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  4. [424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

National Rural Utilities (NRUC) prices $3.0M Series D notes due Jan 15, 2028 at 4.26%

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering $3,000,000 principal of Medium-Term Notes, Series D, at 100% of principal with an original issue date of July 6, 2026. The notes carry an interest rate of 4.26% per annum and mature on January 15, 2028. The pricing supplement is dated June 30, 2026 and lists no agents' commission and no redemption date.

Positive

  • None.

Negative

  • None.

Insights

Short-term fixed-rate note issuance of $3.0M at 4.26% due January 15, 2028.

The transaction is a straightforward medium-term note issuance: $3,000,000 principal issued at par with a fixed 4.26% per annum coupon. The pricing supplement ties this issue to the existing prospectus and shows standard semiannual interest payments on January 15 and July 15.

Market implications depend on scale relative to the issuer's balance sheet; this excerpt does not state proceeds use or broader financing plans. Cash‑flow treatment is that the issuer receives offering proceeds per the pricing terms.

Opinion language confirms validity subject to insolvency and equitable principles.

Counsel's opinion from Hogan Lovells US LLP states the notes will be valid obligations upon issuance and payment, but it preserves standard defenses including bankruptcy, fraudulent-transfer laws and equitable principles. The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law.

Legal qualifiers are typical for debt issuances; no unusual legal limitations appear in the provided excerpt.

Principal Amount $3,000,000.00 Principal Amount listed in pricing supplement
Issue Price 100% of Principal Amount Pricing Supplement shows issue price
Interest Rate 4.26% per annum Fixed coupon rate in pricing table
Original Issue Date July 6, 2026 Original Issue Date in pricing table
Maturity Date January 15, 2028 Maturity Date in pricing table
Trade / Pricing Date June 30, 2026 Trade Date and Pricing Supplement Date
Medium-Term Notes financial
"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"
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.
Pricing Supplement regulatory
"Pricing Supplement Date | June 30, 2026 Prospectus Supplement Date | October 27, 2023"
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.
Agents Commission financial
"Agents Commission | None"

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

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FAQ

What size and term are NRUC's Series D Medium-Term Notes?
The issue size is $3,000,000 principal and the notes mature on January 15, 2028. The original issue date is July 6, 2026, giving a roughly 18-month nominal term from issue to maturity.

What interest rate and payment schedule apply to these NRUC notes?
The notes carry a fixed interest rate of 4.26% per annum with regular record dates of January 1 and July 1, and interest payment dates of January 15 and July 15 each year.

At what price were the NRUC Series D notes issued?
The pricing supplement shows an issue price of 100% of principal, meaning the notes were issued at par for a principal amount of $3,000,000. The trade date and pricing supplement date are June 30, 2026.

Are there any redemption rights or agents' commissions disclosed?
The pricing supplement lists no redemption dateno agents' commission. The excerpt shows 'Redemption Date | None' and 'Agents Commission | None' in the pricing table.


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 DateJune 30, 2026
Pricing Supplement No. 10611
Pricing Supplement DateJune 30, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$3,000,000.00
Issue Price100% of Principal Amount
Original Issue DateJuly 6, 2026
Maturity DateJanuary 15, 2028
Interest Rate4.26% per annum
Regular Record DatesEach January 1 and July 1
Interest Payment DatesEach January 15 and July 15
Redemption DateNone
Agents Commission None
Form of Note: (Book-Entry or Certificated)
Certificated
Other TermsNone
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.

Source: View Original Filing on SEC EDGAR