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  4. [424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

NRUC (NRUC) prices $210,000 Series D notes at 3.72% due Feb 2027

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a medium-term note offering. The pricing supplement shows a $210,000 principal amount of Medium-Term Notes, Series D, issued at 100% of principal with an original issue date of April 15, 2026 and a maturity date of February 15, 2027. The notes pay interest at 3.72% per annum with semiannual interest payment dates on January 15 and July 15. The pricing supplement notes no agents' commission and includes counsel opinion on validity based on District of Columbia and New York law.

Positive

  • None.

Negative

  • None.

Insights

Sized short-term medium-term note issuance at 3.72% for nine-plus month tenor.

The $210,000 Series D notes are issued at par with an original issue date of April 15, 2026 and maturity on February 15, 2027, implying a sub-one-year funding instrument within the issuer's medium-term note program. Interest is fixed at 3.72% with semiannual payments on January 15 and July 15.

Counsel from Hogan Lovells US LLP provided a standard validity opinion referencing the District of Columbia General Cooperative Association Act of 2010 and New York law. The excerpt lists no agents' commission; the pricing supplement structure and cash-flow treatment are explicit in the table.

Principal Amount $210,000 Principal Amount stated in pricing table
Issue Price 100% of Principal Amount Issue Price shown in pricing table
Original Issue Date April 15, 2026 Original issue date in pricing table
Maturity Date February 15, 2027 Maturity date in pricing table
Interest Rate 3.72% per annum Interest rate in pricing table
Agents Commission None Agents Commission field in pricing table
Medium-Term Notes financial
"Medium-Term Notes, Series D Due Nine Months or More from Date"
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.
Pricing Supplement regulatory
"Pricing Supplement No. | 10536 Pricing Supplement Date | April 10, 2026"
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
"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.
Prospectus Supplement regulatory
"Prospectus Supplement Date | October 27, 2023"
A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.
Offering Type shelf

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

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FAQ

What are the key terms of NRUC's Series D medium-term notes?
The Series D notes have a principal amount of $210,000, issued at 100%, with interest at 3.72% per annum. The original issue date is April 15, 2026 and the maturity date is February 15, 2027.

When does NRUC pay interest on these medium-term notes (NRUC)?
Interest on the Series D notes is paid semiannually on January 15 and July 15. Regular record dates for interest are each January 1 and July 1.

Was there an underwriting commission or agent fee for NRUC's offering?
The pricing supplement states Agents Commission: None, indicating no agent commission is disclosed in this excerpt. The table lists the issue price at 100% of principal.

What are the trade and pricing dates for NRUC's Series D notes?
The pricing supplement lists the Trade Date and Pricing Supplement Date as April 10, 2026, with the prospectus supplement dated October 27, 2023 and base prospectus dated October 24, 2023.


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 DateApril 10, 2026
Pricing Supplement No. 10536
Pricing Supplement DateApril 10, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$210,000.00
Issue Price100% of Principal Amount
Original Issue DateApril 15, 2026
Maturity DateFebruary 15, 2027
Interest Rate3.72% per annum
Regular Record DatesEach January 1 and July 1
Interest Payment DatesEach January 15 and July 15
Redemption DateNone
Agents Commission None
Form of Note: (Book-Entry or Certificated)
Certificated
Other TermsNone
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.

Source: View Original Filing on SEC EDGAR