National Rural Utilities (NRUC) prices $250K 3.64% note due 3/15/2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation offered a Medium-Term Note with a $250,000.00 principal amount under Pricing Supplement No. 10489. The notes were priced at 100% of principal with an original issue date of March 15, 2026 and mature on March 15, 2027. The interest rate is 3.64% per annum, with interest payable each January 15 and July 15 and regular record dates each January 1 and July 1. The pricing supplement shows no agents' commission and cites a counsel opinion on the validity of the notes.

Insights

Debt Capital Markets Analyst

Short-term note issuance priced at fixed 3.64% for one year.

The pricing supplement lists a single $250,000.00 Medium-Term Note issued at 100% with maturity on March 15, 2027. The structure is a fixed-rate debt instrument with semiannual interest payments on January 15 and July 15.

Cash-flow treatment and distribution mechanics are standard for this vehicle; the supplement states no agents' commission. Legal validity is supported by counsel's opinion referencing applicable District of Columbia and New York law. Subsequent disclosures or the indenture would detail transferability and any optional redemption mechanics.

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			March 11, 2026
Pricing Supplement No.			10489
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			March 15, 2027
Interest Rate			3.64% 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.

FAQ

What did NRUC price in this 424B3 filing?

It priced a single Medium-Term Note with a $250,000 principal amount at 100%. The pricing supplement (No. 10489) shows an original issue date of March 15, 2026 and a maturity of March 15, 2027.

What interest rate and payment dates are specified for NRUC's note?

The note carries a 3.64% per annum fixed interest rate. Interest is payable semiannually on January 15 and July 15, with record dates each January 1 and July 1.

What is the issue price and are there underwriting commissions?

The issue price is 100% of the principal amount. The pricing supplement explicitly states Agents Commission: None, indicating no agent commission is recorded in this excerpt.

When does the NRUC Medium-Term Note mature?

The note matures on March 15, 2027. The original issue date is March 15, 2026, making this a one-year note according to the pricing supplement details.

Does counsel provide an opinion on the validity of the notes?

Yes. Hogan Lovells US LLP opines the notes will be valid and binding obligations of the company. The opinion is qualified by bankruptcy and other laws and cites the District of Columbia General Cooperative Association Act of 2010 and New York law.