NRUC (NRUC) issues $285,000 Medium-Term Notes, 3.88% coupon due 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $285,000 in Medium-Term Notes, Series D. The notes carry a 3.88% per annum interest rate, an issue price of 100% and mature on May 15, 2027. Trade Date is May 12, 2026 and Original Issue Date is May 15, 2026. Interest payments are each January 15 and July 15 with regular record dates each January 1 and July 1.

Insights

Debt Capital Markets Analyst

Issuer priced a short-term medium-term note at fixed rate.

The company issued $285,000 of Medium-Term Notes, Series D, with a 3.88% fixed coupon and maturity May 15, 2027. The notes were offered at 100% of principal, indicating standard primary issuance pricing.

Cash-flow treatment is consistent with an issuance; specific use of proceeds is not stated in the excerpt. Subsequent filings or the prospectus supplement may provide distribution details and purchaser information.

Securities Counsel

Opinion confirms validity of obligations subject to customary legal qualifiers.

Counsel from Hogan Lovells US LLP opines the notes will be valid and binding obligations upon receipt of consideration and proper issuance steps, subject to bankruptcy, insolvency and equitable defenses and specified governing law provisions.

Investors may note the opinion relies on the District of Columbia Cooperative Association Act and New York law as stated in the excerpt.

Key Figures

Principal Amount: $285,000 Interest Rate: 3.88% per annum Issue Price: 100% of Principal Amount +2 more

5 metrics

Principal Amount $285,000 Medium-Term Notes, Series D

Interest Rate 3.88% per annum Fixed coupon on the notes

Issue Price 100% of Principal Amount Pricing Supplement No. 10559

Original Issue Date May 15, 2026 Original Issue Date shown in the pricing table

Maturity Date May 15, 2027 Maturity of the Series D notes

Key Terms

Pricing Supplement, Medium-Term Note, Indenture, Valid and binding obligations

4 terms

Pricing Supplement regulatory

"Pricing Supplement No. | 10559 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.

Medium-Term Note financial

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

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.

Indenture legal

"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.

Valid and binding obligations legal

"the notes offered by this pricing supplement will constitute valid and binding obligations"

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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.			10559
Pricing Supplement Date			May 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$285,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 15, 2026
Maturity Date			May 15, 2027
Interest Rate			3.88% 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 did NRUC issue in this pricing supplement?

The company issued $285,000 of Medium-Term Notes, Series D, at an issue price of 100%. The notes carry a 3.88% fixed interest rate and mature on May 15, 2027.

When are interest payments and record dates for the NRUC notes?

Interest is payable each January 15 and July 15. Regular record dates are each January 1 and July 1, as stated in the pricing supplement.

What are the trade date and original issue date for the notes?

The Trade Date is May 12, 2026 and the Original Issue Date is May 15, 2026, per the pricing supplement header information provided.

Does the excerpt state the maturity date and redemption terms?

Yes. The notes mature on May 15, 2027. The excerpt also states Redemption Date: None, indicating no scheduled early redemption in the provided terms.

Which laws does counsel rely on for the validity opinion?

Counsel bases the opinion on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as expressly stated in the excerpt.