NRUC issues $691K Medium-Term Notes (NRUC) due Jan 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $691,000 of Medium-Term Notes, Series D, at 100% of principal. The notes have an interest rate of 3.62% per annum, an original issue date of March 15, 2026, and mature on January 15, 2027.

The pricing supplement lists semiannual interest payments on January 15 and July 15 with regular record dates of January 1 and July 1. A legal opinion from Hogan Lovells US LLP states the notes will be valid obligations subject to usual insolvency and equitable-law exceptions.

Insights

Debt Capital Markets Analyst

Short-term note issuance of $691,000 at a 3.62% coupon; routine funding.

The transaction is a single-series Medium-Term Note issuance with $691,000 principal and a maturity of less than one year (Jan 15, 2027). The pricing at 100% indicates par issuance and standard coupon mechanics with semiannual interest payments.

Market impact is limited given the modest principal amount and short tenor; cash-flow treatment and purchaser identity are not disclosed in the excerpt.

Securities & Structured Finance Attorney

Legal opinion confirms enforceability subject to standard insolvency and equitable defenses.

The counsel opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law as governing; enforceability is stated to be subject to bankruptcy, insolvency, fraudulent-transfer doctrines and judicial equitable discretion.

Qualifiers include receipt of consideration and proper execution/authentication; investors should note these are customary legal conditions in indenture-based note offerings.

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			March 11, 2026
Pricing Supplement No.			10514
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$691,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.62% 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.

FAQ

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

NRUC issued $691,000 of Medium-Term Notes, Series D, at par. The notes carry a 3.62% coupon, were priced on March 11, 2026, and have an original issue date of March 15, 2026 with maturity on January 15, 2027.

When are interest payments and record dates for NRUC's notes?

Interest is paid semiannually on January 15 and July 15. Regular record dates are January 1 and July 1, meaning holders of record on those dates receive the upcoming interest payments.

What price and principal amount were set for the Series D notes?

The Series D notes were issued at 100% of principal for a principal amount of $691,000. The pricing supplement lists the issue price as par, indicating no discount or premium at issuance.

Does the filing include a legal opinion on the notes' validity?

Yes. Hogan Lovells US LLP opines the notes will be valid obligations subject to bankruptcy, insolvency, fraudulent-transfer laws, and equitable defenses. The opinion cites District of Columbia and New York law as governing.

Is there a redemption feature or agents' commission for these notes?

The pricing supplement states there is no redemption date and no agents' commission for this issuance. Those terms are specified in the table of offering terms included in the supplement.