NRUC (NRUC) prices $100,000 Series D note due Mar 15, 2027 at 3.64%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note, Series D, for a $100,000 principal amount at 100% of principal. The notes bear interest at 3.64% per annum, will be issued on March 15, 2026 and mature on March 15, 2027. Interest is payable each January 15 and July 15 with record dates each January 1 and July 1. The pricing supplement lists no agents' commission and states no redemption date. Counsel Hogan Lovells US LLP provided a standard legal opinion on validity, subject to customary bankruptcy and equitable-law qualifications.

Insights

Debt Capital Markets Analyst

Short-term note issuance priced at 3.64% for a one-year tenor.

The issuance is a straightforward nine‑month-plus medium‑term note with $100,000 principal and a stated interest rate of 3.64% per annum. The one‑year maturity to March 15, 2027 indicates use as short‑dated funding rather than long‑term liability management.

Cash‑flow treatment and purchaser identity are not disclosed in the excerpt; subsequent disclosure or trade reports would show distribution and market reception.

Securities Counsel

Standard counsel opinion with common insolvency and equity qualifications.

The opinion from Hogan Lovells US LLP states the notes will be valid obligations upon receipt of consideration and proper execution, anchored to the District of Columbia General Cooperative Association Act and New York law.

The opinion includes customary carveouts for bankruptcy, equitable remedies, and statutory limitations; no unusual legal conditions are disclosed in the excerpt.

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 11, 2026
Pricing Supplement No.			10504
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			March 15, 2027
Interest Rate			3.64% 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 are the key terms of NRUC's Series D Medium-Term Note?

The note has a $100,000 principal amount and an interest rate of 3.64% per annum. It is issued on March 15, 2026 and matures on March 15, 2027, with semiannual interest payments each January 15 and July 15.

When will interest on NRUC Series D be paid and what are the record dates?

Interest is payable each January 15 and July 15. Regular record dates for interest payments are each January 1 and July 1, as stated in the pricing supplement.

Does the pricing supplement show any commissions or redemption features for the notes?

The pricing supplement lists no agents' commission and indicates no redemption date. It therefore presents the issue as non‑redeemable under the terms disclosed in the excerpt.

What legal opinion accompanies the NRUC note issuance?

Counsel Hogan Lovells US LLP opines the notes will be valid and binding obligations upon payment and proper execution, subject to bankruptcy and equitable‑law qualifications under D.C. cooperative and New York law.