3.65% NRUC (NRUC) medium-term notes due 2028 total $2.25M

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering $2,250,000.00 of Medium-Term Notes, Series D, as described in this pricing supplement. The notes bear interest at 3.65% per annum and are scheduled to mature on June 15, 2028.

Interest is payable semi-annually on January 15 and July 15 to holders of record on January 1 and July 1. The notes are issued at 100% of their principal amount, carry no redemption provisions or agents’ commission, and Hogan Lovells US LLP opines they will be valid and binding obligations subject to customary bankruptcy and equity-related limitations.

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			February 5, 2026
Pricing Supplement No.			10453
Pricing Supplement Date			February 5, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 10, 2026
Maturity Date			June 15, 2028
Interest Rate			3.65% 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 is National Rural Utilities (NRUC) issuing in this 424B3?

National Rural Utilities is issuing Medium-Term Notes, Series D, with a total principal amount of $2,250,000.00. These are fixed-rate debt securities bearing interest at 3.65% per annum and form part of the company’s ongoing medium-term note program.

What are the key terms of NRUC’s 3.65% Medium-Term Notes, Series D?

The notes have a principal amount of $2,250,000.00, a fixed 3.65% annual interest rate, and mature on June 15, 2028. They are issued at 100% of principal, with no redemption date or agents’ commission disclosed in the pricing terms.

When do the NRUC Medium-Term Notes start and when do they mature?

The notes have an original issue date of February 10, 2026 and a maturity date of June 15, 2028. This places the term at more than nine months from issuance, consistent with the medium-term note structure described in the supplement.

How and when will interest be paid on NRUC’s 3.65% notes?

Interest on the notes is paid semi-annually at 3.65% per year. Payments occur on January 15 and July 15, with record dates on January 1 and July 1, meaning holders on those dates receive the corresponding interest payments.

Is there a call or redemption feature on these NRUC Medium-Term Notes?

The pricing terms specify “Redemption Date | None,” indicating no scheduled redemption provisions are included. Investors can therefore expect repayment of principal at maturity on June 15, 2028, absent any separate action or event affecting the notes.

What legal opinion supports the validity of NRUC’s Medium-Term Notes?

Hogan Lovells US LLP opines the notes will be valid and binding obligations once properly authorized, executed, issued, and delivered for consideration. The opinion is subject to standard limitations related to bankruptcy, insolvency, and equitable principles under District of Columbia and New York law.