NRUC (NRUC) prices $100,000 Medium-Term Note due 06/15/2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary offering of Medium-Term Notes, Series D, with a $100,000.00 principal amount at 100% of principal. The notes carry an interest rate of 3.89% per annum, were originally issued on May 15, 2026, and mature on June 15, 2027.

The pricing supplement is dated May 12, 2026 and references a prospectus supplement dated October 27, 2023. The offering lists no agents' commission and specifies no redemption date. A counsel opinion from Hogan Lovells US LLP states the notes will be valid obligations of the issuer subject to customary legal exceptions.

Insights

Debt Capital Markets Analyst

Short-term note issuance at fixed 3.89%.

National Rural Utilities CFC sold a $100,000.00 Medium-Term Note due June 15, 2027 at par. The fixed 3.89% coupon and roughly one-year tenor indicate a near-term funding transaction rather than long-term refinancing.

Cash-flow treatment is issuer receipt of proceeds; specific use of proceeds is not stated in the excerpt. Subsequent filings or the prospectus supplement may disclose allocation or underwriting details.

Securities Counsel/Legal Analyst

Counsel opinion conditions follow standard insolvency and equitable-law exceptions.

The excerpt includes an opinion from Hogan Lovells US LLP confirming validity of the notes conditioned on payment receipt and customary legal limitations, citing the District of Columbia General Cooperative Association Act of 2010 and New York law.

Investors should note the opinion preserves typical bankruptcy, fraudulent-transfer and equitable defenses; it does not guarantee enforceability beyond those legal contours.

Key Figures

Principal Amount: $100,000.00 Issue Price: 100% of Principal Amount Interest Rate: 3.89% per annum +3 more

6 metrics

Principal Amount $100,000.00 Principal amount of the Medium-Term Note

Issue Price 100% of Principal Amount Pricing supplement states issue price at par

Interest Rate 3.89% per annum Fixed coupon on the Series D note

Original Issue Date May 15, 2026 Original issue date shown in supplement

Maturity Date June 15, 2027 Maturity of the Series D note

Trade/Pricing Date May 12, 2026 Trade date and pricing supplement date

Key Terms

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

4 terms

Medium-Term Note financial

"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

"Pricing Supplement No. | 10565 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

"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

"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.

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

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Accepted by SEC EDGAR 05/14/2026 - 11:54 AM Learn about SEC filing dates

FAQ

What did NRUC price in this May 2026 offering?

NRUC priced a Medium-Term Note of $100,000.00 at 100% of principal. The note carries a 3.89% per annum fixed interest rate and was originally issued on May 15, 2026.

When does the NRUC note mature and how often does it pay interest?

The note matures on June 15, 2027 and pays interest semiannually on January 15 and July 15. Regular record dates are each January 1 and July 1.

Were there underwriting fees or an agents' commission for NRUC's note?

The pricing supplement lists no agents' commission. The excerpt shows an issue price of 100% of principal; additional underwriting details are not included in this excerpt.

What law does the counsel opinion rely on for NRUC's notes?

The counsel opinion cites the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York. It conditions validity on receipt of payment and customary legal exceptions.

Does the pricing supplement allow redemption prior to maturity?

The pricing supplement states the Redemption Date: None, indicating no contractual redemption date is specified in the provided excerpt for these notes.

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.			10565
Pricing Supplement Date			May 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 15, 2026
Maturity Date			June 15, 2027
Interest Rate			3.89% 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.