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  4. [424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

National Rural Utilities CFC (NASDAQ: NRUC) prices $500K notes, 4.11% coupon

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $500,000 of Medium-Term Notes, Series D at 100% of principal with an interest rate of 4.11% per annum. The trade date is July 1, 2026, original issue date July 7, 2026, and the notes mature on September 15, 2027.

Interest is payable each January 15 and July 15 with record dates on January 1 and July 1. The pricing supplement shows no agents' commission and no scheduled redemption date.

Positive

  • None.

Negative

  • None.

Insights

Short-term debt issuance priced at 4.11% for nine-plus months maturity.

The offering lists $500,000 of Medium-Term Notes, Series D issued at 100% of principal with a maturity of September 15, 2027. Coupon payments occur semiannually on January 15 and July 15.

Funding impact is limited by the stated principal size and term; cash-flow treatment is not specified in the excerpt. Subsequent filings will show placement details and use of proceeds if disclosed.

Pricing supplement includes standard legal opinion and governing-law statements.

Counsel opines the notes will be valid obligations subject to bankruptcy and general equitable principles, citing the District of Columbia General Cooperative Association Act of 2010 and New York law. The opinion conditions include receipt of consideration and proper execution.

The supplement is presented under a base prospectus dated October 24, 2023 and a prospectus supplement dated October 27, 2023; investors should review those documents for distribution mechanics and any offering limitations.

Principal Amount $500,000 Principal Amount listed in pricing table
Issue Price 100% of Principal Amount Issue Price in pricing table
Interest Rate 4.11% per annum Interest Rate in pricing table
Trade Date July 1, 2026 Trade Date in pricing table
Original Issue Date July 7, 2026 Original Issue Date in pricing table
Maturity Date September 15, 2027 Maturity Date in pricing table
Interest Payment Dates January 15 and July 15 Interest Payment Dates in pricing table
Pricing Supplement regulatory
"Pricing Supplement Date | July 1, 2026 Prospectus Supplement Date | October 27, 2023"
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.
Medium-Term Notes financial
"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"
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.
Indenture legal
"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.
Agents Commission market
"Agents Commission | None"
Redemption Date financial
"Redemption Date | None"
The redemption date is the specific day when a debt-like security (such as a bond, preferred share, or certificate) must be repaid by the issuer and the investor receives the principal plus any final interest or dividends. It matters to investors because it tells when cash will return, shapes the effective return and price of the security, and creates reinvestment and timing considerations—like knowing when a loan is due so you can plan what to do with the returned money.
Offering Type primary

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

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FAQ

What did NRUC price in this 424(b)(3) filing?
NRUC priced $500,000 of Medium-Term Notes at 100% of principal. The pricing supplement shows an interest rate of 4.11% per annum, trade date July 1, 2026, and original issue date July 7, 2026.

When do NRUC Series D notes pay interest and when do they mature?
Interest is paid each January 15 and July 15. Record dates are January 1 and July 1. The notes mature on September 15, 2027 and were issued under this pricing supplement.

Is there a redemption feature or agent commission for these NRUC notes?
The pricing supplement shows no redemption date and no agents' commission. The document explicitly lists "Redemption Date | None" and "Agents Commission | None" in the table of terms.

Which prospectus dates accompany this pricing supplement for NRUC?
Base prospectus dated October 24, 2023, and prospectus supplement dated October 27, 2023. The pricing supplement date is July 1, 2026, and the Registration No. is 333-275151.


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 DateJuly 1, 2026
Pricing Supplement No. 10612
Pricing Supplement DateJuly 1, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$500,000.00
Issue Price100% of Principal Amount
Original Issue DateJuly 7, 2026
Maturity DateSeptember 15, 2027
Interest Rate4.11% per annum
Regular Record DatesEach January 1 and July 1
Interest Payment DatesEach January 15 and July 15
Redemption DateNone
Agents Commission None
Form of Note: (Book-Entry or Certificated)
Certificated
Other TermsNone
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