National Rural Utilities Finance (NRUC) sets 3.66% medium-term note

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $100,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.66% per annum, and will be issued on January 15, 2026, with a stated maturity date of November 15, 2026.

Interest on the note will be paid semiannually on each January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption feature and no agents’ commission listed. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery under the applicable indenture, 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.

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.			10430
Pricing Supplement Date			January 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 15, 2026
Maturity Date			November 15, 2026
Interest Rate			3.66% 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 are the key terms of National Rural Utilities (NRUC) 3.66% Medium-Term Note?

The Medium-Term Note, Series D, has a principal amount of $100,000.00, an interest rate of 3.66% per annum, is issued at 100% of principal, and is scheduled to be issued on January 15, 2026, with a maturity date of November 15, 2026.

When are interest payments made on the NRUC Medium-Term Note described in this 424B3?

Interest is paid semiannually on each January 15 and July 15, to holders of record as of each January 1 and July 1, at a fixed rate of 3.66% per annum.

Is there a redemption feature or agents’ commission on this NRUC Medium-Term Note?

The terms state a Redemption Date: None, indicating no scheduled redemption feature, and list Agents Commission: None for this particular Medium-Term Note, Series D.

What legal opinion supports the validity of the NRUC Medium-Term Note in this filing?

Hogan Lovells US LLP, as counsel to the company, opines that after receipt of the specified consideration and proper execution, authentication, issuance and delivery under the indenture, the note will be a valid and binding obligation of the company, subject to customary bankruptcy, insolvency and equitable principles.

Which laws govern the legal opinion on the NRUC Medium-Term Note in this 424B3?

The legal opinion is based on applicable provisions of the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, excluding laws of political subdivisions below the state level.

What is the trade date and pricing supplement reference for this NRUC Medium-Term Note?

The Trade Date is January 12, 2026, and the note is described in Pricing Supplement No. 10430, which relates to a prospectus supplement dated October 27, 2023 and a base prospectus dated October 24, 2023.