NRUC (NRUC) issues $265,000 medium-term note, 4.35% coupon

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note offering for $265,000 in principal with an issue price of 100%. The notes carry an interest rate of 4.35% per annum, have an original issue date of June 15, 2026 and mature on June 15, 2028

The pricing supplement is dated June 10, 2026 and the prospectus supplement cited is dated October 27, 2023. The offering lists no agents commission and specifies regular record and interest payment dates in January and July.

Insights

Debt Capital Markets Analyst

Short-term medium-term note issuance: modest size, fixed coupon.

The issuance is a $265,000 principal note maturing in June 2028 with a fixed 4.35% coupon. The issue price of 100% implies par issuance; pricing and tenor indicate straightforward short-duration funding.

Investor interest will depend on relative yield versus comparable-duration credit; subsequent disclosures may show placement details and purchaser types.

Securities & Finance Counsel

Standard legal opinion and issuance mechanics are documented.

Opinion from Hogan Lovells US LLP states the notes will be valid obligations upon receipt of consideration and proper execution under the indenture, subject to bankruptcy and equitable defenses. The opinion cites governing law in the District of Columbia and New York.

Legal qualifiers include bankruptcy and equitable remedies; closings and payment mechanics are tied to indenture and underwriting/agency agreements.

Key Figures

Principal Amount: $265,000 Interest Rate: 4.35% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $265,000 principal amount of the Medium-Term Note

Interest Rate 4.35% per annum fixed coupon stated in pricing supplement

Issue Price 100% of Principal Amount pricing supplement line item

Original Issue Date June 15, 2026 original issue date stated in the supplement

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

Pricing Supplement Date June 10, 2026 trade and pricing supplement date

Key Terms

pricing supplement, indenture, prospectus supplement, Medium-Term Note

4 terms

pricing supplement regulatory

"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 financial

"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.

prospectus supplement regulatory

"Prospectus Supplement Date | October 27, 2023"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

Medium-Term Note financial

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

A medium-term note is a debt instrument—an IOU—issued by a company or government to borrow money for a period longer than a short loan but shorter than a long-term bond, typically about one to ten years. It matters to investors because it offers predictable interest income with a balance between higher yields than short-term paper and lower interest-rate sensitivity than long bonds, so it’s often used to tune income, risk and timing in a portfolio.

Offering Details

primary

Offering

Offering Type primary

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

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Available on EDGAR 06/12/2026 - 01:49 PM Accepted by SEC EDGAR 06/12/2026 - 01:48 PM Learn about SEC filing dates

FAQ

What are the key terms of NRUC's medium-term note offering?

The offering is for $265,000 principal at an issue price of 100% with a fixed coupon of 4.35% per annum, original issue date June 15, 2026 and maturity June 15, 2028.

When will interest be paid on the NRUC notes?

Interest payments are scheduled each January 15 and July 15, with regular record dates on January 1 and July 1, as stated in the pricing supplement dated June 10, 2026.

Does NRUC pay agents commissions for this offering?

The pricing supplement lists no agents commission for this issuance. The supplement also indicates the issue price is 100% of principal and lists standard distribution mechanics.

What legal assurances accompany the NRUC note issuance?

Counsel opinion from Hogan Lovells US LLP states the notes will be valid obligations upon receipt of consideration and proper execution under the indenture, subject to bankruptcy and equitable defenses 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			June 10, 2026
Pricing Supplement No.			10590
Pricing Supplement Date			June 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$265,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 15, 2026
Maturity Date			June 15, 2028
Interest Rate			4.35% 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.