NRUC prices $1.98M 3.66% medium-term notes

National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, with a principal amount of $1,980,000.00.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, with a principal amount of $1,980,000.00. The note is issued at 100% of its principal amount, will be dated January 16, 2026, and will mature on November 15, 2026. It carries a fixed interest rate of 3.66% per annum, with interest payable each January 15 and July 15 to holders of record on each preceding January 1 and July 1.

The note has no redemption date and no agent’s commission is payable on this issuance. Hogan Lovells US LLP opines that, after receipt of the stated consideration and proper execution under the indenture, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy, insolvency 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 type of security is NRUC (NRUC) offering in this 424B3?

NRUC is offering a Medium-Term Note, Series D, due nine months or more from the date of issue, under its medium-term note program.

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

The note has a principal amount of $1,980,000.00, an issue price of 100% of principal, an original issue date of January 16, 2026, and a maturity date of November 15, 2026.

What interest rate will NRUC's Medium-Term Note pay and when?

The note bears interest at 3.66% per annum, with interest payments on each January 15 and July 15 to holders of record on each preceding January 1 and July 1.

Is there a redemption feature or agent’s commission on NRUC’s Medium-Term Note?

The pricing terms state no redemption date for the note and indicate no agent’s commission is payable on this issuance.

What legal opinion supports the validity of NRUC's Medium-Term Note?

Hogan Lovells US LLP states that, after receipt of consideration and proper execution under the indenture, the notes will be valid and binding obligations of NRUC, subject to laws on bankruptcy, insolvency and equitable principles under District of Columbia and New York law.

When were the related prospectus documents for NRUC's Medium-Term Note dated?

The prospectus supplement is dated October 27, 2023 and the base prospectus is dated October 24, 2023, as referenced in the pricing supplement.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 01/14/2026 - 03:00 PM 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 13, 2026
Pricing Supplement No.			10449
Pricing Supplement Date			January 13, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,980,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 16, 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.