NRUC prices $600K medium-term note at 3.88%

National Rural Utilities Cooperative Finance Corporation priced a $600,000 Medium-Term Note due May 15, 2027.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a $600,000 Medium-Term Note due May 15, 2027. The notes were issued at 100% of principal with an interest rate of 3.88% per annum, original issue date May 15, 2026, and interest paid each January 15 and July 15.

The pricing supplement is dated May 12, 2026 (Pricing Supplement No. 10568) and references the prospectus supplement dated October 27, 2023 and base prospectus dated October 24, 2023. Counsel Hogan Lovells US LLP provided a validity opinion subject to stated legal exceptions.

Insights

Fixed-Income Analyst

Short-term medium-term note issuance at a stated fixed rate.

The $600,000 note carries a fixed 3.88% coupon and matures on May 15, 2027, indicating a one-year funding instrument. Payment dates are each January 15 and July 15, which set semiannual cash interest flows.

Funding size is small in absolute terms; cash-flow impact and refinancing needs depend on overall debt program and maturity ladder disclosed elsewhere. Further detail on use of proceeds and distribution method is not provided in the excerpt.

Corporate Counsel (Debt Issuance)

Validity opinion accompanies issuance with standard legal qualifiers.

Counsel's opinion states the notes will be valid obligations following receipt of consideration and proper issuance, subject to bankruptcy and equitable defenses and limited to specific governing laws cited. The opinion cites the District of Columbia General Cooperative Association Act and New York law.

Legal exceptions include customary insolvency and equitable doctrines; purchasers should note these standard limitations rather than absolute guarantees of enforceability.

Key Figures

Principal Amount: $600,000 Issue Price: 100% of Principal Amount Interest Rate: 3.88% per annum +5 more

8 metrics

Principal Amount $600,000 Principal Amount stated on pricing supplement

Issue Price 100% of Principal Amount Issue Price shown on pricing supplement

Interest Rate 3.88% per annum Interest Rate in pricing supplement

Original Issue Date May 15, 2026 Original Issue Date listed

Maturity Date May 15, 2027 Maturity Date listed

Pricing Supplement Date May 12, 2026 Pricing Supplement No. 10568 date

Interest Payment Dates January 15 and July 15 Regular interest payment schedule

Redemption None Redemption Date listed as None

Key Terms

Medium-Term Note, Pricing Supplement, Indenture, Prospectus Supplement

4 terms

Medium-Term Note financial

"Pricing Supplement identifies "Medium-Term Notes, Series D Due Nine Months or More""

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

"Header: "Pricing Supplement No. | 10568 Pricing Supplement Date | May 12, 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

"Validity clause: "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.

Prospectus Supplement regulatory

"References: "Prospectus Supplement Date | October 27, 2023""

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the key terms of NRUC's Medium-Term Note?

The note has a $600,000 principal, issued at 100%, with a 3.88% per annum interest rate, original issue date May 15, 2026, and maturity on May 15, 2027. Interest is paid each January 15 and July 15.

When was the pricing supplement for NRUC's notes dated?

The pricing supplement is dated May 12, 2026 (Pricing Supplement No. 10568) with a trade date of May 12, 2026. It references a prospectus supplement dated October 27, 2023.

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

Hogan Lovells US LLP provided the opinion, stating the notes will be valid obligations upon receipt of consideration and proper issuance, subject to bankruptcy and equitable legal exceptions and specified governing laws.

Are there any agent commissions or redemption provisions disclosed?

The excerpt lists no agents commission and specifies the redemption date: None. The pricing supplement shows issuance terms but does not describe redemption mechanics beyond stating none.

What laws govern the counsel's opinion on these 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, excluding political subdivision laws. Standard legal limitations are preserved.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/14/2026 - 12:23 PM Learn about SEC filing dates

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			May 12, 2026
Pricing Supplement No.			10568
Pricing Supplement Date			May 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$600,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 15, 2026
Maturity Date			May 15, 2027
Interest Rate			3.88% 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.