NRUC (NRUC) restates pricing supplement for $2.25M notes maturing 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation amends and restates a pricing supplement for its Medium-Term Notes, Series D, offering $2,250,000 of notes at 100% of principal with an interest rate of 3.74% per annum. The notes have an original issue date of February 10, 2026 and mature on June 15, 2028. The supplement corrects an error in the original interest rate and restates Pricing Supplement No. 10453 dated February 5, 2026.

Counsel Hogan Lovells US LLP provides a legal opinion that, upon receipt of consideration and proper issuance under the indenture and related agreements, the notes will be valid and binding obligations subject to usual bankruptcy and equitable-law exceptions.

Insights

Debt Capital Markets Analyst

Pricing supplement restates a $2.25M medium-term note at a 3.74% coupon.

The document corrects the original interest rate and restates Pricing Supplement No. 10453, showing an offered principal amount of $2,250,000 at 3.74% interest and an issue date of February 10, 2026. The issue price is 100% of principal and the maturity is June 15, 2028.

Cash-flow treatment and use of proceeds are not detailed in the excerpt; legal opinion from Hogan Lovells is standard, subject to bankruptcy and equitable-law exceptions. Subsequent filings or the prospectus may show distribution mechanics and investor protections.

Key Figures

Principal Amount: $2,250,000.00 Issue Price: 100% of Principal Amount Interest Rate: 3.74% per annum +3 more

6 metrics

Principal Amount $2,250,000.00 Principal amount offered under the Pricing Supplement

Issue Price 100% of Principal Amount Purchase price stated in the pricing table

Interest Rate 3.74% per annum Coupon on the Series D Medium-Term Notes

Original Issue Date February 10, 2026 Stated original issue date for the notes

Maturity Date June 15, 2028 Stated maturity date for the notes

Agents Commission None Commission field in the pricing table

Key Terms

Pricing Supplement, Medium-Term Notes, Issue Price, Indenture

4 terms

Pricing Supplement regulatory

"This Pricing Supplement amends and restates in full Pricing Supplement No. 10453"

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.

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.

Issue Price financial

"Issue Price | 100% of Principal Amount"

The issue price is the amount of money investors pay to buy a new security, such as a stock or bond, when it is first offered to the public. It matters to investors because it determines their initial cost and potential future gains or losses, similar to paying a set price for a new product before it hits stores. The issue price helps establish the value of the security at the start of its trading life.

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.

Offering Details

primary

Offering

Offering Type primary

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Accepted by SEC EDGAR 04/28/2026 - 04:40 PM Learn about SEC filing dates

FAQ

What does NRUC's pricing supplement state about the offering size?

The supplement states $2,250,000 of Medium-Term Notes are being offered at 100% of principal. This is the principal amount and issue price shown in the pricing supplement and related table.

What coupon and maturity are disclosed for NRUC Series D notes?

The notes carry an interest rate of 3.74% per annum and mature on June 15, 2028. The original issue date is February 10, 2026 as listed in the pricing supplement.

Why was this pricing supplement restated for NRUC?

The pricing supplement was amended and restated to correct an error in the Original Interest Rate. It replaces Pricing Supplement No. 10453 dated February 5, 2026.

Does the pricing supplement show any agent commissions or redemptions?

The supplement lists None for Agents Commission and None for Redemption Dates. Those fields are explicitly shown as none in the pricing table.

Who provided the legal opinion on validity of the notes?

Legal opinion was provided by Hogan Lovells US LLP, stating the notes will be valid and binding obligations subject to bankruptcy and equitable-law exceptions. The opinion cites District of Columbia 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

This Pricing Supplement amends and restates in full Pricing Supplement No. 10453 dated February 5, 2026 to correct an error in the Original Interest Rate.

An initial pricing supplement was filed and a fee of $310.73 was paid on February 6, 2026. The filing fee table is not included due to a known SEC system issue.

Trade Date			February 5, 2026
Pricing Supplement No.			10453
Pricing Supplement Date			February 5, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 10, 2026
Maturity Date			June 15, 2028
Interest Rate			3.74% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Dates			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.