NRUC (NRUC) issues $100,000 Series D note, 3.92% coupon, due Oct 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $100,000 of Medium-Term Notes, Series D. The notes bear interest at 3.92% per annum, were issued at 100% of principal, have an original issue date of April 15, 2026 and mature on October 15, 2027.

The pricing supplement lists semiannual interest payments each January 15 and July 15 with regular record dates of January 1 and July 1. The supplement states no agent commission and specifies counsel opinion on validity under District of Columbia and New York law.

Insights

Debt Capital Markets Analyst

Short‑term medium‑term note issued at par with fixed 3.92% coupon.

The Series D issuance of $100,000 is a conventional fixed‑rate note maturing in about 18 months, providing a predictable interest stream paid semiannually on January 15 and July 15.

Cash‑flow treatment to the issuer is proceeds received at issuance; redemption is stated as None in the supplement. Timing and size are explicit in the pricing supplement.

Securities Counsel Summary

Counsel supplies a standard enforceability opinion limited by bankruptcy and equitable principles.

Hogan Lovells US LLP opines the notes will be valid obligations following receipt of consideration and delivery under the indenture and distribution agreement, subject to insolvency and equity defenses.

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

Key Figures

Principal Amount: $100,000.00 Interest Rate: 3.92% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $100,000.00 Principal amount of Series D notes

Interest Rate 3.92% per annum Fixed coupon for Series D notes

Issue Price 100% of Principal Amount Notes issued at par on original issue date

Original Issue Date April 15, 2026 Date notes were issued

Maturity Date October 15, 2027 Maturity of the Series D notes

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

Key Terms

Pricing Supplement, Indenture, Medium‑Term Note, Original Issue Date

4 terms

Pricing Supplement regulatory

"Pricing Supplement Date | April 10, 2026 Prospectus Supplement Date"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Indenture legal

"execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture"

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.

Medium‑Term Note financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

Original Issue Date financial

"Original Issue Date | April 15, 2026"

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

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Accepted by SEC EDGAR 04/13/2026 - 01:13 PM Learn about SEC filing dates

FAQ

What did NRUC issue in this pricing supplement?

NRUC issued a Medium‑Term Note, Series D, with a principal amount of $100,000. The note carries a fixed 3.92% annual coupon, was issued at 100% of principal, and matures on October 15, 2027.

When are interest payments and record dates for NRUC Series D notes?

Interest is paid semiannually on January 15 and July 15 each year. The regular record dates tied to those payments are January 1 and July 1, as stated in the pricing supplement.

What was the original issue date and issue price for the Series D notes?

The notes have an original issue date of April 15, 2026 and were issued at 100% of principal (par). The pricing supplement lists the trade date and confirmation details.

Does the supplement report any commissions or redemption features?

The pricing supplement indicates no agents commission and explicitly lists the redemption date as None. Those items are presented on the supplement cover table.

What legal opinion supports the validity of the notes?

Hogan Lovells US LLP provided an opinion that the notes will be valid obligations upon receipt of consideration and proper issuance. The opinion relies on District of Columbia and New York law.

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			April 10, 2026
Pricing Supplement No.			10547
Pricing Supplement Date			April 10, 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			April 15, 2026
Maturity Date			October 15, 2027
Interest Rate			3.92% 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.