National Rural Utilities CFC (NRUC) Prices $380K Series D Note 3.76% Due Mar 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation offers $380,000 in Medium‑Term Notes, Series D, with an interest rate of 3.76% per annum. The notes have an original issue date of March 23, 2026 and mature on March 15, 2027. Trade date is March 18, 2026; the pricing supplement is dated March 18, 2026 and references the prospectus supplement dated October 27, 2023.

Insights

Debt Capital Markets Analyst

Short‑term note issuance at a fixed 3.76% rate for March 15, 2027.

The transaction lists a $380,000 principal amount of Medium‑Term Notes, Series D, issued at 100% of principal with an original issue date of March 23, 2026. The nine‑month tenor positions this as near‑term funding.

Credit and refinance implications depend on balance sheet use of proceeds and broader funding mix; cash‑flow treatment is not specified in the provided excerpt.

Securities & Corporate Counsel

Opinion of counsel affirms validity subject to customary insolvency and equitable defenses.

The pricing supplement includes a legal opinion from Hogan Lovells US LLP stating the notes will be valid and binding obligations subject to bankruptcy, insolvency and equitable principles and based on the District of Columbia and New York laws cited.

Investors should note the opinion preserves standard legal qualifiers such as fraudulent conveyance laws and judicial discretion as disclosed.

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 18, 2026
Pricing Supplement No.			10520
Pricing Supplement Date			March 18, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$380,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 23, 2026
Maturity Date			March 15, 2027
Interest Rate			3.76% 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 is the principal amount and series for NRUC's offering?

The offering lists $380,000 principal amount for Medium‑Term Notes, Series D. This amount appears on the pricing supplement cover with the stated issue price of 100% of principal.

When is the NRUC Series D note scheduled to mature?

The Series D notes mature on March 15, 2027. The pricing supplement shows an original issue date of March 23, 2026, giving the notes a near‑term tenor to maturity.

What interest rate does the pricing supplement specify?

The notes carry a fixed interest rate of 3.76% per annum. Interest payment dates are set for January 15 and July 15, with record dates each January 1 and July 1.

When was the pricing supplement and trade date for this issuance?

The pricing supplement is dated March 18, 2026, and the trade date listed is March 18, 2026. The original issue date for the notes is March 23, 2026.

Does counsel provide an opinion on the validity of the notes?

Yes. Hogan Lovells US LLP delivers an opinion that the notes will constitute valid, binding obligations, subject to bankruptcy, insolvency and customary equitable and fraudulent‑transfer limitations.