dates of January 1 and July 1, semiannual interest payments each January 15 and July 15, and no stated redemption date.

Insights

Fixed-Income Analyst

Short-term note issuance at a fixed 3.72% rate; small isolated issuance size.

The transaction issues $700,000 of medium-term notes maturing February 15, 2027, showing a short-duration debt instrument priced at par. Interest is paid semiannually on specified record dates.

Liquidity and interest-rate sensitivity are low due to the short remaining term; cash-flow impact depends on use of proceeds, which is not stated in the excerpt.

Securities Counsel

Legal opinion confirms validity subject to usual insolvency and equitable defenses.

Counsel from Hogan Lovells US LLP opines the notes will be valid and binding obligations upon receipt of consideration and proper issuance under the indenture and distribution agreements.

The opinion is qualified by insolvency, fraudulent transfer laws and equitable principles and cites the District of Columbia General Cooperative Association Act of 2010 and New York law.

Key Figures

Principal Amount: $700,000 Interest Rate: 3.72% per annum Maturity Date: February 15, 2027 +1 more

4 metrics

Principal Amount $700,000 Principal Amount listed in pricing supplement

Interest Rate 3.72% per annum Interest rate stated for the notes

Maturity Date February 15, 2027 Maturity date of the issued notes

Issue Price 100% of Principal Amount Issue Price shown on the pricing supplement

Key Terms

Pricing Supplement, Indenture, Medium-Term Notes

3 terms

Pricing Supplement regulatory

"Pricing Supplement Date | April 10, 2026 Prospectus Supplement Date | October 27, 2023"

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

"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.

Medium-Term Notes financial

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

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

Offering Details

primary

Offering

Offering Type primary

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Accepted by SEC EDGAR 04/13/2026 - 12:38 PM Learn about SEC filing dates

FAQ

What size medium-term note did NRUC issue?

NRUC issued $700,000 in Medium-Term Notes. The pricing supplement shows a principal amount of $700,000 issued at 100% of principal with an original issue date of April 15, 2026.

What is the interest rate and payment schedule for NRUC's note?

The note pays interest at 3.72% per annum. Interest is paid semiannually on January 15 and July 15, with record dates on January 1 and July 1.

When does NRUC's medium-term note mature?

The note matures on February 15, 2027. The pricing supplement lists the maturity date as February 15, 2027, roughly ten months after the stated original issue date of April 15, 2026.

Was there a redemption option for NRUC's note?

No redemption date is listed in the pricing supplement. The table explicitly states "Redemption Date | None," indicating the note has no stated redemption feature in the provided excerpt.

Does legal counsel provide an opinion on the notes?

Yes; Hogan Lovells US LLP issued an opinion on validity. The opinion conditions validity on receipt of consideration, proper issuance, and is qualified by bankruptcy, insolvency and equitable defenses under applicable law.

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.			10541
Pricing Supplement Date			April 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$700,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 15, 2026
Maturity Date			February 15, 2027
Interest Rate			3.72% 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.