National Rural Utilities (NRUC) issues $200,000 Series D note at 3.98% interest

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, under its existing shelf program. The note has a principal amount of $200,000, an issue price of 100% of principal, an original issue date of July 15, 2026 and a maturity date of May 15, 2027. It bears interest at 3.98% per annum, with interest payable on each January 15 and July 15 to holders of record on each January 1 and July 1. The note has no redemption provisions prior to maturity and no selling agents’ commission is indicated. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles.

Filing Explained

A planned $200,000 debt issuance, scheduled for July 15, 2026, adds a stated obligation without disclosing share issuance.

This filing discloses final terms for a specific note takedown, consistent with the supplied description of a 424(b) prospectus supplement; the Medium-Term Notes, Series D note has a principal amount of $200,000.

The note is scheduled for original issuance on July 15, 2026 and maturity on May 15, 2027, so the filing describes a planned issuance rather than an already-issued note.

If issued under the stated conditions, it would create a $200,000 debt obligation for the company, not a disclosed share issuance affecting the common share count.

The note carries 3.98% annual interest, an issue price of 100% of principal, no stated redemption date, and no agents commission.

The key milestone is the July 15, 2026 original issue date; the legal opinion conditions validity on receipt of consideration and due execution, authentication, issuance, and delivery.

Key Figures

Principal Amount: $200,000 Interest Rate: 3.98% per annum Issue Price: 100% of Principal Amount +4 more

7 metrics

Principal Amount $200,000 Medium-Term Note, Series D principal amount

Interest Rate 3.98% per annum Stated coupon on Medium-Term Note, Series D

Issue Price 100% of Principal Amount Pricing of the note relative to principal

Original Issue Date July 15, 2026 Date the note is issued

Maturity Date May 15, 2027 Scheduled maturity of the Medium-Term Note, Series D

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

Regular Record Dates January 1 and July 1 Record dates for determining interest payees

Key Terms

Medium-Term Notes, Series D, Principal Amount, Interest Payment Dates, Regular Record Dates, +2 more

6 terms

Medium-Term Notes, Series D financial

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

Principal Amount financial

"Principal Amount | $200,000.00 Issue Price | 100% of Principal Amount"

The principal amount is the original sum of money that is borrowed, lent, or invested before any interest, fees, or returns are added. It matters to investors because interest charges, scheduled repayments, and total return are calculated from that base amount — think of it as the price tag on which future costs or gains are built. Knowing the principal helps you compare deals and predict cash flows and risk.

Interest Payment Dates financial

"Interest Payment Dates | Each January 15 and July 15"

Regular Record Dates financial

"Regular Record Dates | Each January 1 and July 1"

valid and binding obligations regulatory

"the notes offered by this pricing supplement will constitute valid and binding obligations"

fraudulent conveyances regulatory

"including, without limitation, the effect of statutory and other law regarding fraudulent conveyances"

Offering Details

shelf

Offering

Offering Type shelf

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Available on EDGAR 07/13/2026 - 01:57 PM Accepted by SEC EDGAR 07/13/2026 - 01:55 PM Learn about SEC filing dates

FAQ

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

The Medium-Term Note, Series D has $200,000 principal, a 3.98% per annum interest rate, and matures on May 15, 2027. Interest is paid each January 15 and July 15, based on record dates of January 1 and July 1.

When does the NRUC Medium-Term Note issued under Pricing Supplement No. 10616 mature?

The Medium-Term Note, Series D for NRUC matures on May 15, 2027. The original issue date is July 15, 2026, providing an investment period of more than nine months from issuance, consistent with the program’s terms.

What is the interest rate and payment schedule for NRUC’s Series D Medium-Term Note?

The Series D Medium-Term Note bears interest at 3.98% per annum. Interest is payable on each January 15 and July 15, to holders of record on the preceding January 1 and July 1 regular record dates.

Is there an early redemption feature on National Rural Utilities (NRUC) Medium-Term Note Series D?

The Series D Medium-Term Note for NRUC has no redemption date specified. This means the note is intended to remain outstanding until its stated maturity on May 15, 2027, absent other contractual provisions.

What is the issue price and size of NRUC’s Medium-Term Note, Series D?

The Medium-Term Note, Series D is issued in a principal amount of $200,000 at 100% of principal. There is no agents’ commission listed, so the full principal aligns with the stated issue price in this supplement.

How does legal counsel characterize the enforceability of NRUC’s Medium-Term Note?

Hogan Lovells US LLP opines the notes will be valid and binding obligations of the company, once authorized, executed, and delivered, subject to bankruptcy, insolvency and other laws affecting creditors’ rights and general 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			July 10, 2026
Pricing Supplement No.			10616
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$200,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2026
Maturity Date			May 15, 2027
Interest Rate			3.98% 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.