National Rural Utilities CFC (NRUC) prices $220,000 note due Dec 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary debt offering of $220,000 in Medium‑Term Notes, Series D, at 100% of principal. The notes bear interest at 4.21% per annum, have an original issue date of June 15, 2026 and mature on December 15, 2027.

The pricing supplement lists trade date June 10, 2026, interest payment dates each January 15 and July 15, and regular record dates each January 1 and July 1. Redemption date is stated as None.

Insights

Debt Capital Markets Analyst

Small, short‑dated note issuance at a fixed coupon.

The offering is a $220,000 Medium‑Term Note with a 4.21% fixed coupon and maturity on December 15, 2027. The issue price is 100%, indicating standard par issuance for a negotiated or agency placement.

Key dependencies include the stated payment schedule (semiannual) and the absence of a redemption date. Cash‑flow treatment and distribution agents' roles are explicit in the supplement; broader funding impact is limited by the small principal amount disclosed here.

Securities & Corporate Counsel

Opinion of counsel confirms validity subject to standard legal qualifiers.

Counsel (Hogan Lovells US LLP) opines the notes will be valid obligations upon receipt of consideration and proper issuance, subject to bankruptcy, insolvency and equitable principles. The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law.

This is routine legal language for a registered medium‑term note; any remedies or enforceability remain subject to the stated legal limitations and applicable judicial discretion.

Key Figures

Principal Amount: $220,000.00 Issue Price: 100% of Principal Amount Interest Rate: 4.21% per annum +4 more

7 metrics

Principal Amount $220,000.00 Principal Amount as stated in the pricing supplement

Issue Price 100% of Principal Amount Issue Price in pricing supplement

Interest Rate 4.21% per annum Fixed coupon stated for the notes

Original Issue Date June 15, 2026 Original Issue Date in pricing supplement

Maturity Date December 15, 2027 Maturity Date for the Series D notes

Trade Date June 10, 2026 Trade Date shown on the pricing supplement

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

Key Terms

Pricing Supplement, Medium‑Term Notes, Original Issue Date, Agents Commission

4 terms

Pricing Supplement regulatory

"Pricing Supplement Date | June 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.

Medium‑Term Notes financial

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

Original Issue Date market

"Original Issue Date | June 15, 2026 Maturity Date | December 15, 2027"

Agents Commission financial

"Agents Commission | None Form of"

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

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Available on EDGAR 06/12/2026 - 01:29 PM Accepted by SEC EDGAR 06/12/2026 - 01:28 PM Learn about SEC filing dates

FAQ

What size and type of security did NRUC issue?

NRUC priced a $220,000 Medium‑Term Note, Series D, issued at 100% of principal. The note is a fixed‑rate debt security documented by a pricing supplement and the base prospectus dated October 24, 2023.

What is the coupon and maturity date of the NRUC note?

The note carries a fixed interest rate of 4.21% per annum with semiannual payments each January 15 and July 15. The stated maturity date is December 15, 2027.

When is the original issue date and trade date for the offering?

The pricing supplement shows a trade date of June 10, 2026 and an original issue date of June 15, 2026, which establishes the timing for interest accrual and settlement under the offering terms.

Does the offering include a redemption option or agents' commission?

The pricing supplement states the redemption date is None and lists None for agents' commission. Those terms indicate no issuer‑stated call date and no commission disclosed in this supplement.

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			June 10, 2026
Pricing Supplement No.			10588
Pricing Supplement Date			June 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$220,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 15, 2026
Maturity Date			December 15, 2027
Interest Rate			4.21% 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.