NRUC prices $250,000 Medium-Term Note, 3.96% coupon

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes with a principal amount of $250,000, at an issue price of 100%.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes with a principal amount of $250,000, at an issue price of 100%. The notes bear interest at 3.96% per annum, have an original issue date of June 15, 2026 and mature on June 15, 2027. Interest is payable each January 15 and July 15 with record dates each January 1 and July 1. The pricing supplement lists no agents commission and shows no redemption date for these notes.

Insights

Debt Capital Markets Analyst

Short-term note issuance at a fixed 3.96% for one year.

The transaction is a primary issuance of Medium-Term Notes totaling $250,000 maturing on June 15, 2027. The note carries a fixed 3.96% coupon with semiannual interest payments on January 15 and July 15.

As a one‑year paper issue, the magnitude is small relative to typical finance programs; cash‑flow treatment and distribution mechanics are stated as standard for an indenture-based note issuance.

Securities & Corporate Finance Counsel

Legal opinion affirms validity subject to customary insolvency and equitable defenses.

Hogan Lovells US LLP opines the notes will constitute valid and binding obligations upon receipt of consideration and proper execution under the indenture and applicable agreements, subject to bankruptcy and equitable principles and specified governing law references.

The opinion relies on the District of Columbia General Cooperative Association Act of 2010 and New York law; other jurisdictional or sub‑state laws are excluded.

Key Figures

Principal Amount: $250,000 Issue Price: 100% of Principal Amount Interest Rate: 3.96% per annum +3 more

6 metrics

Principal Amount $250,000 Principal Amount as stated in pricing supplement

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

Interest Rate 3.96% per annum Fixed coupon as stated in pricing supplement

Original Issue Date June 15, 2026 Original Issue Date in pricing table

Maturity Date June 15, 2027 Maturity Date in pricing table

Agents Commission None Agents Commission listed as None in pricing table

Key Terms

Medium-Term Note, Pricing Supplement, Indenture, Agents Commission

4 terms

Medium-Term Note financial

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

A medium-term note is a debt instrument—an IOU—issued by a company or government to borrow money for a period longer than a short loan but shorter than a long-term bond, typically about one to ten years. It matters to investors because it offers predictable interest income with a balance between higher yields than short-term paper and lower interest-rate sensitivity than long bonds, so it’s often used to tune income, risk and timing in a portfolio.

Pricing Supplement regulatory

"Pricing Supplement Date | June 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.

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.

Agents Commission financial

"Agents Commission | None"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the key terms of NRUC's Medium-Term Note offering?

The offering is a primary issuance of $250,000 at an issue price of 100%. It carries a fixed interest rate of 3.96% per annum, with original issue date June 15, 2026 and maturity June 15, 2027.

When does the NRUC note pay interest and what are the record dates?

Interest on the notes is payable semiannually on January 15 and July 15. Regular record dates for interest are each January 1 and July 1, matching the stated payment schedule in the pricing supplement.

Are there any underwriting commissions or redemption provisions for these NRUC notes?

The pricing supplement states no agents commission for this issuance and explicitly lists the redemption date as None. Distribution and underwriting mechanics are governed by the applicable indenture and agreements.

What law governs the validity opinion for NRUC's notes?

Counsel's opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York. The opinion excludes laws of political subdivisions below the state level.

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

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Accepted by SEC EDGAR 06/12/2026 - 02:24 PM Learn about SEC filing dates

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			June 10, 2026
Pricing Supplement No.			10599
Pricing Supplement Date			June 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 15, 2026
Maturity Date			June 15, 2027
Interest Rate			3.96% 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.