NRUC (NRUC) prices $500K Series D note due Mar 15, 2027 at 3.85%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) is offering $500,000 in Medium-Term Notes, Series D, at 100% of principal. The notes have an original issue date of March 25, 2026, mature on March 15, 2027, and pay interest at 3.85% per annum on each January 15 and July 15 with record dates of January 1 and July 1. The pricing supplement lists no redemption and no agents' commission. Counsel Hogan Lovells US LLP opines the notes will be valid obligations subject to customary insolvency and equitable-law limitations.

Insights

Debt Capital Markets Analyst

Short-term note issuance priced at par with a fixed 3.85% coupon.

The pricing supplement documents a $500,000 Medium-Term Note due March 15, 2027, issued at 100% of principal with semiannual interest payments on January 15 and July 15. The notes are non-redeemable per the supplement.

Cash-flow treatment and distribution arrangements are stated as no agents' commission; other placement mechanics are not detailed in the excerpt. Legal opinion notes customary bankruptcy and equity-law limitations.

Structured Finance Counsel

Legal opinion confirms enforceability subject to usual insolvency and equitable defenses.

Counsel Hogan Lovells US LLP states that upon receipt of consideration and proper issuance the notes will be binding obligations under the indenture, subject to bankruptcy, fraudulent-transfer and equitable defenses under District of Columbia and New York law.

Investors should note the opinion's qualifiers and that the supplement specifies no redemption feature; further indenture terms are referenced but not included in the excerpt.

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			March 20, 2026
Pricing Supplement No.			10522
Pricing Supplement Date			March 20, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 25, 2026
Maturity Date			March 15, 2027
Interest Rate			3.85% 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 NRUC's Medium-Term Notes Series D?

The offering is for $500,000 in Series D notes at 100% of principal, with an original issue date of March 25, 2026 and maturity on March 15, 2027. Interest is 3.85% per annum paid semiannually.

When does NRUC pay interest on the Series D notes?

Interest payments occur each January 15 and July 15, with regular record dates of January 1 and July 1. The coupon is 3.85% per annum.

Is there a redemption option on NRUC's Series D notes?

The pricing supplement explicitly lists None under Redemption Date for these notes, indicating no contractual redemption right is provided in the excerpt.

What is the issue price and principal amount for the notes?

The notes are issued at an Issue Price of 100% of Principal Amount for a Principal Amount of $500,000, as stated on the pricing supplement dated March 20, 2026.

Who provided the legal opinion on the validity of the notes?

Hogan Lovells US LLP provided the opinion that the notes will be valid and binding obligations, subject to bankruptcy and equitable-law limitations under District of Columbia and New York law.