NRUC (NRUC) prices $1.0M 4.07% Series D note maturing Nov 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note offering: $1,000,000.00 of Medium-Term Notes, Series D, at 100% of principal. The notes carry an interest rate of 4.07% per annum, were originally issued on May 18, 2026 and mature on November 15, 2027.

The pricing supplement lists standard payment mechanics: interest payable each January 15 and July 15 with record dates on January 1 and July 1. No agents' commission or redemption date is shown in the excerpt.

Insights

Debt Capital Markets Analyst

Short-term note issuance at a fixed 4.07% coupon.

The Series D medium-term note is a straightforward debt placement: $1,000,000.00 issued at 100% with semiannual interest payments on January 15 and July 15. Maturity is November 15, 2027, giving roughly an 18-month tenor from issuance.

Key dependencies are the indenture and payment mechanics specified in the supplement; cash-flow treatment (who receives proceeds) is not stated in the provided excerpt. Legal opinion language identifies governing law and standard enforceability exceptions.

Securities Counsel (Debt Issuance)

Counsel opinion confirms validity subject to standard bankruptcy and equitable defenses.

Hogan Lovells US LLP opines the notes will be valid obligations upon receipt of consideration and proper issuance, subject to bankruptcy, insolvency and equitable defenses and to the District of Columbia and New York laws cited.

Preservation clauses and judicial-discretion qualifiers are stated verbatim; investors should refer to the indenture for remedies and enforcement specifics.

Key Figures

Principal Amount: $1,000,000.00 Issue Price: 100% of Principal Amount Interest Rate: 4.07% per annum +2 more

5 metrics

Principal Amount $1,000,000.00 Principal Amount per pricing supplement

Issue Price 100% of Principal Amount Issue Price per pricing supplement

Interest Rate 4.07% per annum Stated coupon for Series D notes

Original Issue Date May 18, 2026 Original Issue Date shown

Maturity Date November 15, 2027 Maturity Date shown

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 of Issue"

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 No. | 10574 Pricing Supplement Date | May 13, 2026"

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

"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.

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

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Accepted by SEC EDGAR 05/14/2026 - 02:12 PM Learn about SEC filing dates

FAQ

What are the terms of NRUC's Series D Medium-Term Note?

The Series D note is $1,000,000.00 issued at 100% with a 4.07% per annum fixed interest rate, original issue date May 18, 2026, and maturity on November 15, 2027.

When does NRUC pay interest on the Series D notes?

Interest on the Series D notes is paid semiannually on January 15 and July 15, with record dates of January 1 and July 1 respectively, per the pricing supplement.

Was there an underwriting commission for NRUC's issuance?

The pricing supplement states an agents commission: None, indicating no agent commission is disclosed for this placement in the provided excerpt.

What governing law and legal limits apply to these notes?

Counsel's opinion cites the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, and reserves enforceability limits like bankruptcy, insolvency, and equitable defenses.

What is the offering's redemption feature?

The excerpt lists Redemption Date: None, indicating no stated scheduled redemption date is included in this pricing supplement.

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			May 13, 2026
Pricing Supplement No.			10574
Pricing Supplement Date			May 13, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 18, 2026
Maturity Date			November 15, 2027
Interest Rate			4.07% 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.