National Rural Utilities (NRUC) issues $1M 4.45% medium-term note due 2033

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a new Medium-Term Note, Series D, with a principal amount of $1,000,000.00. The note is issued at 100% of its principal amount, will be dated December 29, 2025, and will mature on December 15, 2033, carrying a fixed interest rate of 4.45% per annum. Interest is payable twice a year, on each January 15 and July 15, to holders of record on each preceding January 1 and July 1, and the note has no stated redemption date or agent’s commission.

Legal counsel Hogan Lovells US LLP states that, once properly authorized, paid for, executed and delivered under the applicable indenture and agreements, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

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			December 22, 2025
Pricing Supplement No.			10417
Pricing Supplement Date			December 22, 2025
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			December 29, 2025
Maturity Date			December 15, 2033
Interest Rate			4.45% 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.

FAQ

What are the key terms of National Rural Utilities (NRUC) Medium-Term Note, Series D in this 424B3?

The Medium-Term Note, Series D has a principal amount of $1,000,000.00, is issued at 100% of principal, and bears interest at 4.45% per annum. The original issue date is December 29, 2025 and the maturity date is December 15, 2033.

How and when does the NRUC Medium-Term Note pay interest?

The note pays interest at a fixed rate of 4.45% per year. Interest payment dates are each January 15 and July 15, with regular record dates on each preceding January 1 and July 1.

Is there a redemption feature on the NRUC Medium-Term Note, Series D?

The terms specify a redemption date of "None," which means the note does not include a stated redemption date feature apart from its scheduled maturity on December 15, 2033.

What price and commission apply to this NRUC Medium-Term Note issuance?

The issue price is 100% of the $1,000,000.00 principal amount, and the table states that there is no agent’s commission for this issuance.

What legal opinion supports the validity of the NRUC Medium-Term Note in this filing?

Hogan Lovells US LLP opines that, after receipt of consideration and proper execution, authentication, issuance and delivery under the indenture and applicable agreements, the note will be a valid and binding obligation of the company. This is subject to customary limitations from bankruptcy and similar laws and principles of equity, good faith and reasonableness under District of Columbia cooperative law and New York law.

Which laws govern the enforceability of the NRUC Medium-Term Note described here?

The opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, excluding laws of political subdivisions below the state level.