NRUC prices $1.75M Medium‑Term Note at 3.96%

National Rural Utilities Cooperative Finance Corporation priced a Medium‑Term Note offering of $1,750,000 with an 3.96% annual interest rate.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium‑Term Note offering of $1,750,000 with an 3.96% annual interest rate. The notes trade date is June 10, 2026, with an original issue date of June 15, 2026 and maturity on June 15, 2027

The issue price is 100% of principal, interest paid semiannually on January 15 and July 15 (record dates January 1 and July 1). The pricing supplement is numbered 10602. Counsel Hogan Lovells US LLP delivered a customary legal opinion on validity under applicable District of Columbia and New York law.

Insights

Debt Capital Markets Analyst

Short-term note issued at par with fixed 3.96% coupon.

The offering is a single‑maturity Medium‑Term Note for $1,750,000 maturing June 15, 2027. Interest is fixed at 3.96% and paid semiannually on January 15 and July 15, consistent with standard note mechanics.

Counsel provided a standard validity opinion under District of Columbia and New York law. Cash‑flow treatment and use of proceeds are not stated in the excerpt; issuer proceeds language is not included in this pricing supplement text.

Key Figures

Principal Amount: $1,750,000 Interest Rate: 3.96% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $1,750,000 Pricing Supplement trade date <date>June 10, 2026</date>

Interest Rate 3.96% per annum Fixed coupon paid semiannually

Issue Price 100% of Principal Amount Original Issue Date <date>June 15, 2026</date>

Maturity Date June 15, 2027 Single maturity noted in pricing supplement

Interest Payment Dates Jan 15 and Jul 15 Regular record dates Jan 1 and Jul 1

Pricing Supplement No. 10602 Pricing Supplement Date <date>June 10, 2026</date>

Key Terms

Medium‑Term Notes, Issue Price, Pricing Supplement

3 terms

Medium‑Term Notes financial

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

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.

Pricing Supplement regulatory

"Pricing Supplement No. | 10602 Pricing Supplement Date | June 10, 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.

Offering Details

primary

Offering

Offering Type primary

FAQ

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

What did NRUC price on June 10, 2026?

NRUC priced a Medium‑Term Note of $1,750,000 on June 10, 2026. The note carries a fixed 3.96% annual interest rate and was issued at 100% of principal.

When does the NRUC note mature and how is interest paid?

The note matures on June 15, 2027. Interest is paid semiannually on January 15 and July 15, with record dates on January 1 and July 1 for each payment.

What is the original issue date and issue price for NRUC's note?

The original issue date is June 15, 2026 and the issue price is 100% of principal, meaning the notes were issued at par for the stated principal amount.

Who provided the legal opinion on the validity of these notes?

Legal counsel Hogan Lovells US LLP provided the opinion that, subject to usual insolvency and equitable-law exceptions, the notes will be valid obligations under District of Columbia and New York law.

What pricing supplement number and prospectus dates are referenced?

This pricing supplement is No. 10602 dated June 10, 2026, referencing a prospectus supplement dated October 27, 2023 and a base prospectus dated October 24, 2023.

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

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Accepted by SEC EDGAR 06/12/2026 - 02:33 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			June 10, 2026
Pricing Supplement No.			10602
Pricing Supplement Date			June 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,750,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 15, 2026
Maturity Date			June 15, 2027
Interest Rate			3.96% 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.