National Rural Utilities prices $2.1M Medium-Term Notes

National Rural Utilities Cooperative Finance Corporation is issuing $2,100,000 of Medium-Term Notes, Series D, maturing on November 15, 2026, at 100% of principal amount.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $2,100,000 of Medium-Term Notes, Series D, maturing on November 15, 2026, at 100% of principal amount.

The notes carry a fixed interest rate of 3.65% per annum, with interest paid on January 15 and July 15 to holders of record on January 1 and July 1, respectively. There is no redemption provision before maturity and no agent’s commission, so the company is positioned to receive the full principal amount at issuance.

Company counsel, Hogan Lovells US LLP, opines that once properly authorized, executed and delivered under the indenture, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

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 424B3?

The company is offering Medium-Term Notes, Series D, which are debt securities due nine months or more from the date of issue, with this specific tranche maturing on November 15, 2026.

What is the principal amount and interest rate of NRUC's new Medium-Term Notes?

The notes have a principal amount of $2,100,000 and bear interest at a fixed rate of 3.65% per annum, priced at 100% of principal amount.

When do the new NRUC Series D notes pay interest and what are the record dates?

Interest is payable on January 15 and July 15, with regular record dates of January 1 and July 1 for determining which holders receive each interest payment.

Do the NRUC Medium-Term Notes, Series D, have a redemption feature or agent commission?

The terms specify no redemption date, meaning no scheduled early redemption, and no agents commission, so no selling commission is deducted from the principal amount.

What legal opinion supports the validity of NRUC's Medium-Term Notes, Series D?

Hogan Lovells US LLP opines that, after proper authorization, execution, authentication, issuance and delivery under the indenture, the notes will be valid and binding obligations of the company, subject to laws on bankruptcy and creditors’ rights and general equitable principles.

Which laws govern the enforceability of the NRUC Medium-Term Notes described here?

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 lower-level local laws.

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

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Accepted by SEC EDGAR 12/31/2025 - 03:09 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			December 30, 2025
Pricing Supplement No.			10424
Pricing Supplement Date			December 30, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 5, 2026
Maturity Date			November 15, 2026
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.