National Rural Utilities (NRUC) prices 4.12% Series D medium-term note due 2027

Q: What are the key terms of National Rural Utilities (NRUC) Medium-Term Note Series D?

The Series D Medium-Term Note has a $100,000 principal amount, a fixed 4.12% annual interest rate, is issued at 100% of principal , and matures on July 15, 2027 , with semiannual interest payments.

Q: When do NRUC Medium-Term Note Series D interest payments occur?

Interest on the Series D note is paid semiannually on each January 15 and July 15 . Holders of record on each January 1 and July 1 are entitled to receive these payments.

Q: Is there an early redemption feature for NRUC’s Series D Medium-Term Note?

The Series D Medium-Term Note has no redemption date, meaning it is not callable and is expected to remain outstanding until its July 15, 2027 maturity, absent other events affecting the issuer.

Q: What is the issue price and principal amount of NRUC’s Series D note?

The Series D Medium-Term Note is being issued at 100% of its principal amount , with a stated principal of $100,000.00 . This means investors pay par value for the note at issuance.

Q: What legal opinion supports the validity of NRUC’s Series D Medium-Term Note?

Hogan Lovells US LLP opines the note will be a valid and binding obligation once duly authorized, executed, authenticated, issued and delivered for consideration, subject to customary bankruptcy and equitable principles under applicable law.

Q: Does NRUC pay any agent’s commission on the Series D Medium-Term Note offering?

The Series D Medium-Term Note is issued with no agent’s commission . The table of terms explicitly lists the agent’s commission as none for this note.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

424B3

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $100,000 Medium-Term Note, Series D, under its existing shelf program. The note is issued at 100% of principal, carries a fixed interest rate of 4.12% per annum, and will mature on July 15, 2027. Interest is payable semiannually on each January 15 and July 15, to holders of record on each January 1 and July 1, beginning after the original issue date of July 15, 2026. The note has no redemption provisions before maturity and is being issued with no agent’s commission. Counsel Hogan Lovells US LLP states that, upon proper authorization, execution and delivery in accordance with the indenture and applicable agreements, and upon receipt of consideration, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy, insolvency and equitable principles under District of Columbia cooperative law and New York law.

Filing Explained

The $100,000 note is scheduled for July 15 issuance and would add debt, but the filing does not show issuance or payment completed.

The filing schedules a $100,000 Series D medium-term note for original issue on July 15, 2026, with a 4.12% annual interest obligation if the stated issuance conditions are met.

It is a debt instrument, not an issuance of additional shares, and the filing does not show that the note has been issued or that consideration has been received.

Interest payments are scheduled for January 15 and July 15, the note has no redemption date, and no agent commission is listed.

The next lifecycle checkpoint is the July 15, 2026 original issue date; the legal opinion lists receipt of consideration, execution, authentication, issuance, and delivery as conditions tied to validity.

Key Figures

Principal Amount: $100,000.00 Interest Rate: 4.12% per annum Issue Price: 100% of Principal Amount +5 more

8 metrics

Principal Amount $100,000.00 Medium-Term Notes, Series D

Interest Rate 4.12% per annum Fixed coupon on Series D note

Issue Price 100% of Principal Amount Pricing of Series D note

Original Issue Date July 15, 2026 Date note is first issued

Maturity Date July 15, 2027 Final payment date of principal

Record Dates Each January 1 and July 1 Regular record dates for interest

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

Agent’s Commission None No commission on issuance

Key Terms

Medium-Term Notes, Series D, indenture, fraudulent conveyances, voidable transfers, +1 more

5 terms

Medium-Term Notes, Series D financial

"NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION Medium-Term Notes, Series D Due Nine Months or More"

indenture financial

"delivery of the notes pursuant to the terms of the indenture and the applicable underwriting"

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.

fraudulent conveyances regulatory

"including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent"

voidable transfers regulatory

"fraudulent conveyances and fraudulent, preferential or voidable transfers"

principles of equity regulatory

"the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing"

Offering Details

shelf

Offering

Offering Type shelf

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

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Available on EDGAR 07/13/2026 - 02:01 PM Accepted by SEC EDGAR 07/13/2026 - 02:00 PM

FAQ

What are the key terms of National Rural Utilities (NRUC) Medium-Term Note Series D?

The Series D Medium-Term Note has a $100,000 principal amount, a fixed 4.12% annual interest rate, is issued at 100% of principal, and matures on July 15, 2027, with semiannual interest payments.

When do NRUC Medium-Term Note Series D interest payments occur?

Interest on the Series D note is paid semiannually on each January 15 and July 15. Holders of record on each January 1 and July 1 are entitled to receive these payments.

Is there an early redemption feature for NRUC’s Series D Medium-Term Note?

The Series D Medium-Term Note has no redemption date, meaning it is not callable and is expected to remain outstanding until its July 15, 2027 maturity, absent other events affecting the issuer.

What is the issue price and principal amount of NRUC’s Series D note?

The Series D Medium-Term Note is being issued at 100% of its principal amount, with a stated principal of $100,000.00. This means investors pay par value for the note at issuance.

What legal opinion supports the validity of NRUC’s Series D Medium-Term Note?

Hogan Lovells US LLP opines the note will be a valid and binding obligation once duly authorized, executed, authenticated, issued and delivered for consideration, subject to customary bankruptcy and equitable principles under applicable law.

Does NRUC pay any agent’s commission on the Series D Medium-Term Note offering?

The Series D Medium-Term Note is issued with no agent’s commission. The table of terms explicitly lists the agent’s commission as none for this note.

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			July 10, 2026
Pricing Supplement No.			10618
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023

Principal Amount			$100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2026
Maturity Date			July 15, 2027
Interest Rate			4.12% 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.

Source: View Original Filing on SEC EDGAR