National Rural Utilities (NYSE: NRUC) sells $2M 3.98% notes due 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering $2,000,000 principal amount of Medium-Term Notes, Series D, as a takedown from its existing shelf program. The notes are issued at 100% of principal with no agents’ commission and no redemption features.

The notes bear interest at a fixed rate of 3.98% per annum, payable semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1, until maturity on May 15, 2027. Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, the notes will be valid and binding obligations of the company, subject to customary limitations under bankruptcy, insolvency and equitable principles, under District of Columbia cooperative law and New York law.

Filing Explained

The filing prices a $2,000,000.00 debt note for a future July 15, 2026 issue, with no disclosed common-share issuance.

The July 13, 2026 Form 424B3 discloses a pricing supplement for National Rural Utilities Cooperative Finance Corporation medium-term notes with principal amount $2,000,000.00.

The stated lifecycle is an offered and priced transaction with an original issue date of July 15, 2026, rather than a disclosure that the notes have already been issued.

The legal opinion states that the notes become valid and binding obligations after receipt of consideration and due execution, authentication, issuance and delivery.

If those steps occur, the company would take on a $2,000,000.00 principal debt obligation; the filing does not disclose an equity issuance or an immediate increase in the common-share count.

The notes carry a 3.98% annual interest rate, mature on May 15, 2027, have no stated redemption date, and carry no agents commission.

The relevant milestone to monitor is the July 15, 2026 original issue date together with completion of the conditions described in the validity opinion.

Key Figures

Principal Amount: $2,000,000.00 Issue Price: 100% of Principal Amount Interest Rate: 3.98% per annum +5 more

8 metrics

Principal Amount $2,000,000.00 Medium-Term Notes, Series D principal amount

Issue Price 100% of Principal Amount Notes offered at par

Interest Rate 3.98% per annum Fixed coupon on Medium-Term Notes, Series D

Original Issue Date July 15, 2026 Start date for the Medium-Term Notes, Series D

Maturity Date May 15, 2027 Date principal on notes is due

Interest Payment Dates Each January 15 and July 15 Semiannual coupon payment schedule

Regular Record Dates Each January 1 and July 1 Record dates for interest payments

Agents Commission None No agents’ commission on this issuance

Key Terms

Medium-Term Notes, indenture, fraudulent conveyances, moratorium, +2 more

6 terms

Medium-Term Notes financial

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

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

indenture financial

"delivery of the notes pursuant to the terms of the indenture and the applicable"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

fraudulent conveyances regulatory

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

moratorium regulatory

"reorganization, receivership, moratorium and other laws affecting creditors’ rights"

principles of equity regulatory

"the exercise of judicial discretion and the application of principles of equity, good faith"

General Cooperative Association Act of 2010 regulatory

"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"

Offering Details

shelf

Offering

Offering Type shelf

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Available on EDGAR 07/13/2026 - 03:15 PM Accepted by SEC EDGAR 07/13/2026 - 03:13 PM Learn about SEC filing dates

FAQ

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

National Rural Utilities is issuing $2,000,000 of Medium-Term Notes, Series D, maturing on May 15, 2027 with a fixed interest rate of 3.98% per annum. The notes are issued at 100% of principal with no agents’ commission or redemption rights.

When do the NRUC Medium-Term Notes, Series D start and stop paying interest?

The notes accrue interest at 3.98% per annum from the original issue date of July 15, 2026 until maturity on May 15, 2027. Interest is payable on each January 15 and July 15, to holders of record on each January 1 and July 1.

Is there any redemption feature on National Rural Utilities (NRUC) Medium-Term Notes, Series D?

The Medium-Term Notes, Series D, have no redemption date, meaning they are not callable prior to maturity on May 15, 2027. Investors receive semiannual interest at 3.98% and repayment of principal at maturity, barring any default or restructuring events.

What price and fees apply to the NRUC Medium-Term Notes, Series D offering?

The notes are offered at 100% of their $2,000,000 principal amount, so investors pay par value. The disclosure specifies no agents’ commission on this issuance, indicating that the entire issue price corresponds to the principal of the Medium-Term Notes, Series D.

What legal opinion supports the validity of National Rural Utilities (NRUC) Medium-Term Notes, Series D?

Hogan Lovells US LLP states the notes will be valid and binding obligations of the company once duly authorized, executed, authenticated, issued and delivered against payment, subject to laws on bankruptcy and insolvency and general equitable principles under District of Columbia cooperative and New York law.

Under which laws are the NRUC Medium-Term Notes, Series D, evaluated for validity?

The enforceability opinion for the notes is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York. The opinion excludes local laws below state level and notes standard bankruptcy and equity limitations.

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.			10624
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,000,000.00
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.