National Rural Utilities (NRUC) details $4.5M Series D medium-term note terms

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $4,500,000.00. The note is priced at 100% of its principal amount, will be issued on December 31, 2025, and will mature on November 15, 2026.

The note bears interest at a fixed rate of 3.67% per annum, with interest paid on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date specified and no agent’s commission on this issuance.

Hogan Lovells US LLP states that, after receipt of consideration and proper execution under the indenture and related agreements, the notes will constitute valid and binding obligations of the company, subject to standard bankruptcy, insolvency, and equitable principles under 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

Trade Date			December 26, 2025
Pricing Supplement No.			10422
Pricing Supplement Date			December 26, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$4,500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			December 31, 2025
Maturity Date			November 15, 2026
Interest Rate			3.67% 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 National Rural Utilities Cooperative Finance Corporation (NRUC) offering in this document?

NRUC is offering a Medium-Term Note, Series D, with a principal amount of $4,500,000.00, due nine months or more from the date of issue.

What are the key terms of NRUC’s new Medium-Term Note, Series D?

The note has a principal amount of $4,500,000.00, an issue price of 100% of principal, an original issue date of December 31, 2025, and a maturity date of November 15, 2026, with a 3.67% per annum interest rate.

How and when will interest be paid on NRUC’s Medium-Term Note, Series D?

Interest on the note is 3.67% per annum and is payable on each January 15 and July 15 to holders of record on each January 1 and July 1.

Is there a redemption feature or agent’s commission on NRUC’s Medium-Term Note, Series D?

The note has no specified redemption date and there is no agent’s commission on this issuance.

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

Hogan Lovells US LLP opines that, after receipt of consideration and proper execution and delivery under the indenture and related agreements, the notes will be valid and binding obligations of NRUC, subject to laws on creditors’ rights and equitable principles.

Which laws govern the enforceability of NRUC’s Medium-Term Note, Series D?

The opinion on enforceability is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, excluding local political subdivisions.