NRUC (NRUC) prices $300K Series D note due July 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering $300,000.00 in Medium-Term Notes, Series D, at an issue price of 100% of principal. The notes have an original issue date of June 15, 2026, pay interest at 3.98% per annum, and mature on July 15, 2027. Interest payments are scheduled each January 15 and July 15, with regular record dates of each January 1 and July 1. The pricing supplement is dated June 10, 2026 and counsel has delivered a legal opinion on validity.

Insights

Debt Capital Markets Analyst

Short-term note issuance at a fixed 3.98% rate for nine-plus months.

The offering documents list a $300,000.00 Principal Amount issued at 100% with a maturity date of July 15, 2027. This is a straightforward medium-term note issuance under the base prospectus and pricing supplement framework.

Cash-flow treatment and use of proceeds are not stated in the excerpt; timing and allocation will be disclosed in other issuer filings if provided.

Securities Counsel / Compliance

Legal opinion confirms notes will be valid obligations subject to standard insolvency and equitable defenses.

Counsel from Hogan Lovells US LLP opines the notes will be valid and binding upon receipt of consideration and proper execution, subject to bankruptcy, insolvency and equitable principles expressly listed in the opinion text.

Key qualifiers include reliance on District of Columbia cooperative law and New York law; market participants should note these jurisdictional bases.

Key Figures

Principal Amount: $300,000.00 Issue Price: 100% of Principal Amount Interest Rate: 3.98% per annum +3 more

6 metrics

Principal Amount $300,000.00 Principal Amount stated in pricing supplement

Issue Price 100% of Principal Amount Issue Price as disclosed in pricing supplement

Interest Rate 3.98% per annum Fixed coupon for Series D notes

Original Issue Date June 15, 2026 Original issue date provided in table

Maturity Date July 15, 2027 Maturity date provided in pricing supplement

Interest Payment Dates Each January 15 and July 15 Payment schedule stated in table

Key Terms

Pricing Supplement, Indenture, Medium‑Term Notes, Record Date

4 terms

Pricing Supplement regulatory

"Pricing Supplement Date | June 10, 2026 Pricing Supplement No."

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 financial

"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 Notes financial

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

Record Date financial

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

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

Offering Details

primary

Offering

Offering Type primary

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Available on EDGAR 06/12/2026 - 02:59 PM Accepted by SEC EDGAR 06/12/2026 - 02:52 PM Learn about SEC filing dates

FAQ

What are the key terms of NRUC's Medium-Term Notes Series D?

The Series D notes have a principal amount of $300,000.00, an issue price of 100%, an interest rate of 3.98% per annum, original issue date June 15, 2026, and maturity on July 15, 2027.

When will interest on NRUC's Series D notes be paid and recorded?

Interest accrues at 3.98% per annum and is payable each January 15 and July 15. Regular record dates for interest are each January 1 and July 1, as stated in the pricing supplement.

What pricing and execution dates are disclosed for the NRUC offering?

The pricing supplement lists a Trade Date and Pricing Supplement Date of June 10, 2026, with an Original Issue Date of June 15, 2026. The prospectus supplement date is October 27, 2023.

Does the pricing supplement state any redemption or agent commissions?

The document indicates No Redemption Date is specified for early redemption and lists Agents Commission: None. These elements are shown directly in the pricing supplement table of terms.

What legal bases underlie the counsel opinion for the notes' validity?

Counsel's opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, subject to standard insolvency and equitable defenses described verbatim in the opinion.

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			June 10, 2026
Pricing Supplement No.			10604
Pricing Supplement Date			June 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$300,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 15, 2026
Maturity Date			July 15, 2027
Interest Rate			3.98% 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.