National Rural Utilities (NRUC) prices $1M 4.12% Medium-Term Note due July 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, under its shelf registration. The note has a principal amount of $1,000,000, an interest rate of 4.12% per annum, and is priced at 100% of principal.

The note will be issued on July 15, 2026 and will mature on July 15, 2027. Interest is payable semiannually on January 15 and July 15, to holders of record on January 1 and July 1. There is no redemption right prior to maturity and no agent’s commission on this issuance.

Counsel Hogan Lovells US LLP states that, after receipt of consideration and proper execution under the indenture and related agreements, the note will constitute a valid and binding obligation of the company, subject to customary limitations under bankruptcy, insolvency and equity principles.

Filing Explained

The filing sets a $1,000,000 note offering for July 15, 2026, creating stated debt terms rather than disclosed equity dilution.

The July 10 Form 424B3 is a prospectus supplement setting final terms for a specific note offering, with the stated original issue date of July 15, 2026. The company is offering $1,000,000 of notes due July 15, 2027 at an annual interest rate of 4.12%; this is a debt obligation rather than a disclosed share issuance or share-count change for existing common holders.

The notes are offered at 100% of principal, have no redemption date and no agents commission, and are scheduled to pay interest on January 15 and July 15. The filing therefore specifies the amount, pricing, interest and maturity mechanics of the note, but does not disclose equity dilution from this instrument.

The key completion condition is the issuance process: counsel's validity opinion is stated to depend on the company's receipt of consideration, due execution and authentication, and issuance and delivery of the notes against payment.

Key Figures

Principal Amount: $1,000,000 Interest Rate: 4.12% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $1,000,000 Medium-Term Note, Series D

Interest Rate 4.12% per annum Coupon on Medium-Term Note, Series D

Issue Price 100% of Principal Amount Pricing of Medium-Term Note, Series D

Original Issue Date July 15, 2026 Start date of Medium-Term Note, Series D

Maturity Date July 15, 2027 Maturity of Medium-Term Note, Series D

Trade Date July 10, 2026 Trade date for Pricing Supplement No. 10615

Key Terms

Medium-Term Notes, Series D, Pricing Supplement, valid and binding obligations, indenture, +1 more

5 terms

Medium-Term Notes, Series D financial

"NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION Medium-Term Notes, Series D"

Pricing Supplement financial

"Pricing Supplement No. | 10615 Pricing Supplement Date | July 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.

valid and binding obligations regulatory

"the notes offered by this pricing supplement will constitute valid and binding obligations"

indenture financial

"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.

fraudulent conveyances regulatory

"including, without limitation, the effect of statutory and other law regarding fraudulent conveyances"

Offering Details

shelf

Offering

Offering Type shelf

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Available on EDGAR 07/13/2026 - 01:52 PM Accepted by SEC EDGAR 07/13/2026 - 01:50 PM Learn about SEC filing dates

FAQ

What are the key terms of National Rural Utilities (NRUC) Medium-Term Note Series D in this 424B3?

The note has a $1,000,000 principal amount, a 4.12% annual interest rate, is issued at 100% of principal, and matures on July 15, 2027. Interest is paid semiannually on January 15 and July 15.

When do the NRUC Medium-Term Note Series D begin and end, and how often is interest paid?

The note is issued on July 15, 2026 and matures on July 15, 2027. Interest is paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1, respectively.

What is the interest rate and price for NRUC’s $1,000,000 Medium-Term Note in this filing?

The Medium-Term Note carries an interest rate of 4.12% per annum and is offered at 100% of its $1,000,000 principal amount. This means investors pay par value for the note and receive 4.12% annual interest.

Does the NRUC Medium-Term Note Series D have any redemption features or agent’s commission?

The filing specifies no redemption date, indicating the note is not redeemable before its July 15, 2027 maturity. It also notes no agent’s commission is payable on this issuance.

How does counsel characterize the legal status of NRUC’s Medium-Term Note in this 424B3?

Hogan Lovells US LLP opines the note will be a valid and binding obligation of NRUC once consideration is received and it is duly executed under the indenture, subject to customary bankruptcy and equity law limitations.

Which laws govern the legal opinion on NRUC’s Medium-Term Note in this prospectus?

The legal opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, excluding laws of political subdivisions below the state level.

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			July 10, 2026
Pricing Supplement No.			10615
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2026
Maturity Date			July 15, 2027
Interest Rate			4.12% 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.