NRUC Prices $100,000 Note at 3.77% (Due Mar 2027)

National Rural Utilities Cooperative Finance Corporation priced a primary offering of $100,000.00 of Medium-Term Notes, Series D, Original Issue Date April 15, 2026 and Maturity Date March 15, 2027.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary offering of $100,000.00 of Medium-Term Notes, Series D, Original Issue Date April 15, 2026 and Maturity Date March 15, 2027. The notes carry a fixed interest rate of 3.77% per annum, pay interest each January 15 and July 15, and were issued at 100% of principal.

The pricing supplement references the prospectus supplement dated October 27, 2023 and the base prospectus dated October 24, 2023. Counsel rendered an opinion on validity subject to customary bankruptcy and equitable-law qualifications.

Insights

Debt Capital Markets Analyst

Short-term debt issuance priced at a fixed 3.77% for nine-month tenor.

The transaction is a standard medium-term note issuance with $100,000 principal issued at par and a fixed 3.77% coupon, maturing on March 15, 2027. This is a routine funding tool for liquidity or short-term refinancing.

Key dependencies include prevailing short-term funding markets and the indenture terms; cash-flow treatment and specific use of proceeds are not stated in the excerpt.

Key Figures

Principal Amount: $100,000.00 Interest Rate: 3.77% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $100,000.00 Principal Amount stated on pricing supplement

Interest Rate 3.77% per annum Fixed coupon for Series D notes

Issue Price 100% of Principal Amount Pricing Supplement states issue at par

Original Issue Date April 15, 2026 Original Issue Date on pricing supplement

Maturity Date March 15, 2027 Maturity Date for the Series D notes

Interest Payment Dates January 15 and July 15 Semiannual interest payment schedule

Key Terms

Medium-Term Notes, Pricing Supplement, Indenture

3 terms

Medium-Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More from Date"

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

Pricing Supplement regulatory

"Pricing Supplement Date | April 10, 2026 Prospectus Supplement Date"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Indenture legal

"execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Offering Details

primary

Offering

Offering Type primary

FAQ

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

What did NRUC issue in this 424(b)(3) pricing supplement?

NRUC issued $100,000.00 of Medium-Term Notes, Series D, at 100% of principal. The notes carry a fixed 3.77% annual interest rate and mature on March 15, 2027.

When are interest payments for the NRUC notes scheduled?

Interest is paid semiannually on January 15 and July 15. Regular record dates are each January 1 and July 1, consistent with the stated payment schedule.

What legal opinion accompanies the NRUC offering?

Hogan Lovells US LLP opines the notes will be valid and binding obligations, subject to bankruptcy, insolvency and equitable-law qualifications and limited to specified governing statutes.

What are the issue and maturity dates for the Series D notes?

The Original Issue Date is April 15, 2026 and the Maturity Date is March 15, 2027, giving the notes a roughly nine-month tenor from issuance to maturity.

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

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Accepted by SEC EDGAR 04/13/2026 - 01:01 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			April 10, 2026
Pricing Supplement No.			10545
Pricing Supplement Date			April 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 15, 2026
Maturity Date			March 15, 2027
Interest Rate			3.77% 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.