National Rural Utilities issues $5M 4.12% notes

National Rural Utilities Cooperative Finance Corporation is issuing $5,000,000 principal amount of Medium-Term Notes, Series D, due July 15, 2027.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $5,000,000 principal amount of Medium-Term Notes, Series D, due July 15, 2027. The notes bear interest at 4.12% per annum, are issued at 100% of principal amount, and have no redemption prior to maturity. Interest is paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1. No agents’ commission is payable on this issuance. Legal counsel states that, after proper authorization, execution 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.

Filing Explained

The filing sets a $5 million note’s terms; completed issuance and proceeds received are not established as of July 13, 2026.

The July 13 Form 424B3 files final terms for a $5,000,000 Medium-Term Note, Series D, scheduled for original issue on July 15, 2026; it therefore documents a priced, not-yet-completed note issuance.

The disclosed consequence is a company obligation for $5,000,000 of principal plus 4.12% annual interest, rather than an increase in common shares.

Interest payments are scheduled for January 15 and July 15, the maturity date is July 15, 2027, and the table lists no redemption date or agents commission.

The filing's validity opinion is framed after the company receives consideration and the notes are executed, authenticated, issued, and delivered against payment; the filing does not establish that those steps have occurred.

Sources and calculations

• July 13, 2026 Form 424B3 and pricing supplement No. 10617 (2026-07-13)
• July 9, 2026 Form 424B3 filing record (2026-07-09)

Key Figures

Principal Amount: $5,000,000 Interest Rate: 4.12% per annum Issue Price: 100% of Principal Amount +5 more

8 metrics

Principal Amount $5,000,000 Total principal of Medium-Term Notes, Series D

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

Issue Price 100% of Principal Amount Pricing of the notes at original issue

Original Issue Date July 15, 2026 Date the notes are first issued

Maturity Date July 15, 2027 Date principal is due on the notes

Interest Payment Dates January 15 and July 15 Semiannual interest payment schedule

Regular Record Dates January 1 and July 1 Record dates for interest eligibility

Agents’ Commission None No commission on this issuance

Key Terms

Medium-Term Notes, Series D, indenture, fraudulent conveyances, specific performance, +1 more

5 terms

Medium-Term Notes, Series D financial

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

indenture financial

"delivery of the notes pursuant to the terms of the indenture and the applicable"

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"

specific performance regulatory

"including, without limitation, principles limiting the availability of specific performance and injunctive relief"

A court-ordered remedy that requires a party to carry out its contractual promise instead of paying money damages. Think of it like a judge telling someone who promised to deliver a rare item to actually hand it over rather than just giving cash; for investors, it can force completion of a share sale, merger step, or asset transfer and so directly affects timing, ownership and expected value.

General Cooperative Association Act of 2010 regulatory

"the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws"

Offering Details

shelf

Offering

Offering Type shelf

FAQ

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

What are the key terms of National Rural Utilities (NRUC) Medium-Term Notes, Series D?

National Rural Utilities is issuing $5,000,000 of Medium-Term Notes, Series D, due July 15, 2027 with a fixed interest rate of 4.12% per annum. The notes are issued at 100% of principal, with no redemption before maturity.

When do the NRUC Medium-Term Notes, Series D (NRUC) pay interest?

The notes pay interest on January 15 and July 15 each year at a rate of 4.12% per annum. Holders of record on January 1 and July 1 are entitled to receive each corresponding interest payment.

What is the maturity date and principal amount of NRUC’s Series D notes?

The Medium-Term Notes, Series D mature on July 15, 2027 and have a total principal amount of $5,000,000. They are issued at 100% of principal amount, resulting in cash proceeds equal to face value before other costs.

Is there any redemption feature on National Rural Utilities (NRUC) Series D notes?

The Series D Medium-Term Notes have no redemption date, meaning they are not callable prior to their July 15, 2027 maturity. Investors generally receive interest to maturity, then repayment of principal at that date.

What legal opinion supports the validity of the NRUC Medium-Term Notes, Series D?

Hogan Lovells US LLP opines the notes will be valid and binding obligations of National Rural Utilities once properly authorized, executed, and delivered, subject to bankruptcy laws and equitable principles under District of Columbia and New York law.

What commissions or fees apply to the NRUC Series D Medium-Term Notes offering?

The pricing supplement states that the agents’ commission is none for this issuance. The notes are sold at 100% of principal amount, so investors pay face value without a disclosed selling commission in this document.

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

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Accepted by SEC EDGAR 07/13/2026 - 01:58 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			July 10, 2026
Pricing Supplement No.			10617
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$5,000,000.00
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.