National Rural Utilities CFC (NRUC) prices $3.0M 4.08% note maturing 7/15/2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note under Pricing Supplement No. 10610: $3,000,000 principal at 100% of principal with an original issue date of July 6, 2026 and a maturity date of July 15, 2027. The note carries an interest rate of 4.08% per annum with semiannual interest payments on January 15 and July 15 and regular record dates of January 1 and July 1. The pricing supplement is dated June 30, 2026 and cites the base prospectus dated October 24, 2023 and prospectus supplement dated October 27, 2023. Redemption is listed as None and agents' commission is None.

Insights

Debt Capital Markets Analyst

$3.0M one-year note priced at 4.08% with no dealer commission.

This Medium-Term Note issue shows a $3,000,000 principal amount with an interest rate of 4.08% and a maturity of July 15, 2027. The pricing supplement and base prospectus references are provided for investor terms and mechanics.

Cash-flow treatment is not detailed beyond the issuer terms; the excerpt lists no agent commission and no redemption feature. Subsequent filings or the indenture would specify covenants, payment priority and any event-of-default mechanics.

Securities Counsel / Legal Analyst

Legal opinion frames validity subject to bankruptcy and equitable principles.

Counsel's opinion from Hogan Lovells US LLP states the notes will be valid obligations upon receipt of consideration and proper execution, subject to bankruptcy, insolvency and equitable doctrines. The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law.

Qualifiers include standard insolvency and equitable defenses; the excerpt does not provide full indenture language or trustee rights, so legal protections and remedies are not fully visible in this excerpt.

Key Figures

Principal Amount: $3,000,000 Issue Price: 100% of Principal Amount Interest Rate: 4.08% per annum +4 more

7 metrics

Principal Amount $3,000,000 Principal amount of the Medium-Term Note

Issue Price 100% of Principal Amount Pricing supplement states issue price

Interest Rate 4.08% per annum Coupon rate for the note

Original Issue Date July 6, 2026 Original issue date shown in pricing table

Maturity Date July 15, 2027 Maturity of the note

Trade/Pricing Supplement Date June 30, 2026 Trade date and pricing supplement date

Interest Payment Dates January 15 and July 15 Semiannual interest payment schedule

Key Terms

Medium-Term Notes, Pricing Supplement, Indenture, Agents Commission

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. | 10610 Pricing Supplement Date | June 30, 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 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.

Agents Commission financial

"Agents Commission | None"

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

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Available on EDGAR 07/01/2026 - 10:25 AM Accepted by SEC EDGAR 07/01/2026 - 10:24 AM Learn about SEC filing dates

FAQ

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

The note is for $3,000,000 at 100% of principal, with an interest rate of 4.08%. Original issue is July 6, 2026 and maturity is July 15, 2027, with payments each January 15 and July 15.

When was the pricing supplement for NRUC's note dated?

The pricing supplement is dated June 30, 2026. It references the base prospectus dated October 24, 2023 and prospectus supplement dated October 27, 2023, which set the offering framework.

Does the offering allow early redemption or pay agents' commission?

The excerpt lists Redemption Date: None and Agents Commission: None. The pricing supplement shows no scheduled redemption and no agent commission for this note series.

What law underpins counsel's opinion on the note validity?

Counsel bases the opinion on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, subject to bankruptcy and equitable principles.

When are interest record and payment dates for the note?

Regular record dates are January 1 and July 1. Interest payment dates are January 15 and July 15, reflecting semiannual coupon payments.

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			June 30, 2026
Pricing Supplement No.			10610
Pricing Supplement Date			June 30, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$3,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 6, 2026
Maturity Date			July 15, 2027
Interest Rate			4.08% 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.