National Rural Utilities CFC (NRUC) prices $2.5M note due Nov 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary offering of Medium-Term Notes totaling $2,500,000.00. The notes carry an 3.96% annual interest rate, were issued at 100% of principal with an original issue date of May 4, 2026 and mature on November 15, 2027.

The pricing supplement dated April 29, 2026 and prospectus supplement dated October 27, 2023 accompany the base prospectus. The counsel opinion cites governing law under the District of Columbia General Cooperative Association Act of 2010 and New York law.

Insights

Debt Capital Markets Analyst

Short-term secured funding via a medium-term note at par with a fixed 3.96% coupon.

The filing documents a $2.5M primary note issuance priced at 100% of principal, maturing on November 15, 2027. The note's term (about 18 months from issue) and fixed coupon provide a clear borrowing cost for that period.

Legal opinion references the District of Columbia cooperative statute and New York law. Cashflow treatment: proceeds to the issuer as a primary issuance. Timing and broader use of proceeds are not specified in the excerpt; subsequent filings may clarify.

Key Figures

Principal Amount: $2,500,000.00 Issue Price: 100% of Principal Amount Interest Rate: 3.96% per annum +3 more

6 metrics

Principal Amount $2,500,000.00 stated principal amount of the notes

Issue Price 100% of Principal Amount issue price listed in the pricing supplement

Interest Rate 3.96% per annum fixed coupon on the notes

Original Issue Date May 4, 2026 original issue date shown in the table

Maturity Date November 15, 2027 stated maturity date of the notes

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

Key Terms

Medium-Term Notes, Pricing Supplement, Indenture, Original Issue Date

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 Date | April 29, 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.

Original Issue Date financial

"Original Issue Date | May 4, 2026"

Offering Details

primary

Offering

Offering Type primary

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Accepted by SEC EDGAR 04/30/2026 - 11:37 AM Learn about SEC filing dates

FAQ

What did NRUC (NRUC) issue in this pricing supplement?

NRUC issued Medium-Term Notes totaling $2,500,000.00. The notes were issued at 100% of principal with an original issue date of May 4, 2026 and mature on November 15, 2027.

What interest rate applies to the NRUC notes?

The notes carry a fixed 3.96% per annum interest rate. Interest payment dates are each January 15 and July 15, with record dates of January 1 and July 1 as stated in the supplement.

At what price were the NRUC notes sold?

The offering was priced at 100% of principal, meaning the issue price equals the principal amount. The pricing supplement lists an issue price of 100% for the $2,500,000.00 principal.

When do the NRUC notes mature and what is the original issue date?

The notes have an original issue date of May 4, 2026 and a maturity date of November 15, 2027. These dates are shown in the pricing supplement's issue and maturity fields.

Does the filing state who receives the proceeds from the NRUC offering?

This is a primary issuance by NRUC; the supplement indicates a principal amount of $2,500,000.00, implying proceeds go to the issuer. The excerpt does not provide a detailed use-of-proceeds breakdown.

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 29, 2026
Pricing Supplement No.			10554
Pricing Supplement Date			April 29, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 4, 2026
Maturity Date			November 15, 2027
Interest Rate			3.96% 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.