NRUC prices $100K Medium-Term Note at 3.83%

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note offering of $100,000.00 due April 15, 2027 at an issue price of 100% and an interest rate of 3.83% per annum.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note offering of $100,000.00 due April 15, 2027 at an issue price of 100% and an interest rate of 3.83% per annum. The original issue date is April 15, 2026 with semiannual interest payments each January 15 and July 15.

The pricing supplement is dated April 10, 2026 and references a base prospectus dated October 24, 2023 and prospectus supplement dated October 27, 2023. Counsel opines the notes will be valid obligations subject to customary insolvency and equitable law exceptions.

Insights

Debt Capital Markets Analyst

Short-term medium-term note issued with fixed-rate interest.

The company issued a single-note series with a $100,000.00 principal amount maturing on April 15, 2027 and a 3.83% fixed coupon, payable semiannually. The pricing supplement and prospectus references establish the offering's documentation.

Legal opinion from counsel limits enforceability to ordinary statutory and equitable exceptions. Cash-flow treatment and use of proceeds are not specified in the provided excerpt.

Key Figures

Principal Amount: $100,000.00 Interest Rate: 3.83% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $100,000.00 Principal amount of the Medium-Term Note

Interest Rate 3.83% per annum Fixed coupon on the note

Issue Price 100% of Principal Amount Pricing supplement issue price

Original Issue Date April 15, 2026 Date notes are issued

Maturity Date April 15, 2027 Date principal is due

Interest Payment Dates Jan 15 and Jul 15 Semiannual interest payment schedule

Key Terms

Medium-Term Notes, Pricing Supplement, Indenture, Record Dates

4 terms

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 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.

Record Dates financial

"Regular Record Dates | Each January 1 and July 1"

A record date is the specific day a company uses as a snapshot to determine which shareholders are officially entitled to a corporate action — for example receiving a dividend, voting at a meeting, or getting rights in an offering. Think of it like a classroom roll call: only the people listed at that moment qualify, so investors must own shares before related cutoff dates to be included, making it important for timing trades and income planning.

Offering Details

primary

Offering

Offering Type primary

FAQ

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

What did NRUC issue in this pricing supplement?

Answer: NRUC issued a Medium-Term Note series with a principal amount of $100,000.00. The pricing supplement dated April 10, 2026 shows an original issue date of April 15, 2026 and a maturity date of April 15, 2027.

What is the interest rate and payment schedule for NRUC's note?

Answer: The note carries a fixed interest rate of 3.83% per annum with semiannual payments. Interest is payable each January 15 and July 15, with regular record dates each January 1 and July 1.

What price were the notes issued at for NRUC?

Answer: The notes were issued at an issue price of 100% of principal amount. The pricing supplement lists an Issue Price of 100% and a Principal Amount of $100,000.00.

When do NRUC's notes mature and are they redeemable?

Answer: The notes mature on April 15, 2027. The pricing supplement states the Redemption Date is listed as None, indicating no scheduled redemption provision in the excerpt.

Did counsel provide an opinion on the validity of NRUC's notes?

Answer: Yes, Hogan Lovells US LLP provided a legal opinion that the notes will constitute valid and binding obligations. The opinion is subject to bankruptcy, insolvency, equity principles, and applicable state law exceptions.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/13/2026 - 01:07 PM 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			April 10, 2026
Pricing Supplement No.			10546
Pricing Supplement Date			April 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 15, 2026
Maturity Date			April 15, 2027
Interest Rate			3.83% 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.