NRUC (NRUC) issues $540,000 Medium‑Term Note maturing Sep 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes. The pricing supplement shows a $540,000.00 principal amount issued at 100% of principal with an original issue date of March 18, 2026 and a maturity date of September 15, 2027.

The notes carry an interest rate of 3.69% per annum with semiannual interest payments each January 15 and July 15

Insights

Fixed-Income Structuring Analyst

Short-term note issuance at a fixed market coupon.

The excerpt shows a $540,000.00 medium-term note issued at par with an interest rate of 3.69% and maturity on September 15, 2027. The issue is documented by a pricing supplement referencing the base prospectus.

Cash‑flow treatment (who receives proceeds) is not stated in the excerpt; legal opinion from Hogan Lovells addresses validity subject to insolvency and equitable principles.

Securities Counsel

Legal opinion confirms enforceability subject to standard insolvency and equitable defenses.

Counsel opinion states the notes will be valid and binding obligations following receipt of consideration and proper issuance, subject to bankruptcy, insolvency and equitable doctrines and specified governing law.

The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law as the governing legal framework.

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 13, 2026
Pricing Supplement No.			10517
Pricing Supplement Date			March 13, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$540,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 18, 2026
Maturity Date			September 15, 2027
Interest Rate			3.69% 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 price of NRUC's medium-term notes?

The issuance is for $540,000.00 issued at 100% of principal. The pricing supplement lists the original issue date as March 18, 2026 and the maturity date as September 15, 2027.

What coupon and payment schedule apply to these NRUC notes?

The notes carry a fixed interest rate of 3.69% per annum. Interest is payable semiannually on each January 15 and July 15, with record dates each January 1 and July 1.

When do these NRUC medium-term notes mature?

The maturity date is September 15, 2027. The pricing supplement and prospectus dates referenced are March 13, 2026 for pricing and October 27, 2023 for the prospectus supplement.

Does the pricing supplement show any agent commissions or redemption rights?

The pricing supplement lists No agents commission and states Redemption Date: None. The form indicates the issue price is at par and no redemption provision is shown in the excerpt.

What legal assurances are provided about the notes' validity?

Hogan Lovells US LLP provides a legal opinion that the notes will be valid obligations following issuance and receipt of consideration, subject to bankruptcy, insolvency and equitable defenses and cited governing laws.