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  4. [424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

NRUC (NRUC) issues $5M Series D note due Apr 15, 2027 at 3.84%

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a $5,000,000 Medium‑Term Note, Series D. The notes, issued at 100% of principal, bear interest at 3.84% per annum, have an original issue date of June 15, 2026 and mature on April 15, 2027.

The pricing supplement lists semiannual interest payments each January 15 and July 15, regular record dates of January 1 and July 1, and no scheduled redemption date.

Positive

  • None.

Negative

  • None.

Insights

Short‑term note issuance at a fixed 3.84% for June 15, 2026 issue.

The Series D Medium‑Term Note lists a $5,000,000 principal amount issued at 100% with a April 15, 2027 maturity, indicating a sub‑one‑year funding tenor. Coupon and payment dates are standard semiannual terms.

Credit and liquidity implications depend on broader funding program activity and balance sheet context; timing and proceeds treatment are stated in the supplement and not expanded here.

Opinion confirms notes will be valid obligations subject to customary insolvency and equitable defenses.

Counsel (Hogan Lovells US LLP) states the notes will constitute valid and binding obligations upon receipt of consideration and proper issuance under the indenture, subject to bankruptcy and equitable principles.

The opinion is based on the District of Columbia General Cooperative Association Act of 2010 and New York law; specific enforcement risks are limited to those legal doctrines.

Principal Amount $5,000,000.00 Principal Amount listed in pricing supplement
Interest Rate 3.84% per annum Fixed coupon for Series D
Issue Price 100% of Principal Amount Pricing Supplement issue price
Original Issue Date June 15, 2026 Original issue date stated in supplement
Maturity Date April 15, 2027 Maturity date for Series D notes
Interest Payment Dates January 15 and July 15 Semiannual interest payment schedule
Medium‑Term Note financial
"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"
Pricing Supplement regulatory
"Pricing Supplement No. | 10591 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.
Indenture legal
"due execution, authentication, 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.
Validity Opinion legal
"In the opinion of Hogan Lovells US LLP, as counsel to the Company, ... the notes offered by this pricing supplement will constitute valid and binding obligations"

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

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FAQ

What is the size and term of NRUC's Series D Medium‑Term Note?
The offering size is $5,000,000 in principal with an original issue date of June 15, 2026. The notes mature on April 15, 2027, giving a term of less than one year.

What interest rate and payment schedule apply to the Series D notes?
The notes carry a fixed interest rate of 3.84% per annum. Interest is payable semiannually on January 15 and July 15, with record dates of January 1 and July 1.

At what price were the Series D notes issued?
The notes were issued at 100% of principal amount, i.e., par. The pricing supplement lists an issue price equal to the principal amount of $5,000,000.00.

Is there a scheduled redemption for the Series D notes?
The pricing supplement states there is no redemption date for these notes. The document lists Redemption Date: None, indicating no issuer call feature is provided in this 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 DateJune 10, 2026
Pricing Supplement No. 10591
Pricing Supplement DateJune 10, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$5,000,000.00
Issue Price100% of Principal Amount
Original Issue DateJune 15, 2026
Maturity DateApril 15, 2027
Interest Rate3.84% per annum
Regular Record DatesEach January 1 and July 1
Interest Payment DatesEach January 15 and July 15
Redemption DateNone
Agents Commission None
Form of Note: (Book-Entry or Certificated)
Certificated
Other TermsNone
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.

Source: View Original Filing on SEC EDGAR