NRUC (NRUC) issues $200,000 Series D notes due Jan 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note offering consisting of $200,000.00 of Series D notes at 100% of principal, with an original issue date of March 15, 2026 and a maturity date of January 15, 2027.

The notes bear interest at 3.62% per annum, pay interest each January 15 and July 15 (record dates each January 1 and July 1), and have no redemption date. A counsel opinion states the notes "will constitute valid and binding obligations" subject to standard legal exceptions.

Insights

Debt Capital Markets Analyst

Short-term note issuance priced at a fixed 3.62% coupon.

The offering lists a $200,000.00 principal amount of Series D medium-term notes maturing on January 15, 2027. The notes pay interest semiannually on January 15 and July 15 at a stated rate of 3.62%.

Timing and size indicate a targeted funding or rollover operation rather than a broad public program; cash‑flow treatment and distribution agents' roles are not detailed in the excerpt.

Securities & Finance Counsel

Counsel opines the notes are binding obligations, subject to standard insolvency and equitable exceptions.

Hogan Lovells US LLP provides a legal opinion conditioned on receipt of consideration and proper execution, and cites limitations such as bankruptcy, fraudulent-transfer law, and judicial discretion.

The opinion references the District of Columbia General Cooperative Association Act of 2010 and New York law as the governing legal authorities.

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Accepted by SEC EDGAR 03/13/2026 - 09:28 AM Learn about SEC filing dates

FAQ

What did NRUC issue in this pricing supplement?

NRUC issued $200,000.00 of Series D Medium-Term Notes at 100% of principal. The notes carry a stated interest rate of 3.62% per annum and mature on January 15, 2027.

When are interest payments and record dates for NRUC's Series D notes?

Interest on the Series D notes is paid each January 15 and July 15. Regular record dates are each January 1 and July 1, establishing holders entitled to the semiannual interest payments.

Does the pricing supplement allow early redemption of the notes?

No; the pricing supplement states the Series D notes have no redemption date. The notes therefore mature on January 15, 2027 with principal repayment at maturity.

What legal opinion accompanies the notes in this excerpt?

Hogan Lovells US LLP opines the notes "will constitute valid and binding obligations" upon receipt of consideration and proper issuance. The opinion is subject to bankruptcy and other customary legal exceptions.

What governing laws does the counsel opinion cite for NRUC's notes?

The legal opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as stated 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 11, 2026
Pricing Supplement No.			10501
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$200,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.62% 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.