STOCK TITAN
  1. Home
  2. Sec-filings
  3. NRUC
  4. [424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

NRUC (NRUC) issues $250K nine‑month notes, 3.84% coupon

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

The National Rural Utilities Cooperative Finance Corporation is issuing Medium-Term Notes, Series D with a principal amount of $250,000 at an issue price of 100%. Trade and pricing supplement dates are June 10, 2026, with an original issue date of June 15, 2026 and a maturity date of April 15, 2027. The notes carry an interest rate of 3.84% per annum, pay interest each January 15 and July 15 (record dates January 1 and July 1), and are not subject to redemption according to this pricing supplement.

Positive

  • None.

Negative

  • None.

Insights

Short, fixed-rate note issuance at a 3.84% coupon for nine-month tenor.

This pricing supplement shows a $250,000 Medium-Term Note issued at par with a 3.84% fixed coupon maturing on April 15, 2027. The tenor is approximately nine months from the original issue date of June 15, 2026, indicating short-term funding via the note program.

Primary considerations include interest cost versus market funding alternatives and absence of a redemption feature. Secondary-market liquidity and investor demand will depend on program visibility and dealer placement; subsequent disclosures may show distribution details.

Opinion language confirms enforceability subject to standard insolvency and equitable defenses.

The counsel opinion from Hogan Lovells US LLP states the notes will be valid and binding obligations upon receipt of consideration and proper execution, subject to bankruptcy, insolvency, reorganization and equitable principles. The opinion cites the District of Columbia General Cooperative Association Act and New York law.

Investors should note the opinion’s customary qualifiers; the supplement also lists no agent commission and no redemption right in this excerpt.

Principal Amount $250,000 Principal Amount listed in pricing table
Issue Price 100% Issue Price listed in pricing table
Interest Rate 3.84% per annum Coupon for the Series D notes
Original Issue Date June 15, 2026 Original Issue Date in pricing table
Maturity Date April 15, 2027 Maturity Date in pricing table
Trade Date June 10, 2026 Trade Date in pricing table
Interest Payment Dates January 15 and July 15 Interest Payment Dates in pricing table
Medium-Term Note financial
"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"
A medium-term note is a debt instrument—an IOU—issued by a company or government to borrow money for a period longer than a short loan but shorter than a long-term bond, typically about one to ten years. It matters to investors because it offers predictable interest income with a balance between higher yields than short-term paper and lower interest-rate sensitivity than long bonds, so it’s often used to tune income, risk and timing in a portfolio.
Pricing Supplement regulatory
"Pricing Supplement No. | 10596 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.
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.
Valid and binding opinion legal
"the notes offered by this pricing supplement will constitute valid and binding obligations"
Offering Type primary

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

FAQ

What is NRUC's offering size in this pricing supplement?
The pricing supplement registers $250,000 in Medium-Term Notes. The document lists $250,000 as the principal amount to be issued under this series.

What coupon and maturity apply to NRUC Medium-Term Notes Series D?
The notes carry a fixed coupon of 3.84% per annum and mature on April 15, 2027. The original issue date is June 15, 2026.

When are interest payments and record dates for these notes?
Interest is payable each January 15 and July 15, with regular record dates on January 1 and July 1. These dates govern who receives interest payments.

Will NRUC redeem these notes prior to maturity?
This pricing supplement states the Redemption Date: None. The excerpt shows no redemption feature for the Series D notes in this supplement.

At what price are the notes being issued?
The notes are issued at 100% of principal, i.e., at par. The pricing table lists an Issue Price of 100% of the principal amount.


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 DateJune 10, 2026
Pricing Supplement No. 10596
Pricing Supplement DateJune 10, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$250,000.00
Issue Price100% of Principal Amount
Original Issue DateJune 15, 2026
Maturity DateApril 15, 2027
Interest Rate3.84% per annum
Regular Record DatesEach January 1 and July 1
Interest Payment DatesEach January 15 and July 15
Redemption DateNone
Agents Commission None
Form of Note: (Book-Entry or Certificated)
Certificated
Other TermsNone
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.

Source: View Original Filing on SEC EDGAR