National Rural Utilities (NRUC) issues $281K notes due May 15, 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes, Series D with a principal amount of $281,000. The notes were issued at 100% of principal with an interest rate of 4.20% per annum and an original issue date of May 15, 2026. The notes mature on May 15, 2028 with semiannual interest payments on January 15 and July 15.

Insights

Debt Capital Markets Analyst

Notes issued at par with a fixed 4.20% coupon to May 15, 2028.

The pricing supplement shows a primary offering of Medium-Term Notes with a $281,000 principal amount, issued at 100% of principal and an original issue date of May 15, 2026. Interest is paid semiannually on January 15 and July 15.

Cash‑flow treatment and use of proceeds are not stated in the excerpt; the offering is governed by the indenture and the prospectus supplement dated October 27, 2023. Timing and distribution mechanics are set by the pricing supplement and applicable agreements.

Key Figures

Principal Amount: $281,000 Issue Price: 100% of Principal Amount Interest Rate: 4.20% per annum +2 more

5 metrics

Principal Amount $281,000 Pricing Supplement Trade Date <date>May 12, 2026</date>

Issue Price 100% of Principal Amount Pricing Supplement Date <date>May 12, 2026</date>

Interest Rate 4.20% per annum Interest payments each <date>January 15</date> and <date>July 15</date>

Original Issue Date May 15, 2026 Original Issue Date in pricing supplement

Maturity Date May 15, 2028 Maturity Date stated in pricing supplement

Key Terms

Medium-Term Notes, Pricing Supplement, Indenture, Prospectus Supplement

4 terms

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.| 10577 Pricing Supplement Date | May 12, 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

"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.

Prospectus Supplement regulatory

"Prospectus Supplement Date | October 27, 2023 Base Prospectus Date | October 24, 2023"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

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 05/14/2026 - 03:03 PM Learn about SEC filing dates

FAQ

What securities did NRUC (NRUC) offer in this pricing supplement?

NRUC offered Medium-Term Notes, Series D with a principal amount of $281,000. The notes are fixed-rate debt instruments described in the pricing supplement and prospectus supplement.

What are the key economic terms of the NRUC notes?

The notes were issued at 100% of principal with a fixed coupon of 4.20% per annum. Interest is payable each January 15 and July 15.

When do the NRUC Series D notes mature and when were they issued?

The notes have an original issue date of May 15, 2026 and a maturity date of May 15, 2028, providing a roughly two-year term from issuance to maturity.

Were there any agent commissions or redemption features disclosed?

The pricing supplement lists no agents commission and states Redemption Date: None. Redemption mechanics beyond that statement are not provided in the excerpt.

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			May 12, 2026
Pricing Supplement No.			10577
Pricing Supplement Date			May 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$281,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 15, 2026
Maturity Date			May 15, 2028
Interest Rate			4.20% 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.