NRUC $200,000.00 note priced at 3.68%

National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, with a principal amount of $200,000.00.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, with a principal amount of $200,000.00. The note is issued at 100% of principal, will be dated January 15, 2026, and will mature on January 15, 2027, giving it a one-year term.

The note bears interest at a fixed rate of 3.68% per annum, with interest payable on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date and no agent’s commission. Counsel Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia and New York law.

FAQ

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

What security is National Rural Utilities (NRUC) offering in this 424B3?

The company is offering a Medium-Term Note, Series D, with a principal amount of $200,000.00 that is due nine months or more from its date of issue.

What are the key terms of the NRUC Medium-Term Note, Series D?

The note has a principal amount of $200,000.00, an issue price of 100% of principal, an original issue date of January 15, 2026, and a maturity date of January 15, 2027.

What interest rate does the NRUC Medium-Term Note pay and when?

The note pays interest at 3.68% per annum, with interest payment dates on each January 15 and July 15, to holders of record on each January 1 and July 1.

Is there a redemption feature or agent’s commission on this NRUC note?

The terms state a Redemption Date: None and Agents Commission: None, indicating no scheduled redemption and no selling commission to agents.

Who provided the legal validity opinion for the NRUC Medium-Term Note?

Hogan Lovells US LLP provided an opinion that, after proper authorization, execution, issuance and delivery, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity-related limitations.

Under which laws is the validity of the NRUC Medium-Term Note assessed?

The legal opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as currently in effect.

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

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Accepted by SEC EDGAR 01/14/2026 - 11:34 AM 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			January 12, 2026
Pricing Supplement No.			10447
Pricing Supplement Date			January 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$200,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.68% 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.