NRUC (NRUC) prices $1M 3.68% note maturing 2027 medium-term debt note

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $1,000,000 of Medium-Term Notes, Series D, bearing interest at 3.68% per year. The notes will be issued at 100% of principal amount on January 15, 2026 and will mature on January 15, 2027, with interest paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date and no selling agent commission disclosed, so investors receive a straightforward one-year fixed-rate note.

Legal counsel Hogan Lovells US LLP states that, once the company receives the approved consideration and the notes are properly executed and delivered under the indenture, the notes will constitute valid and binding obligations of the company, subject to customary bankruptcy and creditor-rights limitations and general principles of equity under District of Columbia cooperative law and New York law.

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			January 12, 2026
Pricing Supplement No.			10434
Pricing Supplement Date			January 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.68% 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 type of security is NRUC offering in this 424B3 filing?

National Rural Utilities Cooperative Finance Corporation is offering Medium-Term Notes, Series D, which are fixed-income debt securities due nine months or more from the date of issue.

What are the key terms of NRUC's new Medium-Term Note (NRUC)?

The note has a $1,000,000 principal amount, a fixed interest rate of 3.68% per annum, an original issue date of January 15, 2026, and a maturity date of January 15, 2027, with interest paid each January 15 and July 15.

How and when will investors in NRUC's note receive interest payments?

Interest on the NRUC Medium-Term Note is paid semiannually on January 15 and July 15 each year, to holders of record as of January 1 and July 1, respectively.

Is there any redemption feature or agent commission on NRUC's Medium-Term Note?

The terms specify no redemption date and no agent's commission, indicating the note is expected to remain outstanding until its January 15, 2027 maturity.

What legal opinion supports the validity of NRUC's Medium-Term Notes?

Hogan Lovells US LLP opines that, after proper authorization, payment, execution, and delivery under the indenture, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity-related limitations under District of Columbia and New York law.

Under which laws are NRUC's Medium-Term Notes considered valid obligations?

The validity opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as currently in effect.