National Rural Utilities (NRUC) prices $1,000,000 4.30% Medium-Term Note due 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $1,000,000 principal amount Medium-Term Note, Series D, under an existing shelf registration. The note will be issued at 100% of principal amount on July 15, 2026 and will mature on January 15, 2028.

The note bears interest at a fixed rate of 4.30% per annum, with interest paid semiannually on January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption date and no agents’ commission for this issuance.

Counsel Hogan Lovells US LLP states that, after proper authorization, execution, authentication and delivery under the indenture and related agreements, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy, insolvency and equitable principles under District of Columbia cooperative law and New York law.

Filing Explained

The filing fixes a $1 million note’s terms, with issuance scheduled for July 15 and repayment due January 15, 2028.

The July 13 Form 424B3 sets the final terms for a $1,000,000 Series D medium-term note, with original issuance scheduled for July 15, 2026; the company’s resulting obligation would mature on January 15, 2028 once the note is issued and paid for.

The note bears interest at 4.30% annually, pays interest on January 15 and July 15, has no stated redemption date, and carries no agents commission.

The filing’s legal opinion says the note will be a valid and binding company obligation only following receipt of consideration and due execution, authentication, issuance, and delivery.

Accordingly, this filing fixes the terms of a prospective borrowing rather than documenting a completed issuance; the key milestone is the scheduled July 15, 2026 original issue date.

Key Figures

Principal Amount: $1,000,000.00 Interest Rate: 4.30% per annum Issue Price: 100% of Principal Amount +5 more

8 metrics

Principal Amount $1,000,000.00 Medium-Term Note, Series D principal amount

Interest Rate 4.30% per annum Fixed coupon on Medium-Term Note, Series D

Issue Price 100% of Principal Amount Price at which the note is issued

Original Issue Date July 15, 2026 Date the note is issued

Maturity Date January 15, 2028 Date the principal becomes due

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

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

Agents Commission None No commission payable to agents on this issuance

Key Terms

Medium-Term Notes, Series D, Pricing Supplement, Base Prospectus, indenture, +1 more

5 terms

Medium-Term Notes, Series D financial

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

Pricing Supplement regulatory

"Pricing Supplement No. | 10625 Pricing Supplement Date | July 10, 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.

Base Prospectus regulatory

"Prospectus Supplement Date | October 27, 2023 Base Prospectus Date | October 24, 2023"

A base prospectus is a detailed document that provides essential information about a financial offering, such as a bond or share issue. It acts like a comprehensive guide for investors, explaining what the investment involves, the risks involved, and how the process works. This helps investors make informed decisions before committing their money.

indenture financial

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

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.

fraudulent conveyances regulatory

"including, without limitation, the effect of statutory and other law regarding fraudulent conveyances"

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 - 03:17 PM Accepted by SEC EDGAR 07/13/2026 - 03:16 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.			10625
Pricing Supplement Date			July 10, 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			July 15, 2026
Maturity Date			January 15, 2028
Interest Rate			4.30% 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.