NRUC (NRUC) issues $300K Medium‑Term Note, 3.62% coupon, due Jan 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a $300,000 Medium‑Term Note, Series D due January 15, 2027. The notes were issued at 100% of principal with an interest rate of 3.62% per annum and an original issue date of March 15, 2026.

The pricing supplement is dated March 11, 2026 and references the prospectus supplement dated October 27, 2023 and base prospectus dated October 24, 2023. Regular interest record dates are each January 1 and July 1, with interest payments each January 15 and July 15. The notes have no scheduled redemption date.

Insights

Debt Capital Markets Analyst

Short-term note issuance at fixed 3.62% rate; straightforward funding operation.

The $300,000 Medium‑Term Note is a single‑issue debt instrument priced at par and maturing on January 15, 2027, providing a defined fixed coupon of 3.62%. The structure reflects routine debt market activity under the existing prospectus and indenture.

Key dependencies include payment and delivery on the original issue date March 15, 2026 and standard validity opinion language referencing cooperative and New York law. Cash‑flow treatment (issuer proceeds) is consistent with a primary note issuance; specific use of proceeds is not stated in the excerpt.

Key Figures

Principal Amount: $300,000 Issue Price: 100% of Principal Amount Interest Rate: 3.62% per annum +3 more

6 metrics

Principal Amount $300,000 Issue described in pricing supplement

Issue Price 100% of Principal Amount Pricing Supplement No. 10534

Interest Rate 3.62% per annum Coupon rate for Series D note

Original Issue Date March 15, 2026 Settlement/origination date for the notes

Maturity Date January 15, 2027 Maturity of Series D Medium‑Term Note

Interest Payment Dates January 15 and July 15 Semiannual interest payments

Key Terms

Medium‑Term Note, Pricing Supplement, Indenture, Record Dates, +1 more

5 terms

Medium‑Term Note financial

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

Pricing Supplement regulatory

"Pricing Supplement No. | 10534 Pricing Supplement Date | March 11, 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

"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.

Record Dates financial

"Regular Record Dates | Each January 1 and July 1"

A record date is the specific day a company uses as a snapshot to determine which shareholders are officially entitled to a corporate action — for example receiving a dividend, voting at a meeting, or getting rights in an offering. Think of it like a classroom roll call: only the people listed at that moment qualify, so investors must own shares before related cutoff dates to be included, making it important for timing trades and income planning.

Prospectus Supplement regulatory

"Prospectus Supplement Date | October 27, 2023"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

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

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Accepted by SEC EDGAR 04/06/2026 - 04:02 PM Learn about SEC filing dates

FAQ

What did NRUC (NRUC) issue in this pricing supplement?

This pricing supplement covers a $300,000 Medium‑Term Note, Series D due January 15, 2027. It was priced at 100% of principal with a coupon of 3.62% per annum and an original issue date of March 15, 2026.

When will holders receive interest payments on the NRUC note?

Interest is payable each January 15 and July 15. Record dates for interest are each January 1 and July 1, establishing who is eligible to receive the semiannual interest payments.

Was the NRUC note sold at a discount, premium, or par?

The note was issued at 100% of principal, i.e., at par. The pricing supplement lists the issue price as 100% of principal amount, indicating no discount or premium on issuance.

Does the NRUC Medium‑Term Note include a redemption feature?

The pricing supplement shows a Redemption Date: None. The excerpt explicitly lists no scheduled redemption date for this series, indicating the note is not callable per the provided terms.

Which legal opinions support the validity of the NRUC notes?

Counsel Hogan Lovells US LLP opines that, subject to standard exceptions, the notes will be valid obligations under the District of Columbia General Cooperative Association Act of 2010 and New York law, as stated in the supplement.

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.			10534
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$300,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.62% 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.