NRUC offers $750K Medium-Term Notes at 4.35%

National Rural Utilities Cooperative Finance Corporation offers $750,000.00 in Medium-Term Notes, Series D, due June 15, 2028.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation offers $750,000.00 in Medium-Term Notes, Series D, due June 15, 2028. The notes carry a 4.35% per annum interest rate, an issue price of 100% of principal and an original issue date of June 15, 2026.

The pricing supplement dated June 10, 2026 references the prospectus supplement dated October 27, 2023 and the base prospectus dated October 24, 2023. Redemption is listed as None; regular interest payments are scheduled each January 15 and July 15.

Insights

Debt Capital Markets Analyst

MTN issuance details: fixed-rate note, modest tenor, no redemption option.

The issuance is a $750,000.00 primary note offering at par with a 4.35% fixed coupon and a two-year stated tenor to June 15, 2028. Payment schedule is semiannual on Jan 15 and Jul 15.

Key dependencies include the indenture mechanics and settlement on the original issue date June 15, 2026. The pricing supplement links to an existing prospectus base and supplement for distribution terms; cash-flow treatment is the issuer receiving proceeds.

Securities Counsel (Debt)

Legal opinion confirms validity subject to bankruptcy and equitable defenses.

Counsel opinion from Hogan Lovells US LLP states the notes will be valid and binding obligations upon receipt of consideration and proper issuance, subject to bankruptcy, insolvency and equitable defenses and relevant District of Columbia and New York law citations.

The opinion ties validity to procedural conditions: board resolutions, payment at issuance, and compliance with the indenture and distribution agreements; these conditions appear verbatim in the pricing supplement.

Key Figures

Principal Amount: $750,000.00 Interest Rate: 4.35% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $750,000.00 Series D principal amount

Interest Rate 4.35% per annum fixed coupon for Series D

Issue Price 100% of Principal Amount priced at par

Original Issue Date June 15, 2026 settlement/origination date

Maturity Date June 15, 2028 stated maturity of the notes

Pricing Supplement Date June 10, 2026 date of this pricing supplement

Key Terms

pricing supplement, indenture, prospectus supplement, Medium-Term Note

4 terms

pricing supplement regulatory

"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.

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.

prospectus supplement regulatory

"Prospectus Supplement Date | October 27, 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.

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.

Offering Details

primary · $750,000.00

Offering

Offering Type primary

Securities Offered Medium-Term Notes (debt)

Offering Amount $750,000.00

FAQ

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

What are the main terms of NRUC's Medium-Term Notes Series D?

The Series D notes have a principal amount of $750,000.00, issue price of 100%, fixed interest rate of 4.35% per annum, original issue date June 15, 2026, and maturity on June 15, 2028.

When will NRUC pay interest on the Series D notes?

Interest is payable semiannually on January 15 and July 15 each year with record dates on January 1 and July 1. The coupon is fixed at 4.35% per annum for the stated term.

Does the pricing supplement allow redemption of the Series D notes?

The pricing supplement states the redemption date as None, indicating no issuer redemption feature is listed in this supplement. Other indenture provisions are referenced in the base prospectus and prospectus supplement.

What legal assurances accompany the NRUC note issuance?

Hogan Lovells US LLP provides an opinion that the notes will be valid and binding obligations upon payment and issuance, subject to insolvency, bankruptcy and equitable defenses and specified governing law in DC and New York.

Which prospectus documents govern the Series D offering?

The pricing supplement dated June 10, 2026 supplements the prospectus supplement dated October 27, 2023 and the base prospectus dated October 24, 2023, which together describe distribution mechanics and terms.

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

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Accepted by SEC EDGAR 06/12/2026 - 01:57 PM EDT 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			June 10, 2026
Pricing Supplement No.			10592
Pricing Supplement Date			June 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$750,000.00
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.