NRUC prices $137,000 Medium-Term Note at 3.83%

The National Rural Utilities Cooperative Finance Corporation (NRUC) priced a $137,000 Medium-Term Note, Series D, at 100% of principal with an original issue date of April 15, 2026 and a maturity date of April 15, 2027.

Rhea-AI Filing Summary

The National Rural Utilities Cooperative Finance Corporation (NRUC) priced a $137,000 Medium-Term Note, Series D, at 100% of principal with an original issue date of April 15, 2026 and a maturity date of April 15, 2027. The note pays interest at 3.83% per annum on each January 15 and July 15 with record dates each January 1 and July 1. The pricing supplement is dated April 10, 2026 and the prospectus supplement date is October 27, 2023.

Insights

Fixed Income Analyst

Short, one-year note priced at a fixed 3.83% coupon.

This is a single-issue Medium-Term Note for $137,000 with a one-year tenor from April 15, 2026 to April 15, 2027

Credit and legal mechanics follow the indenture and counsel opinion; cash-flow treatment is straightforward interest payments on set dates. Timing and availability of similar paper depend on future funding needs and market conditions.

Key Figures

Principal Amount: $137,000 Issue Price: 100% of Principal Amount Interest Rate: 3.83% per annum +3 more

6 metrics

Principal Amount $137,000 Series D Medium-Term Note

Issue Price 100% of Principal Amount Pricing Supplement No. 10548

Interest Rate 3.83% per annum Fixed coupon for the note

Original Issue Date April 15, 2026 Issue effective date

Maturity Date April 15, 2027 Note maturity

Pricing Supplement Date April 10, 2026 Pricing supplement filed

Key Terms

Medium-Term Notes, Pricing Supplement, Indenture, fraudulent conveyances

4 terms

Medium-Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

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.

Pricing Supplement regulatory

"Pricing Supplement No. | 10548 Pricing Supplement Date | April 10, 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 financial

"due execution, authentication, 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.

fraudulent conveyances legal

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

FAQ

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

What did NRUC price under Pricing Supplement No. 10548?

NRUC priced a Medium-Term Note, Series D, for $137,000 at 100% of principal. The pricing supplement is dated April 10, 2026 and the original issue date is April 15, 2026.

What are the key terms of the NRUC note (coupon, maturity)?

The note carries a fixed interest rate of 3.83% per annum and matures on April 15, 2027. Interest is payable each January 15 and July 15 with record dates each January 1 and July 1.

How much did NRUC receive from the offering and at what price?

The principal amount of the issue is $137,000 and the issue price was 100% of principal. The pricing supplement states no agents' commission is payable on this issuance.

What legal opinion was provided for NRUC's Medium-Term Note?

Hogan Lovells US LLP provided a legal opinion that, upon receipt of consideration and proper issuance, the notes will constitute valid and binding obligations of NRUC, subject to standard insolvency and equitable principles.

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

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Accepted by SEC EDGAR 04/13/2026 - 01:16 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			April 10, 2026
Pricing Supplement No.			10548
Pricing Supplement Date			April 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$137,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 15, 2026
Maturity Date			April 15, 2027
Interest Rate			3.83% 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.