NRUC (NRUC) prices $400K note due June 15, 2028 at 4.35%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a $400,000 Medium‑Term Note due June 15, 2028. The pricing supplement shows an original issue date of June 15, 2026, an issue price of 100% of principal and an interest rate of 4.35% per annum. The notes pay interest each January 15 and July 15 with regular record dates of January 1 and July 1.

Insights

Fixed‑Income Structuring Specialist

Short‑term medium‑term note: $400,000 at 4.35% for two years.

The issuance is a single note with a June 15, 2028 maturity and an original issue date of June 15, 2026. The pricing supplement lists an issue price of 100% of principal, indicating par issuance.

Cash‑flow treatment and purchasers are not detailed in the excerpt; the supplement lists no agents’ commission or redemption date. Subsequent filings would state distribution details if applicable.

Legal Counsel (Debt Instruments)

Opinion confirms validity subject to bankruptcy and equitable principles.

Counsel from Hogan Lovells US LLP opines the notes will be valid obligations upon receipt of consideration and proper execution under the indenture, subject to bankruptcy, insolvency and similar laws.

The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law as governing legal bases for validity.

Key Figures

Principal Amount: $400,000 Issue Price: 100% of Principal Amount Interest Rate: 4.35% per annum +3 more

6 metrics

Principal Amount $400,000 Principal Amount per pricing supplement

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

Interest Rate 4.35% per annum Stated coupon on the note

Original Issue Date June 15, 2026 Original Issue Date for the note

Maturity Date June 15, 2028 Maturity date of the Medium‑Term Note

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

Key Terms

Medium‑Term Note, Pricing Supplement, Issue Price, Indenture

4 terms

Medium‑Term Note financial

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

Pricing Supplement regulatory

"Pricing Supplement No. | 10603 Pricing Supplement Date | June 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.

Issue Price financial

"Issue Price | 100% of Principal Amount"

The issue price is the amount of money investors pay to buy a new security, such as a stock or bond, when it is first offered to the public. It matters to investors because it determines their initial cost and potential future gains or losses, similar to paying a set price for a new product before it hits stores. The issue price helps establish the value of the security at the start of its trading life.

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.

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

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Available on EDGAR 06/12/2026 - 02:59 PM Accepted by SEC EDGAR 06/12/2026 - 02:49 PM Learn about SEC filing dates

FAQ

What security did NRUC price on June 10, 2026?

NRUC priced a $400,000 Medium‑Term Note maturing on June 15, 2028. The pricing supplement shows an original issue date of June 15, 2026 and an issue price of 100% of principal.

What interest rate and payment schedule applies to the NRUC note?

The note carries a 4.35% per annum interest rate. Interest is payable each January 15 and July 15, with record dates of January 1 and July 1.

What was the issue price and principal amount for NRUC’s June 2026 note?

The pricing supplement lists a principal amount of $400,000 and an issue price of 100% of principal, indicating issuance at par per the disclosed terms.

Is there a scheduled redemption date or agents’ commission disclosed?

The supplement shows no redemption date and lists no agents’ commission. The excerpt does not describe any early redemption provisions or distribution fees.

What legal opinion supports the validity of these NRUC notes?

Hogan Lovells US LLP opines the notes will be valid obligations upon receipt of consideration and proper issuance, subject to bankruptcy and equity principles.

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			June 10, 2026
Pricing Supplement No.			10603
Pricing Supplement Date			June 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$400,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 15, 2026
Maturity Date			June 15, 2028
Interest Rate			4.35% 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.