NRUC issues $1M Medium‑Term Note at 3.64%

National Rural Utilities Cooperative Finance Corporation issues $1,000,000 in Medium‑Term Notes.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation issues $1,000,000 in Medium‑Term Notes. The notes were priced on March 11, 2026 with an issue price of $1,000,000.00 (100% of principal), original issue date March 15, 2026, maturity March 15, 2027, and an annual interest rate of 3.64%. Interest is payable each January 15 and July 15, with record dates each January 1 and July 1. This pricing supplement sets the definitive terms for this series of medium‑term notes.

Insights

Fixed Income Structuring Analyst

Issue is a short‑term, single‑note placement at a fixed 3.64% coupon.

The transaction documents a $1,000,000 primary issuance of a one‑year note maturing on March 15, 2027 and paying interest semiannually on January 15 and July 15. The pricing supplement records a 100% issue price and no agents' commission.

Timing and cash‑flow mechanics are explicit in the excerpt; cash proceeds treatment is consistent with an issuer primary sale. Credit or market impact is not assessed here.

Corporate Counsel Summary

Legal opinion confirms notes will be valid obligations subject to typical insolvency and equitable limitations.

Counsel from Hogan Lovells US LLP opines the notes will be valid and binding if issued per board resolutions and indenture procedures, with standard qualifications for bankruptcy, fraudulent conveyance law, and equitable defenses.

Applicable governing law is the District of Columbia General Cooperative Association Act of 2010 and New York law, as stated.

FAQ

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

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

NRUC issued a $1,000,000 Medium‑Term Note priced at 100% of principal. The note has an original issue date of March 15, 2026 and a maturity date of March 15, 2027, with a 3.64% annual coupon.

When are interest payments and record dates for NRUC's note?

Interest is paid semiannually on January 15 and July 15. Regular record dates are each January 1 and July 1, which determine holders entitled to the interest payments on those payment dates.

What price and commissions were associated with the offering?

The offering shows an issue price of 100% of principal, equating to $1,000,000.00. The pricing supplement lists no agents' commission for this placement in the excerpt provided.

What legal assurances accompany the issuance of these notes?

Hogan Lovells US LLP opines the notes will be valid and binding obligations if issued in accordance with board resolutions and indenture terms. The opinion is qualified by standard insolvency and equitable defenses under applicable law.

What laws govern the legal opinion for the NRUC notes?

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, cited as currently in effect in the pricing supplement excerpt.

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

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Accepted by SEC EDGAR 03/13/2026 - 12:23 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			March 11, 2026
Pricing Supplement No.			10488
Pricing Supplement Date			March 11, 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			March 15, 2026
Maturity Date			March 15, 2027
Interest Rate			3.64% 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.