National Rural Utilities (NRUC) issues $2.007M 4.30% Series D note maturing in 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering $2,007,000 of Medium-Term Notes, Series D, under an existing shelf program. The notes are issued at 100% of principal amount on July 15, 2026, bear interest at 4.30% per annum, and mature on January 15, 2028.

Interest is payable on each January 15 and July 15, with regular record dates on each January 1 and July 1. The notes have no redemption date and carry no agents’ commission. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance and delivery under the indenture, the notes will constitute valid and binding obligations of the company, subject to typical bankruptcy and equitable principles qualifications.

Filing Explained

The disclosure fixes a $2,007,000, 4.30% note due January 15, 2028; it is scheduled, not shown as issued.

The July 10 pricing supplement sets final terms for National Rural Utilities Cooperative Finance Corporation to issue Medium-Term Notes, Series D, with a $2,007,000 principal amount at an issue price of 100%.

The disclosed state is scheduled issuance: the original issue date is July 15, 2026, while the validity opinion is conditioned on receiving consideration and completing execution, authentication, issuance, and delivery.

If completed on these terms, the company would have a note obligation bearing 4.30% annual interest and maturing on January 15, 2028. Because the disclosed instrument is a note, the filing describes an obligation rather than the additional-share mechanism covered by the supplied dilution definition.

A 424(b) prospectus supplement states the final terms of a specific takedown from an effective registration statement; here, those terms include interest payments on each January 15 and July 15, no redemption date, and no agents commission.

The July 15, 2026 original issue date and the condition that consideration be received are the concrete milestones for determining whether the scheduled note becomes an issued obligation.

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

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Available on EDGAR 07/13/2026 - 01:46 PM Accepted by SEC EDGAR 07/13/2026 - 01:45 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			July 10, 2026
Pricing Supplement No.			10614
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,007,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2026
Maturity Date			January 15, 2028
Interest Rate			4.30% 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.