NRUC (NRUC) issues $500,000 medium-term note, 3.99% coupon

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a $500,000 Medium-Term Note. The pricing supplement shows a $500,000.00 principal amount issued at 100% of principal with an original issue date of April 6, 2026 and a maturity date of March 15, 2028. Interest is set at 3.99% per annum with semiannual payments on January 15 and July 15, and regular record dates each January 1 and July 1. The supplement lists No redemption date and No agents' commission.

Insights

Debt Capital Markets Analyst

Small fixed-rate note priced for a defined short-term funding need.

The supplement documents a $500,000.00 Medium-Term Note issued at par with a 3.99% fixed coupon maturing on March 15, 2028. The terms show semiannual interest payments and ordinary record dates, indicating standard debt mechanics for a short-dated issuance.

Legal opinion language from counsel confirms enforceability subject to customary insolvency and equitable defenses. Cash‑flow treatment and use of proceeds are not stated in the excerpt; subsequent offering documents may provide those details.

Key Figures

Principal Amount: $500,000.00 Issue Price: 100% of Principal Amount Original Issue Date: April 6, 2026 +3 more

6 metrics

Principal Amount $500,000.00 Principal Amount as stated in pricing supplement

Issue Price 100% of Principal Amount Issue Price on pricing supplement

Original Issue Date April 6, 2026 Original Issue Date shown in supplement

Maturity Date March 15, 2028 Maturity Date for the Medium-Term Note

Interest Rate 3.99% per annum Fixed interest rate specified in the pricing supplement

Agents Commission None Agents Commission disclosed as None

Key Terms

Medium-Term Note, Pricing Supplement, Indenture, Validity Opinion

4 terms

Medium-Term Note financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

A medium-term note is a debt instrument—an IOU—issued by a company or government to borrow money for a period longer than a short loan but shorter than a long-term bond, typically about one to ten years. It matters to investors because it offers predictable interest income with a balance between higher yields than short-term paper and lower interest-rate sensitivity than long bonds, so it’s often used to tune income, risk and timing in a portfolio.

Pricing Supplement regulatory

"Pricing Supplement No. | 10528 Pricing Supplement Date | April 1, 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

"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.

Validity Opinion legal

"In the opinion of Hogan Lovells US LLP, as counsel to the Company, ... the notes offered by this pricing supplement will constitute valid and binding obligations"

Offering Details

primary

Offering

Offering Type primary

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

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Accepted by SEC EDGAR 04/02/2026 - 01:47 PM Learn about SEC filing dates

FAQ

What size and rate did NRUC price for this medium-term note?

They priced a $500,000.00 note at par with a 3.99% per annum fixed interest rate. The note carries a standard semiannual payment schedule on January 15 and July 15.

When do NRUC's medium-term notes mature and when were they issued?

The note has an original issue date of April 6, 2026 and matures on March 15, 2028. Interest payments occur each January 15 and July 15.

Was there an underwriting commission or agent fee on the NRUC pricing supplement?

No; the pricing supplement lists None for agents' commission. The supplement shows the issue price as 100% of principal, indicating issuance at par.

Does the NRUC pricing supplement allow early redemption of the notes?

No; the supplement explicitly lists the Redemption Date as None. No callable or redemption feature is shown in the excerpt provided.

What legal assurances accompany the NRUC medium-term note issuance?

Counsel (Hogan Lovells US LLP) opines the notes will be valid obligations subject to customary insolvency and equitable defenses. The opinion cites the District of Columbia and New York laws.

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 1, 2026
Pricing Supplement No.			10528
Pricing Supplement Date			April 1, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 6, 2026
Maturity Date			March 15, 2028
Interest Rate			3.99% 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.