National Rural Utilities CFC (NRUC) prices $100,000 note at 3.84% coupon

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes under a pricing supplement. The tranche has a $100,000 principal amount, an 3.84% annual interest rate, and matures on April 15, 2027.

Interest is payable each January 15 and July 15 with regular record dates of January 1 and July 1. The issue price is 100% of principal and there is no redemption date listed.

Insights

Debt Capital Markets Analyst

Pricing supplement records a small, short-term note issuance at a fixed rate.

The pricing supplement shows a $100,000 Medium-Term Note issued at 100% of principal with a 3.84% fixed coupon and maturity on April 15, 2027. Payment cadence and record dates are standard: interest paid each January 15 and July 15.

Cashflow treatment for proceeds and use of funds is not described in the excerpt; the legal opinion notes validity is subject to bankruptcy and equitable defenses. Subsequent disclosure may provide proceeds allocation or underwriting details.

Key Figures

Principal Amount: $100,000 Interest Rate: 3.84% per annum Issue Price: 100% of Principal +4 more

7 metrics

Principal Amount <money>$100,000</money> tranche principal

Interest Rate <percent>3.84%</percent> per annum fixed coupon

Issue Price <percent>100%</percent> of Principal original issue price

Original Issue Date <date>June 15, 2026</date> issue date

Maturity Date <date>April 15, 2027</date> note maturity

Interest Payment Dates Each <date>January 15</date> and <date>July 15</date> coupon payment cadence

Agents Commission None placement commission

Key Terms

Pricing Supplement, Medium-Term Notes, Indenture, Agents Commission

4 terms

Pricing Supplement regulatory

"Pricing Supplement Date | June 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.

Medium-Term Notes financial

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

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.

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.

Agents Commission market

"Agents Commission | None"

Offering Details

primary

Offering

Offering Type primary

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Available on EDGAR 06/12/2026 - 02:20 PM Accepted by SEC EDGAR 06/12/2026 - 02:16 PM Learn about SEC filing dates

FAQ

What securities did NRUC (NRUC) offer in this pricing supplement?

This pricing supplement offers a Medium-Term Note with $100,000 principal. It is a fixed-rate note maturing on April 15, 2027, issued under the referenced base prospectus and pricing supplement dated June 10, 2026.

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

The note carries a fixed coupon of 3.84% per annum. Interest is payable each January 15 and July 15, with regular record dates on January 1 and July 1.

What price and issuance dates are shown for NRUC's Medium-Term Note?

The issue price is listed at 100% of principal with an original issue date of June 15, 2026 and a trade/pricing date of June 10, 2026.

Is there a redemption date or agent commission for this NRUC offering?

The pricing supplement lists No redemption date for this tranche and specifies None under Agents Commission. These terms are shown directly on the supplement cover data.

Does the excerpt state how proceeds will be used for the NRUC note?

The excerpt does not include a use-of-proceeds statement. The cover data lists principal and pricing details; proceeds allocation is not provided in the supplied text.

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.			10597
Pricing Supplement Date			June 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			June 15, 2026
Maturity Date			April 15, 2027
Interest Rate			3.84% 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.