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

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note. The pricing supplement shows a $100,000.00 principal amount issued at 100% of principal with an original issue date of March 15, 2026 and a maturity date of January 15, 2027. The notes carry a 3.62% per annum interest rate with semiannual payments on January 15 and July 15. Counsel Hogan Lovells US LLP expresses an opinion on validity, subject to usual bankruptcy and equitable-law qualifications.

Insights

Debt Capital Markets Analyst

Short-term note issuance at par for a defined nine-plus month tenor.

These Medium-Term Notes show a $100,000.00 principal issued at 100% with an original issue date of March 15, 2026 and maturity on January 15, 2027. The fixed 3.62% per annum coupon pays semiannually on January 15 and July 15, indicating straightforward interest expense treatment over a short nine-to-ten month horizon.

Cash-flow treatment and distribution agents are detailed in the supplement; the instrument appears structured as a conventional note rather than a structured product, with no agent commission listed.

Securities/Legal Counsel Analyst

Counsel opinion confirms validity subject to standard legal exceptions.

Hogan Lovells US LLP opines that the notes will be valid and binding obligations upon receipt of consideration and proper issuance, subject to bankruptcy, insolvency and equitable-law defenses and to governing law in the District of Columbia and New York.

Investors should note the opinion’s stated legal qualifications; other contractual or regulatory conditions described in the indenture or distribution agreements govern enforceability.

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.			10491
Pricing Supplement Date			March 11, 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			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.

FAQ

What is the principal amount of NRUC's Medium-Term Note?

The principal amount is $100,000.00. The pricing supplement lists this amount as the issued principal for the note series.

When are NRUC's Medium-Term Notes issued and when do they mature?

The notes have an original issue date of March 15, 2026 and a maturity date of January 15, 2027. These dates define the note's short-term tenor.

What interest rate and payment schedule apply to the NRUC note?

The note carries a fixed interest rate of 3.62% per annum with interest payment dates on January 15 and July 15 and regular record dates of January 1 and July 1.

At what price were the NRUC notes issued?

The notes were issued at 100% of principal amount, indicating issuance at par for the listed $100,000.00 principal.

Does legal counsel provide an opinion on the NRUC notes?

Yes. Hogan Lovells US LLP opines the notes will be valid and binding obligations, subject to bankruptcy and equitable-law qualifications under District of Columbia and New York law.