National Rural Utilities (NRUC) issues $2M Series D 2026 notes at 3.66% coupon

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $2,000,000 of Medium-Term Notes, Series D, at 100% of principal amount. The notes bear interest at 3.66% per annum, pay interest on each January 15 and July 15, and mature on November 15, 2026, with no redemption date specified before maturity. The original issue date is January 15, 2026 and no agent’s commission is payable on this issuance.

Legal counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery, these notes will be valid and binding obligations of the company under District of Columbia cooperative law and New York law, subject to usual limits from bankruptcy, insolvency and equitable principles.

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			January 12, 2026
Pricing Supplement No.			10446
Pricing Supplement Date			January 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 15, 2026
Maturity Date			November 15, 2026
Interest Rate			3.66% 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 type of securities is NRUC offering in this 424B3?

NRUC is offering Medium-Term Notes, Series D, due nine months or more from the date of issue, with this tranche having a maturity on November 15, 2026.

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

The notes have a principal amount of $2,000,000, an issue price of 100% of principal, and an interest rate of 3.66% per annum.

When do NRUC’s new Medium-Term Notes pay interest and mature?

Interest is paid on each January 15 and July 15, with regular record dates on each January 1 and July 1, and the notes mature on November 15, 2026.

Is there any redemption feature or agent’s commission on these NRUC notes?

The pricing details specify no redemption date and no agent’s commission for this $2,000,000 Series D Medium-Term Note issuance.

What legal opinion supports the validity of NRUC’s Medium-Term Notes?

Hogan Lovells US LLP opines that, after proper authorization, execution, issuance and delivery, the notes will be valid and binding obligations of NRUC, subject to bankruptcy and general equitable principles.

Which laws govern the validity of NRUC’s Series D Medium-Term Notes?

The opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as currently in effect.