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

National Rural Utilities (NRUC) prices $500,000 note — 3.83% coupon due Apr 15, 2027

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

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $500,000 of Medium‑Term Notes, Series D due April 15, 2027, under the prospectus supplement dated October 27, 2023. The notes were priced at 100% of principal with an interest rate of 3.83% per annum, interest payable each January 15 and July 15 (record dates January 1 and July 1). The trade date for the pricing supplement is April 10, 2026 and the original issue date is April 15, 2026. The pricing supplement states there is no redemption date and no agents' commission. Counsel Hogan Lovells US LLP provided an opinion on the validity of the notes under specified governing law.

Positive

  • None.

Negative

  • None.

Insights

Short, issuer‑backed medium‑term note issuance at a fixed 3.83% coupon.

The company issued $500,000 of Medium‑Term Notes due April 15, 2027 at par with a 3.83% fixed interest rate, payable semiannually on January 15 and July 15. The supplement lists no agents' commission and specifies no optional redemption date.

Key dependencies include the indenture mechanics and settlement on the stated original issue date of April 15, 2026. Cash‑flow treatment (who receives proceeds) and use of proceeds are not specified in the provided excerpt; subsequent filings may disclose allocation details.

Principal Amount $500,000 Principal amount of Medium‑Term Notes, Series D
Issue Price 100% of Principal Amount Pricing supplement issue price
Interest Rate 3.83% per annum Fixed coupon stated in pricing supplement
Trade Date April 10, 2026 Pricing supplement trade date
Original Issue Date April 15, 2026 Original issue date for the notes
Maturity Date April 15, 2027 Maturity date of the Series D notes
Interest Payment Dates Each January 15 and July 15 Semiannual interest payments
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
"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"
Agents' Commission market
"Agents Commission | None"
Offering Type primary

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

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FAQ

What did NRUC price in this 424(b)(3) filing?
Answer: NRUC priced $500,000 of Medium‑Term Notes, Series D. The pricing supplement shows the issue amount as $500,000 and the interest rate as 3.83% per annum.

What are the key dates for NRUC's Medium‑Term Notes (Series D)?
Answer: Trade date is April 10, 2026; original issue date is April 15, 2026; maturity date is April 15, 2027. Interest payment dates are January 15 and July 15.

What coupon and payment schedule apply to the NRUC notes?
Answer: The notes carry a fixed coupon of 3.83% per annum. Interest is payable semiannually on January 15 and July 15, with record dates of January 1 and July 1.

Is there a redemption provision or agents' commission for these notes?
Answer: The pricing supplement states there is no redemption date and the agents' commission is listed as None. Those terms are explicit 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 DateApril 10, 2026
Pricing Supplement No. 10537
Pricing Supplement DateApril 10, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$500,000.00
Issue Price100% of Principal Amount
Original Issue DateApril 15, 2026
Maturity DateApril 15, 2027
Interest Rate3.83% 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