NRUC issues $1.0M Medium-Term Notes at 4.20% coupon

National Rural Utilities Cooperative Finance Corporation is issuing $1,000,000.00 of Medium-Term Notes, Series D due May 15, 2028 under a pricing supplement dated May 13, 2026.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $1,000,000.00 of Medium-Term Notes, Series D due May 15, 2028 under a pricing supplement dated May 13, 2026. The notes carry a fixed 4.20% per annum interest rate, pay interest each January 15 and July 15, and have no scheduled redemption date.

The issue price is 100% of principal and the original issue date is May 18, 2026. Counsel opines the notes will be valid obligations subject to customary insolvency and equitable-law qualifications.

Insights

Fixed-Income Analyst

Small, short-dated note issuance with fixed coupon details disclosed.

The filing lists a $1,000,000.00 principal issuance of Medium-Term Notes, Series D, maturing on May 15, 2028 with a 4.20% annual coupon and interest paid semiannually on January 15 and July 15.

This is a routine debt placement: timing and proceeds use are not stated and the prospectus shows 100% issue price. Subsequent disclosures would be needed to assess market distribution, investor demand, or any material funding impact.

Key Figures

Principal Amount: $1,000,000.00 Interest Rate: 4.20% per annum Maturity Date: May 15, 2028 +4 more

7 metrics

Principal Amount $1,000,000.00 Medium-Term Notes, Series D

Interest Rate 4.20% per annum Fixed coupon for the Series D notes

Maturity Date May 15, 2028 Maturity of the Series D notes

Issue Price 100% of Principal Amount Pricing Supplement dated May 13, 2026

Trade Date / Pricing Supplement Date May 13, 2026 Pricing and trade date for the offering

Original Issue Date May 18, 2026 Original issue date shown in the supplement

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

Key Terms

Pricing Supplement, Medium-Term Notes, Issue Price, Validity opinion

4 terms

Pricing Supplement regulatory

"Pricing Supplement Date | May 13, 2026 Prospectus Supplement Date"

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.

Medium-Term Notes financial

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

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.

Issue Price financial

"Principal Amount | $1,000,000.00 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.

Validity opinion legal

"In the opinion of Hogan Lovells US LLP, as counsel to the Company"

Offering Details

other

Offering

Offering Type other

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is NRUC's offering in this 424(b)(3) pricing supplement?

Answer: NRUC is offering $1,000,000.00 of Medium-Term Notes, Series D maturing May 15, 2028. The pricing supplement is dated May 13, 2026 and shows an original issue date of May 18, 2026.

What interest and payment schedule applies to these notes?

Answer: The notes pay a fixed 4.20% per annum interest rate with semiannual payments on January 15 and July 15. Regular record dates are each January 1 and July 1.

What price and principal are stated for the Series D notes?

Answer: The prospectus lists a principal amount of $1,000,000.00 and an issue price equal to 100% of principal amount. The pricing supplement number is 10575 dated May 13, 2026.

Is there a redemption option for these Medium-Term Notes?

Answer: The pricing supplement states Redemption Date: None, indicating no scheduled redemption feature is shown in the excerpt. Other redemption terms, if any, are not provided here.

What legal opinion supports the validity of the notes?

Answer: Hogan Lovells US LLP, counsel to the company, opines the notes will be valid obligations subject to insolvency and equitable-law qualifications. The opinion cites District of Columbia and New York law.

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

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Accepted by SEC EDGAR 05/14/2026 - 02:15 PM Learn about SEC filing dates

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 13, 2026
Pricing Supplement No.			10575
Pricing Supplement Date			May 13, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 18, 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.