NRUC prices $150,000 Medium-Term Note

National Rural Utilities Cooperative Finance Corporation priced $150,000 of Medium-Term Notes, Series D at 100% of principal.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $150,000 of Medium-Term Notes, Series D at 100% of principal. The notes carry a 4.00% fixed annual interest rate, were originally issued on April 15, 2026, and mature on April 15, 2028.

The pricing supplement references the prospectus supplement dated October 27, 2023 and the base prospectus dated October 24, 2023. The notes pay interest each January 15 and July 15

Insights

Debt Markets Analyst

Small, conventional medium-term note issuance with fixed 4.00% coupon.

The transaction lists a $150,000 principal amount issued at par with semiannual interest payments on January 15 and July 15. The pricing supplement cites existing prospectus materials as the disclosure basis.

Credit, market demand, and issuer use of proceeds are not stated in the excerpt; subsequent filings or offering documents would show investor allocation and cash‑flow treatment.

Key Figures

Principal Amount: $150,000 Issue Price: 100% of principal Interest Rate: 4.00% per annum +4 more

7 metrics

Principal Amount <money>$150,000</money> Principal amount of Medium-Term Notes, Series D

Issue Price 100% of principal Pricing Supplement No. 10538 dated April 10, 2026

Interest Rate <percent>4.00%</percent> per annum Fixed annual coupon for the Series D notes

Original Issue Date <date>April 15, 2026</date> Date notes were issued

Maturity Date <date>April 15, 2028</date> Final maturity of the Series D notes

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

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

Key Terms

Medium-Term Notes, pricing supplement, indenture, prospectus supplement

4 terms

Medium-Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More"

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. 10538 Pricing Supplement Date April 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.

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.

prospectus supplement regulatory

"Prospectus Supplement Date October 27, 2023"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did NRUC issue in this pricing supplement?

NRUC issued $150,000 of Medium-Term Notes, Series D at par. The notes carry a 4.00% fixed annual interest rate and were issued on April 15, 2026 with a April 15, 2028 maturity.

When does NRUC pay interest on these notes?

Interest is paid semiannually on January 15 and July 15 each year. Regular record dates are each January 1 and July 1, as specified in the pricing supplement and prospectus materials.

What price and commissions were disclosed for the offering?

The pricing supplement shows an issue price of 100% of principal (par). The document lists no agents’ commission for this tranche in the provided excerpt.

What legal opinion is attached to the notes?

Counsel opinion by Hogan Lovells US LLP states the notes will be valid obligations upon receipt of consideration and proper issuance, subject to bankruptcy and other standard legal limitations.

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

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Accepted by SEC EDGAR 04/13/2026 - 12:21 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			April 10, 2026
Pricing Supplement No.			10538
Pricing Supplement Date			April 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$150,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 15, 2026
Maturity Date			April 15, 2028
Interest Rate			4.00% 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.