National Rural Utilities CFC (NRUC) prices $250K 3.62% notes due Jan 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes, Series D, with a principal amount of $250,000 at an issue price of 100%. The notes bear interest at 3.62% per annum, have an original issue date of March 15, 2026 and mature on January 15, 2027. Payment dates are each January 15 and July 15, with regular record dates each January 1 and July 1. The pricing supplement states a Redemption Date: None, and counsel's opinion ties validity to receipt of consideration and due execution and delivery under the indenture and related agreements.

Insights

Debt Capital Markets Analyst

Short-term note issuance: $250,000 of nine-month notes at 3.62%.

The transaction is a primary issuance of Medium-Term Notes with a $250,000 principal amount and an interest rate of 3.62%, maturing on January 15, 2027. The issue price is stated as 100% of principal.

Cash‑flow treatment is that the issuer receives proceeds upon execution; the pricing supplement conditions validity on receipt of consideration and proper execution, authentication, issuance and delivery under the indenture and applicable agreements.

Securities & Regulatory Counsel

Legal opinion limits keyed to insolvency and equitable defenses.

Counsel from Hogan Lovells US LLP opines the notes will be valid and binding upon receipt of consideration and completion of issuance mechanics, subject to bankruptcy, insolvency and other creditor‑remedy laws and equitable defenses.

Investors should note the opinion relies on the District of Columbia General Cooperative Association Act of 2010 and New York law; the pricing supplement preserves those legal qualifications verbatim.

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

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Accepted by SEC EDGAR 03/13/2026 - 09:56 AM Learn about SEC filing dates

FAQ

What did NRUC issue in this pricing supplement?

NRUC issued Medium-Term Notes, Series D, with a principal amount of $250,000 at an issue price of 100%. The notes carry a 3.62% per annum coupon and mature on January 15, 2027.

When are interest payments and record dates for NRUC's notes?

Interest is payable each January 15 and July 15, with regular record dates each January 1 and July 1. The original issue date is March 15, 2026.

Is there a redemption feature for these NRUC notes?

The pricing supplement lists the Redemption Date as None, indicating no scheduled issuer redemption date is included in the supplement for these notes.

What legal conditions accompany the validity of the notes?

Counsel's opinion states the notes will be valid and binding upon receipt of consideration and proper execution, authentication, issuance and delivery, subject to bankruptcy, insolvency and equitable defenses and certain state law qualifications.

Who receives the proceeds from this offering?

This pricing supplement describes a primary issuance by NRUC; the issuer receives offering proceeds upon payment and completion of the execution and delivery steps described in the 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 Date			March 11, 2026
Pricing Supplement No.			10505
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.62% 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.