National Rural Utilities (NRUC) offers $200,000 Series D note at 3.98%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing Medium-Term Notes, Series D under an existing shelf program. This tranche has a principal amount of $200,000.00, an issue price of 100% of principal, and bears interest at 3.98% per annum. The notes will be issued on July 15, 2026 and mature on May 15, 2027, with interest paid on January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption date and no agents’ commission disclosed for this issuance. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery, the notes will constitute valid and binding obligations of the company, subject to standard bankruptcy and creditors’ rights limitations.

Filing Explained

The scheduled $200,000 note offering is not shown as completed and would add fixed-interest debt without stated equity conversion.

The filing describes an offering of a Medium-Term Note, Series D, with an original issue date of July 15, 2026; it supports a scheduled offering rather than a completed issuance.

If issued against payment, the company would incur a $200,000 principal obligation and owe 3.98% annual interest through the May 15, 2027 maturity date.

The disclosed mechanics are fixed principal and scheduled interest rather than an equity issuance, and the filing does not state a conversion or share-delivery feature.

The stated issue price is 100% of principal, with no redemption date and no agents commission.

The key lifecycle milestone is July 15, 2026: the filing's validity opinion conditions the notes' binding-obligation status on receipt of consideration and due execution, authentication, issuance, and delivery.

Key Figures

Principal Amount: $200,000.00 Interest Rate: 3.98% per annum Issue Price: 100% of Principal Amount +4 more

7 metrics

Principal Amount $200,000.00 Medium-Term Notes, Series D principal for this tranche

Interest Rate 3.98% per annum Fixed coupon on Medium-Term Notes, Series D

Issue Price 100% of Principal Amount Pricing of the Series D notes

Original Issue Date July 15, 2026 Date notes are issued

Maturity Date May 15, 2027 Date principal on Series D notes is due

Trade Date July 10, 2026 Trade date for this tranche of notes

Agents Commission None Commission payable to agents on this issuance

Key Terms

Medium-Term Notes, indenture, fraudulent conveyances, voidable transfers, +1 more

5 terms

Medium-Term Notes financial

"NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION Medium-Term Notes, Series D"

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

indenture financial

"delivery of the notes pursuant to the terms of the indenture and the applicable"

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.

fraudulent conveyances regulatory

"including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and"

voidable transfers regulatory

"fraudulent conveyances and fraudulent, preferential or voidable transfers"

principles of equity regulatory

"the exercise of judicial discretion and the application of principles of equity, good faith"

Offering Details

shelf

Offering

Offering Type shelf

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Available on EDGAR 07/13/2026 - 02:05 PM Accepted by SEC EDGAR 07/13/2026 - 02:04 PM Learn about SEC filing dates

FAQ

What are the key terms of NRUC’s Medium-Term Notes, Series D in this 424B3?

National Rural Utilities is issuing Medium-Term Notes, Series D with a $200,000.00 principal amount, 3.98% annual interest rate, and maturity on May 15, 2027 at 100% of principal.

What interest rate and payment schedule apply to NRUC (NRUC) Series D notes?

The Series D notes carry a fixed 3.98% per annum interest rate. Interest is paid on January 15 and July 15, to holders of record on January 1 and July 1, respectively, until maturity on May 15, 2027.

When do NRUC (NRUC) Series D medium-term notes start and when do they mature?

The notes have an Original Issue Date of July 15, 2026 and a Maturity Date of May 15, 2027, meaning they are due nine months or more from the date of issue, consistent with the program’s terms.

Is there any redemption or call feature on NRUC’s Medium-Term Notes, Series D?

The Series D notes have no redemption date specified, indicating no scheduled early redemption or call feature is described in this pricing supplement for the $200,000.00 issuance.

Does NRUC (NRUC) pay any agent’s commission on this Series D note issuance?

For this tranche of Medium-Term Notes, Series D, the table specifies Agents Commission: None, indicating no commission is payable to agents in connection with this $200,000.00 offering.

Are NRUC’s Medium-Term Notes, Series D legally binding obligations?

Counsel Hogan Lovells US LLP states the notes will be valid and binding obligations of National Rural Utilities, subject to customary limits related to bankruptcy, insolvency, and other creditors’ rights laws.

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.			10619
Pricing Supplement Date			July 10, 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			July 15, 2026
Maturity Date			May 15, 2027
Interest Rate			3.98% 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.