NRUC issues $2.96M Medium‑Term Notes maturing Jan 2027 (NRUC)

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium‑Term Notes, Series D with a $2,960,000.00 principal amount. The notes were priced on March 11, 2026, have an Original Issue Date of March 15, 2026, and mature on January 15, 2027.

The notes carry a fixed interest rate of 3.62% per annum, pay interest each January 15 and July 15 (record dates January 1 and July 1), were issued at 100% of principal, list no redemption date, and show no agents commission. Hogan Lovells US LLP furnished a legal opinion on validity under the District of Columbia General Cooperative Association Act of 2010 and New York law.

Insights

Debt Capital Markets Analyst

Short-term note issuance of $2.96M at a fixed 3.62%.

The offering is a straightforward primary issuance of Medium‑Term Notes maturing in January 2027. The notes were issued at par (100%), indicating standard pricing relative to stated coupon and tenor.

Cash‑flow treatment and investor allocation details are not shown in the excerpt; subsequent disclosures may specify distribution methods and purchasers.

Securities & Corporate Counsel

Legal opinion confirms notes constitute binding obligations subject to insolvency and equitable defenses.

Counsel opined the notes will be valid obligations upon receipt of consideration and proper issuance, relying on D.C. cooperative law and New York law. The opinion preserves standard defenses such as bankruptcy and equitable principles.

Investors may review the full indenture and underwriting/agency agreement for covenants and remedies; those documents determine priority and enforcement mechanics.

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

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Accepted by SEC EDGAR 03/13/2026 - 02:02 PM Learn about SEC filing dates

FAQ

What did NRUC issue in this pricing supplement?

NRUC issued Medium‑Term Notes, Series D totaling $2,960,000. The notes were priced on March 11, 2026 with an original issue date of March 15, 2026 and mature on January 15, 2027.

What is the interest rate and payment schedule for the NRUC notes?

The notes carry a fixed 3.62% per annum interest rate. Interest is payable each January 15 and July 15, with record dates on January 1 and July 1.

At what price were the NRUC notes issued and are there redemption features?

The notes were issued at 100% of principal (par). The pricing supplement states there is no redemption date for these notes in the provided excerpt.

Who provided the legal opinion on the validity of the notes?

Hogan Lovells US LLP provided the legal opinion that the notes will be valid obligations upon proper issuance. The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law.

Does the supplement disclose agents' commissions or underwriting fees?

The pricing supplement states no agents commission. The excerpt does not list underwriting fees or other distribution costs beyond that statement.

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			March 11, 2026
Pricing Supplement No.			10495
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,960,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.62% 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.