National Rural Utilities (NRUC) prices $851K 3.65% Series D notes

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $851,000 of Medium-Term Notes, Series D, under an existing shelf program. The notes are priced at 100% of principal, bear interest at 3.65% per annum, and will be issued on January 13, 2026, with a stated maturity on December 15, 2026.

Interest will be paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1. There is no stated redemption date and no agent’s commission for this tranche. Counsel Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York 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			January 8, 2026
Pricing Supplement No.			10428
Pricing Supplement Date			January 8, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$851,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 13, 2026
Maturity Date			December 15, 2026
Interest Rate			3.65% 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 securities is NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (NRUC) offering in this 424B3?

The company is offering Medium-Term Notes, Series D with a total principal amount of $851,000, due nine months or more from the date of issue, under its existing medium-term note program.

What are the key terms of NRUC's Medium-Term Notes, Series D in this pricing supplement?

The notes have a principal amount of $851,000, an issue price of 100% of principal, an original issue date of January 13, 2026, and a maturity date of December 15, 2026. There is no agents' commission listed for this tranche.

What interest rate do NRUC's Medium-Term Notes, Series D pay and how often?

The notes bear interest at a fixed rate of 3.65% per annum. Interest payments are scheduled for January 15 and July 15, with regular record dates on January 1 and July 1.

Is there an early redemption feature on NRUC's Medium-Term Notes, Series D?

The terms list the Redemption Date as "None", indicating that no specific early redemption date is provided in this pricing supplement.

Which law firm provided the validity opinion on NRUC's Medium-Term Notes, Series D?

Hogan Lovells US LLP provided the legal opinion, stating that after proper authorization, execution, authentication, issuance and delivery, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity-related limitations.

Under which laws is the enforceability of NRUC's Medium-Term Notes, Series D analyzed?

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.