National Rural Utilities (NRUC) prices $9.85M 3.66% notes due Nov 2026

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $9,850,000 of Medium-Term Notes, Series D, as described in this pricing supplement. The notes are priced at 100% of principal, bear interest at 3.66% per annum, are issued on January 15, 2026, and mature on November 15, 2026.

Interest is payable on each January 15 and July 15, to holders of record on each January 1 and July 1, with no stated redemption date and no agent’s commission. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution, and delivery under the applicable indenture, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity-related limitations under District of Columbia cooperative law 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			January 12, 2026
Pricing Supplement No.			10438
Pricing Supplement Date			January 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$9,850,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 15, 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.

FAQ

What securities is NRUC (NRUC) offering in this 424B3 filing?

The company is offering Medium-Term Notes, Series D with a total principal amount of $9,850,000, due nine months or more from the date of issue, with this specific tranche maturing on November 15, 2026.

What are the key terms of NRUCs new medium-term notes?

The notes have a principal amount of $9,850,000, an issue price of 100% of principal, an interest rate of 3.66% per annum, an original issue date of January 15, 2026, and a maturity date of November 15, 2026.

How and when do the NRUC medium-term notes pay interest?

Interest on the notes is paid at 3.66% per annum, with interest payment dates on each January 15 and July 15, to holders of record on regular record dates of each January 1 and July 1.

Is there any redemption feature or agent commission on these NRUC notes?

The terms state a redemption date: none, indicating no stated redemption feature, and an agents commission: none, meaning no commission is payable to an agent for this tranche.

What legal opinion supports the validity of NRUCs notes?

Hogan Lovells US LLP opines that, after the company receives the specified consideration and the notes are duly executed, authenticated, issued, and delivered under the indenture and applicable agreements, they will be valid and binding obligations of the company, subject to customary limits from bankruptcy and equity principles.

Which laws govern the legal opinion on NRUCs medium-term notes?

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, and assumes proper authorization and actions by the trustee under the indenture.