NRUC prices $1,000,000 3.88% Medium-Term Note

National Rural Utilities Cooperative Finance Corporation priced a primary offering of Medium-Term Notes.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary offering of Medium-Term Notes. The Pricing Supplement shows a $1,000,000 principal amount of Series D notes issued at 100% of principal, with an original issue date of May 15, 2026 and a maturity date of May 15, 2027. The notes bear interest at 3.88% per annum, pay interest each January 15 and July 15, and list record dates each January 1 and July 1.

Insights

Fixed-Income Analyst

Small, short-dated Series D note issuance priced at par with a 3.88% coupon.

The Pricing Supplement documents a $1,000,000 issuance of Medium-Term Notes, Series D, issued at 100% of principal with an 3.88% annual coupon and maturity on May 15, 2027. Payment cadence is semiannual on January 15 and July 15.

The legal opinion is limited to specified governing laws and notes are subject to usual insolvency and equity principles. Cash‑flow treatment and use of proceeds are not detailed in the provided excerpt; subsequent filings or the prospectus supplement may show distribution arrangements.

Key Figures

Principal Amount: $1,000,000 Interest Rate: 3.88% per annum Issue Price: 100% of Principal Amount +5 more

8 metrics

Principal Amount $1,000,000 Series D Medium-Term Notes

Interest Rate 3.88% per annum Series D coupon

Issue Price 100% of Principal Amount Pricing Supplement

Original Issue Date May 15, 2026 Series D issuance

Maturity Date May 15, 2027 Series D maturity

Trade Date May 12, 2026 Pricing Supplement trade date

Interest Payment Dates January 15 and July 15 Semiannual payments

Regular Record Dates January 1 and July 1 For interest payments

Key Terms

Medium-Term Note, Pricing Supplement, Indenture, Agents Commission, +1 more

5 terms

Medium-Term Note financial

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

A medium-term note is a debt instrument—an IOU—issued by a company or government to borrow money for a period longer than a short loan but shorter than a long-term bond, typically about one to ten years. It matters to investors because it offers predictable interest income with a balance between higher yields than short-term paper and lower interest-rate sensitivity than long bonds, so it’s often used to tune income, risk and timing in a portfolio.

Pricing Supplement regulatory

"Pricing Supplement No. | 10556 Pricing Supplement Date | May 12, 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

"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.

Agents Commission financial

"Agents Commission | None"

Validity Opinion legal

"In the opinion of Hogan Lovells US LLP...the notes offered by this pricing supplement will constitute valid and binding obligations"

Offering Details

primary

Offering

Offering Type primary

FAQ

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

What did NRUC (NRUC) issue in this Pricing Supplement?

Answer: NRUC issued a $1,000,000 Series D Medium-Term Note at 100% of principal. The supplement lists the original issue date as May 15, 2026 and the maturity date as May 15, 2027, with a 3.88% annual interest rate.

When are interest payments and record dates for the Series D note?

Answer: Interest is payable semiannually on January 15 and July 15. Regular record dates for interest are each January 1 and July 1, as stated in the Pricing Supplement for the Series D Medium-Term Note.

What price and commission were specified for NRUC's note offering?

Answer: The Pricing Supplement shows an Issue Price of 100% of Principal Amount for the $1,000,000 note. The document also states Agents Commission: None, indicating no listed underwriting commission in the excerpt.

What legal opinion is provided for the validity of the notes?

Answer: Counsel Hogan Lovells US LLP opines the notes will be valid and binding obligations following receipt of consideration and issuance steps. The opinion is limited to the District of Columbia General Cooperative Association Act of 2010 and New York law.

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

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Accepted by SEC EDGAR 05/14/2026 - 11:21 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			May 12, 2026
Pricing Supplement No.			10556
Pricing Supplement Date			May 12, 2026
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			May 15, 2026
Maturity Date			May 15, 2027
Interest Rate			3.88% 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.