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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 (NRUC) prices $2M notes, 3.92% coupon

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

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $2,000,000 of Medium-Term Notes, Series D, at 100% of principal with an interest rate of 3.92% per annum. The notes were originally issued on April 15, 2026 and mature on October 15, 2027.

The pricing supplement lists semiannual interest payments each January 15 and July 15, regular record dates of January 1 and July 1, and shows no agent commission or redemption date for the series.

Positive

  • None.

Negative

  • None.

Insights

Short-term medium-note issuance priced at a fixed 3.92%.

The Series D Medium-Term Notes reflect a single-tranche $2,000,000 issuance at par with a 3.92% coupon and a October 15, 2027 maturity, implying roughly an 18-month tenor from issuance.

Cash-flow treatment and placement mechanics are standard; the pricing supplement states no agents commission and payment dates of January 15 and July 15.

Opinion confirms notes will be valid obligations subject to bankruptcy and equitable defenses.

Counsel from Hogan Lovells US LLP opines the notes will be valid and binding if issued and delivered under the indenture, subject to bankruptcy, insolvency and equitable doctrines and applicable District of Columbia and New York law.

Investors should note the opinion preserves standard legal defenses; timing and satisfaction conditions are tied to board resolutions and proper execution.

Principal Amount $2,000,000 Principal amount of Series D Medium-Term Notes
Interest Rate 3.92% per annum Fixed coupon for Series D notes
Issue Price 100% of Principal Amount Issued at par on original issue date
Original Issue Date April 15, 2026 Original issue date listed in pricing supplement
Maturity Date October 15, 2027 Maturity of Series D notes
Interest Payment Dates January 15; July 15 Semiannual interest payment schedule
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.
Pricing Supplement regulatory
"Pricing Supplement No. | 10550 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
"due 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.
Agents Commission financial
"Agents Commission | None"

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

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FAQ

What did NRUC (NRUC) issue in this pricing supplement?
NRUC issued $2,000,000 of Series D Medium-Term Notes. The supplement shows an original issue date of April 15, 2026, maturity of October 15, 2027, and an interest rate of 3.92% per annum with semiannual payments.

What is the interest and payment schedule for NRUC's notes?
The notes carry a 3.92% per annum fixed interest rate. Interest is payable each January 15 and July 15, with record dates on January 1 and July 1 as stated in the pricing supplement.

At what price were the NRUC Medium-Term Notes sold?
The Series D notes were issued at 100% of principal. The pricing supplement lists an issue price equal to par for the principal amount of $2,000,000 on the stated original issue date.

Is there a redemption provision or agent commission for these notes?
The pricing supplement shows no redemption date and no agent commission. The schedule lists Redemption Date: None and Agents Commission: None for the Series D issuance.


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 DateApril 10, 2026
Pricing Supplement No. 10550
Pricing Supplement DateApril 10, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$2,000,000.00
Issue Price100% of Principal Amount
Original Issue DateApril 15, 2026
Maturity DateOctober 15, 2027
Interest Rate3.92% 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