NRUC prices $1.00M Medium‑Term Note (NRUC) maturing Mar 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a $1,000,000 Medium‑Term Note, Series D, with an original issue date of March 15, 2026 and a maturity date of March 15, 2027. The note carries a stated interest rate of 3.64% per annum and was issued at 100% of principal.

Interest is payable each January 15 and July 15 with regular record dates of January 1 and July 1. The pricing supplement lists no redemption date and no agents’ commission. Legal counsel Hogan Lovells US LLP rendered an opinion as to the validity of the note subject to customary insolvency and equitable-law qualifications.

Insights

Debt Capital Markets Specialist

Short-term funding via a one‑year medium‑term note at a fixed 3.64%.

National Rural Utilities Cooperative Finance Corporation issued a $1,000,000 Medium‑Term Note due March 15, 2027, priced at par. The fixed 3.64% coupon and semiannual interest dates are consistent with straightforward short‑term debt issuance for liquidity or working capital.

Timing and scale imply limited market impact; cash‑flow treatment and intended use of proceeds are not stated in the excerpt. Subsequent disclosures may specify placement details or purchaser identity.

Securities & Regulatory Counsel

Validity opinion issued with standard bankruptcy and equitable‑remedy qualifications.

Hogan Lovells US LLP provided a legal opinion that the notes will be valid and binding obligations following receipt of consideration and required issuance steps, subject to insolvency laws and equitable principles. The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law.

Investors should note the opinion’s customary qualifications and that the pricing supplement states no agents’ commission and lists procedural conditions for validity.

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.			10516
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			March 15, 2027
Interest Rate			3.64% 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.

FAQ

What security did NRUC issue in this pricing supplement?

NRUC issued a $1,000,000 Medium‑Term Note, Series D. The note was priced at 100% of principal with an original issue date of March 15, 2026 and matures on March 15, 2027.

What is the interest rate and payment schedule for NRUC's note?

The note carries a fixed interest rate of 3.64% per annum. Interest is payable semiannually on January 15 and July 15, with record dates on January 1 and July 1.

Was there a commission or redemption option for the Series D note?

The pricing supplement states no agents’ commission and explicitly lists none for the redemption date. The document shows the note has no redemption date in the excerpt provided.

What legal opinion was provided for the notes?

Hogan Lovells US LLP opined the notes will be valid obligations following payment and issuance steps, subject to bankruptcy, insolvency and equitable‑remedy qualifications and under specified District of Columbia and New York laws.

When were the trade date and pricing supplement dated?

The pricing supplement and trade date are both listed as March 11, 2026, with the prospectus supplement dated October 27, 2023 and base prospectus dated October 24, 2023.