National Rural Utilities offers $425K note due 2026 at 3.76%

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $425,000.00.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $425,000.00. The note will be issued at 100% of its principal amount on December 15, 2025 and will mature on December 15, 2026, carrying a fixed interest rate of 3.76% per year.

Interest is scheduled to be paid semiannually on each January 15 and July 15, to holders of record on each preceding January 1 and July 1. The note has no stated redemption date and no agent’s commission is listed. Counsel Hogan Lovells US LLP states that, once duly authorized, executed and delivered for the approved consideration, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and creditor-rights laws.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What type of security is National Rural Utilities (NRUC) offering in this document?

National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, due nine months or more from its date of issue, with specific terms set in this pricing supplement.

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

The note has a principal amount of $425,000.00, an issue price of 100% of principal, an original issue date of December 15, 2025, and a maturity date of December 15, 2026, with interest at 3.76% per annum.

How and when will interest be paid on the NRUC Medium-Term Note?

Interest on the note will be paid at a rate of 3.76% per year on January 15 and July 15 of each year, to holders of record as of January 1 and July 1, respectively.

Does the NRUC Medium-Term Note have any redemption feature or agent’s commission?

The pricing terms state that the note has no redemption date and that there is no agent’s commission associated with this issuance.

What does legal counsel say about the validity of the NRUC Medium-Term Note?

Hogan Lovells US LLP opines that, after the company receives the specified consideration and the note is duly executed, authenticated, issued and delivered under the indenture and applicable agreements, it will be a valid and binding obligation of the company, subject to applicable bankruptcy and creditor-rights laws and equitable principles.

Which laws govern the legal opinion on the NRUC Medium-Term Note?

The legal opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as currently in effect, excluding local laws below the state level.

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

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Accepted by SEC EDGAR 12/12/2025 - 11:16 AM 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			December 10, 2025
Pricing Supplement No.			10407
Pricing Supplement Date			December 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$425,000.00
Issue Price			100% of Principal Amount
Original Issue Date			December 15, 2025
Maturity Date			December 15, 2026
Interest Rate			3.76% 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.