National Rural Utilities 3.98% note due May 2027

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $250,000.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $250,000. The note is priced at 100% of principal, carries a 3.98% annual interest rate, and will be issued on July 15, 2026, maturing on May 15, 2027. Interest is payable on January 15 and July 15, to holders of record on January 1 and July 1. The note is not subject to redemption, and no selling commission to agents is listed. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery under the applicable indenture, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy and equitable principles.

Filing Explained

The filing schedules a $250,000 debt issuance for July 15, 2026, adding a company payment obligation without a disclosed common-share issuance.

The July 10 424B3 filing discloses a priced Medium-Term Note, Series D with a $250,000 principal amount and a scheduled July 15, 2026 original issue date, so the filing documents a scheduled note transaction whose issuance is not shown as completed and that would add a company payment obligation if issued.

The note would bear 3.98% annual interest, be issued at 100% of principal, pay interest on January 15 and July 15, and mature on May 15, 2027; the filing lists no redemption date and no agent commission. The company’s counsel says the note will be a valid and binding company obligation only after consideration is received and the note is executed, authenticated, issued, and delivered against payment.

This is a disclosed debt obligation rather than a disclosed share issuance: the filing does not state an increase in common shares, so the supplied dilution definition does not describe the disclosed mechanics. The principal is $250,000, compared with $240,687,000 of cash and equivalents reported for the quarter ended February 28, 2026.

The specific status item is whether the scheduled original issuance occurs on July 15, 2026; the stated maturity is May 15, 2027.

Key Figures

Principal Amount: $250,000 Interest Rate: 3.98% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $250,000 Medium-Term Note, Series D

Interest Rate 3.98% per annum Coupon on Medium-Term Note, Series D

Issue Price 100% of Principal Amount Pricing of the Medium-Term Note

Original Issue Date July 15, 2026 Start date for the Medium-Term Note

Maturity Date May 15, 2027 Date principal is due for repayment

Trade Date July 10, 2026 Trade date for the Medium-Term Note

Key Terms

Medium-Term Notes, indenture, fraudulent conveyances, valid and binding obligations

4 terms

Medium-Term Notes financial

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

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

indenture financial

"delivery of the notes pursuant to the terms of the indenture and the applicable"

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.

fraudulent conveyances regulatory

"including, without limitation, the effect of statutory and other law regarding fraudulent conveyances"

valid and binding obligations financial

"the notes offered by this pricing supplement will constitute valid and binding obligations"

Offering Details

shelf

Offering

Offering Type shelf

FAQ

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

What are the key terms of National Rural Utilities (NRUC) Medium-Term Note Series D?

The Series D Medium-Term Note has a $250,000 principal amount, a 3.98% annual interest rate, is issued at 100% of principal, and matures on May 15, 2027, with semiannual interest payments.

When do interest payments occur on NRUC’s 3.98% Medium-Term Note?

Interest on the note is paid semiannually on January 15 and July 15. Holders of record on January 1 and July 1 are entitled to these interest payments during the life of the note.

What is the maturity date for NRUC’s $250,000 Medium-Term Note (NRUC)?

The Medium-Term Note with a $250,000 principal amount matures on May 15, 2027. It is due more than nine months from the original issue date of July 15, 2026, consistent with its Medium-Term Note classification.

Is the NRUC Medium-Term Note callable before maturity?

The note has no redemption date specified, indicating it is not callable prior to its scheduled maturity on May 15, 2027. Investors therefore can expect repayment of principal at maturity, absent default.

What does counsel say about the validity of NRUC’s Medium-Term Note?

Hogan Lovells US LLP opines that, after proper authorization, execution, authentication and delivery under the indenture, the notes will be valid and binding obligations, subject to usual bankruptcy and equitable law limitations.

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

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Accepted by SEC EDGAR 07/13/2026 - 03:05 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			July 10, 2026
Pricing Supplement No.			10621
Pricing Supplement Date			July 10, 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			July 15, 2026
Maturity Date			May 15, 2027
Interest Rate			3.98% 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.