National Rural Utilities (NRUC) sets terms on $750,000 3.63% note due 2028

Q: What are the key terms of National Rural Utilities (NRUC) Medium-Term Note Series D in this 424B3?

The Medium-Term Note Series D has a principal amount of $750,000 , a fixed interest rate of 3.63% per annum , is issued at 100% of principal , and matures on February 15, 2028 , providing a two-year term from its original issue date.

Q: When do investors in NRUC’s 3.63% Medium-Term Note receive interest payments?

Interest on the NRUC Medium-Term Note is paid semiannually on January 15 and July 15 . Holders of record on the preceding January 1 and July 1 are entitled to these payments, creating a predictable cash flow schedule for noteholders during the life of the note.

Q: Does the NRUC Medium-Term Note due February 15, 2028 include any redemption rights?

The note has no redemption date , meaning it is not callable by the issuer before maturity. Investors can generally expect to hold the note to its February 15, 2028 maturity, barring any secondary market transactions they may independently choose to undertake.

Q: Is there an agent’s commission on the NRUC Medium-Term Note issuance priced in this 424B3?

The pricing terms state that no agent’s commission applies to this Medium-Term Note issuance. The note is offered at 100% of its $750,000 principal amount , so investors pay face value without an added selling commission in this transaction structure.

Q: What are the key dates associated with NRUC’s Medium-Term Note Series D in this filing?

Key dates include a trade date of February 11, 2026 , an original issue date of February 15, 2026 , and a maturity date of February 15, 2028 . Regular record dates are January 1 and July 1 ahead of semiannual interest payments.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

424B3

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a new Medium-Term Note, Series D, under an existing shelf program. The note has a principal amount of $750,000, an interest rate of 3.63% per annum, and is priced at 100% of principal.

The note’s original issue date is February 15, 2026, with a maturity date of February 15, 2028. Interest is payable each January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption feature and no agent’s commission on this issuance.

Hogan Lovells US LLP opines that, after proper authorization, execution, and delivery under the applicable indenture and agreements, the notes will be valid and binding obligations of the company, subject to typical bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Accepted by SEC EDGAR 02/13/2026 - 01:46 PM

FAQ

What are the key terms of National Rural Utilities (NRUC) Medium-Term Note Series D in this 424B3?

The Medium-Term Note Series D has a principal amount of $750,000, a fixed interest rate of 3.63% per annum, is issued at 100% of principal, and matures on February 15, 2028, providing a two-year term from its original issue date.

When do investors in NRUC’s 3.63% Medium-Term Note receive interest payments?

Interest on the NRUC Medium-Term Note is paid semiannually on January 15 and July 15. Holders of record on the preceding January 1 and July 1 are entitled to these payments, creating a predictable cash flow schedule for noteholders during the life of the note.

Does the NRUC Medium-Term Note due February 15, 2028 include any redemption rights?

The note has no redemption date, meaning it is not callable by the issuer before maturity. Investors can generally expect to hold the note to its February 15, 2028 maturity, barring any secondary market transactions they may independently choose to undertake.

What legal opinion supports the validity of NRUC’s Medium-Term Note described in this pricing supplement?

Hogan Lovells US LLP opines that, after proper authorization, execution, authentication, issuance, and delivery, the notes are valid and binding obligations of NRUC. This is subject to standard bankruptcy, insolvency, and equity principles under District of Columbia cooperative law and New York law.

Is there an agent’s commission on the NRUC Medium-Term Note issuance priced in this 424B3?

The pricing terms state that no agent’s commission applies to this Medium-Term Note issuance. The note is offered at 100% of its $750,000 principal amount, so investors pay face value without an added selling commission in this transaction structure.

What are the key dates associated with NRUC’s Medium-Term Note Series D in this filing?

Key dates include a trade date of February 11, 2026, an original issue date of February 15, 2026, and a maturity date of February 15, 2028. Regular record dates are January 1 and July 1 ahead of semiannual interest 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			February 11, 2026
Pricing Supplement No.			10470
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023

Principal Amount			$750,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			February 15, 2028
Interest Rate			3.63% 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.

Source: View Original Filing on SEC EDGAR