NRUC (NRUC) prices $300K note due May 15, 2027 at 3.66%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary debt issuance of $300,000 in Medium-Term Notes, Series D, with an issue price of 100% and an interest rate of 3.66% per annum. The original issue date is March 15, 2026 and the note matures on May 15, 2027.

The pricing supplement lists regular record dates of January 1 and July 1 and interest payment dates of January 15 and July 15. Counsel rendered a validity opinion subject to customary bankruptcy and equitable-law qualifications.

Insights

Debt Markets Analyst

Short-term note priced at par with fixed 3.66% coupon.

This issuance is a $300,000 medium-term note maturing on May 15, 2027, carrying a fixed 3.66% annual coupon and issued at 100% of principal. The tenor is roughly 14 months from original issue to maturity, placing it in the short end of medium-term paper.

Market implications depend on relative yield curves and comparable issuer credit; cash-flow treatment and distribution roles are standard as stated. Subsequent filings may disclose underwriters or distribution arrangements.

Securities Counsel

Validity opinion delivered with standard legal qualifications.

Counsel from Hogan Lovells US LLP opines the notes will be valid and binding following receipt of consideration and issuance steps, subject to bankruptcy, insolvency and equitable-law exceptions. The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law.

The opinion is conditioned on customary execution and payment mechanics; any legal challenges would engage specified statutes and equitable principles.

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.			10510
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			May 15, 2027
Interest Rate			3.66% 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 did NRUC issue in this pricing supplement?

NRUC issued a $300,000 Medium-Term Note, Series D, at an issue price of 100%. The note carries a fixed interest rate of 3.66% per annum with specified payment and record dates.

When are NRUC's payment and maturity dates for the note?

The note's original issue date is March 15, 2026 and it matures on May 15, 2027. Interest payments occur each January 15 and July 15 with record dates of January 1 and July 1.

At what price and coupon was NRUC's note sold?

The note was issued at an issue price of 100% of principal and carries a fixed coupon of 3.66% per annum. The principal amount of the series is $300,000.

Does counsel provide an opinion on the note's validity?

Yes. Hogan Lovells US LLP opines the notes will be valid and binding after receipt of consideration and proper issuance, subject to bankruptcy, insolvency and other customary legal and equitable limitations.

Are there any redemption rights listed for NRUC's note?

The pricing supplement states the Redemption Date is listed as None, indicating no scheduled redemption provision is shown in this excerpt for the Series D note.