National Rural Utilities (NRUC) sets 4.13% 2027 medium-term note

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, under an existing shelf program. The note has a principal amount of $300,000.00, an issue price of 100% of principal, and will be issued on July 15, 2026 with a maturity date of August 15, 2027. It bears interest at 4.13% per annum, with interest payable on January 15 and July 15 and corresponding regular record dates of January 1 and July 1. There is no redemption date specified and no agents’ commission on this issuance.

Legal counsel Hogan Lovells US LLP states that, after receipt of consideration and proper execution under the indenture and related agreements, the note will constitute a valid and binding obligation of the company. This validity is subject to customary limitations arising from bankruptcy, insolvency and similar laws affecting creditors’ rights, as well as equitable principles such as good faith and reasonableness, under District of Columbia cooperative law and New York law.

Filing Explained

If issued, the $300,000 note would add a principal-and-interest obligation, not disclosed equity dilution, beginning with the July 15, 2026 issue date.

As a pricing supplement, the July 13, 2026 Form 424B3 filing states final terms for a $300,000 Series D medium-term note and sets an original issue date of July 15, 2026, and the document describes issuance and delivery against payment as steps supporting validity, so it does not show the note as already issued, and the disclosed structural consequence is a debt obligation rather than equity dilution.

The note has an issue price of 100% of principal, pays 4.13% annual interest, matures on August 15, 2027, has no redemption date, and carries no agents commission.

Issuing shares would increase the share count and reduce an existing holder’s percentage ownership absent offsetting changes, but this filing identifies a note and does not disclose shares or equity issuance terms.

The filing’s dated milestones are the scheduled original issue on July 15, 2026, interest-payment dates on each January 15 and July 15, and maturity on August 15, 2027.

Key Figures

Principal Amount: $300,000.00 Interest Rate: 4.13% per annum Issue Price: 100% of Principal Amount +4 more

7 metrics

Principal Amount $300,000.00 Medium-Term Note, Series D

Interest Rate 4.13% per annum Coupon on Medium-Term Note, Series D

Issue Price 100% of Principal Amount Pricing of the Medium-Term Note, Series D

Original Issue Date July 15, 2026 Start date of the note

Maturity Date August 15, 2027 Date principal is due

Interest Payment Dates January 15 and July 15 Semiannual interest payments

Regular Record Dates January 1 and July 1 Record dates for interest payments

Key Terms

Medium-Term Notes, Principal Amount, Interest Payment Dates, Regular Record Dates, +1 more

5 terms

Medium-Term Notes financial

"NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION Medium-Term Notes, Series D"

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.

Principal Amount financial

"Principal Amount | $300,000.00 Issue Price | 100% of Principal Amount"

The principal amount is the original sum of money that is borrowed, lent, or invested before any interest, fees, or returns are added. It matters to investors because interest charges, scheduled repayments, and total return are calculated from that base amount — think of it as the price tag on which future costs or gains are built. Knowing the principal helps you compare deals and predict cash flows and risk.

Interest Payment Dates financial

"Interest Payment Dates | Each January 15 and July 15"

Regular Record Dates financial

"Regular Record Dates | Each January 1 and July 1"

indenture financial

"delivery of the notes pursuant to the terms of the indenture and the applicable"

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.

Offering Details

shelf

Offering

Offering Type shelf

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

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Available on EDGAR 07/13/2026 - 03:12 PM Accepted by SEC EDGAR 07/13/2026 - 03:11 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			July 10, 2026
Pricing Supplement No.			10623
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$300,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2026
Maturity Date			August 15, 2027
Interest Rate			4.13% 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.