National Rural Utilities (NRUC) issues $1.75M Medium-Term Note at 4.12% interest

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, under an existing shelf program. The note has a principal amount of $1,750,000, an interest rate of 4.12% per annum, and will be issued at 100% of the principal amount.

The note’s original issue date is July 15, 2026 and the maturity date is July 15, 2027, with interest payable on January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption date and no agents’ commission listed. Counsel states that, after proper authorization, execution and delivery, the note will constitute a valid and binding obligation of the company, subject to typical bankruptcy and equitable principles.

Filing Explained

The July 13 filing prices a $1,750,000.00 note for July 15 issuance, adding debt obligations—not disclosed common-share dilution—if issued.

The July 13, 2026 filing provides the pricing terms for National Rural Utilities Cooperative Finance Corporation’s Series D medium-term note, but its stated July 15, 2026 original issue date is still ahead of the filing.

If issued as specified, the company would take on a $1,750,000.00 principal obligation paying 4.12% annual interest and maturing on July 15, 2027; this disclosure concerns debt rather than common-share issuance.

The note is priced at 100% of principal, has no agent commission, and has no redemption date stated in the pricing table.

Interest payments are scheduled for each January 15 and July 15, with record dates on each January 1 and July 1.

Counsel’s validity opinion is conditioned on receipt of consideration and due execution, authentication, issuance, and delivery of the notes against payment, so the filing supports a priced transaction awaiting its stated issuance milestone rather than completed issuance.

Key Figures

Principal Amount: $1,750,000 Interest Rate: 4.12% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $1,750,000 Medium-Term Note, Series D principal amount

Interest Rate 4.12% per annum Fixed interest rate on the Medium-Term Note, Series D

Issue Price 100% of Principal Amount Price at which the note is offered

Original Issue Date July 15, 2026 Date the note is issued

Maturity Date July 15, 2027 Date the note becomes due and payable

Trade Date July 10, 2026 Trade date for the Medium-Term Note, Series D

Key Terms

Medium-Term Notes, Series D, Original Issue Date, Interest Payment Dates, valid and binding obligations, +2 more

6 terms

Medium-Term Notes, Series D financial

"NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION Medium-Term Notes, Series D Due Nine Months"

Original Issue Date financial

"Original Issue Date | July 15, 2026 Maturity Date | July 15, 2027"

Interest Payment Dates financial

"Interest Payment Dates | Each January 15 and July 15 Redemption Date | None"

valid and binding obligations regulatory

"the notes offered by this pricing supplement will constitute valid and binding obligations of the Company"

fraudulent conveyances regulatory

"including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent"

principles of equity regulatory

"the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing"

Offering Details

shelf

Offering

Offering Type shelf

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Available on EDGAR 07/13/2026 - 03:20 PM Accepted by SEC EDGAR 07/13/2026 - 03:18 PM Learn about SEC filing dates

FAQ

What are the key terms of National Rural Utilities (NRUC) Medium-Term Note Series D?

The Medium-Term Note, Series D, has a $1,750,000 principal amount, bears 4.12% per annum interest, is issued at 100% of principal, and matures on July 15, 2027 with interest paid semiannually.

When do NRUC (NRUC) investors receive interest on this Medium-Term Note?

Interest on the note is paid on January 15 and July 15, to holders of record on January 1 and July 1, at a fixed rate of 4.12% per annum over the term.

What is the maturity and issue date for NRUC’s Medium-Term Note described here?

The note’s original issue date is July 15, 2026 and its maturity date is July 15, 2027, making it a one-year Medium-Term Note due nine months or more from the date of issue.

Does the NRUC (NRUC) Medium-Term Note have a redemption feature or agent commission?

The terms specify no redemption date, indicating no scheduled early redemption, and list no agents’ commission, meaning no commission is stated as payable to selling agents on this note.

How does counsel characterize the enforceability of NRUC’s Medium-Term Note obligations?

Hogan Lovells US LLP opines the notes will be valid and binding obligations of NRUC after authorization, execution, authentication, issuance and delivery, subject to bankruptcy and customary equity 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			July 10, 2026
Pricing Supplement No.			10626
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,750,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2026
Maturity Date			July 15, 2027
Interest Rate			4.12% 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.