National Rural Utilities issues $1M note at 3.86% due 2026

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $1,000,000.00.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $1,000,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.86% per annum, and will be issued on November 13, 2025, maturing on September 15, 2026.

Interest is payable twice a year on January 15 and July 15, to holders of record on January 1 and July 1. There is no redemption date specified, and no selling agent commission is listed for this note. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance, and delivery, the note will constitute a valid and binding obligation of the company, subject to typical bankruptcy and creditor-rights limitations under District of Columbia cooperative law and New York law.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What type of security is National Rural Utilities (NRUC) offering in this 424B3?

The company is offering a Medium-Term Note, Series D, which is a debt security due nine months or more from its date of issue.

What are the key terms of NRUC's new Medium-Term Note, Series D?

The note has a principal amount of $1,000,000.00, an issue price of 100% of principal, an interest rate of 3.86% per annum, an original issue date of November 13, 2025, and a maturity date of September 15, 2026.

How and when is interest paid on NRUC's 3.86% Medium-Term Note?

Interest on the note at 3.86% per annum is paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1.

Does National Rural Utilities (NRUC) have a redemption option on this Medium-Term Note?

No. The terms list the Redemption Date as "None", indicating there is no stated redemption feature for this note.

Is there any selling agent commission on this NRUC Medium-Term Note?

No. The term sheet specifies the Agent's Commission as "None" for this Medium-Term Note.

Are NRUC's Medium-Term Notes legally enforceable obligations?

Hogan Lovells US LLP opines that, after proper authorization, execution, issuance, and delivery under the indenture, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and creditor-rights limitations.

Which laws govern the validity of NRUC's Medium-Term Note in this filing?

The legal opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as currently in effect.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/12/2025 - 09:06 AM Learn about SEC filing dates

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			November 10, 2025
Pricing Supplement No.			10372
Pricing Supplement Date			November 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			November 13, 2025
Maturity Date			September 15, 2026
Interest Rate			3.86% 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.