National Rural Utilities CFC (NRUC) prices $1.0M note at 3.64% due Mar 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note, Series D for $1,000,000.00 at 100% of principal. The note bears interest at 3.64% per annum, has an original issue date of March 15, 2026 and matures on March 15, 2027.

Interest is payable each January 15 and July 15, with record dates on January 1 and July 1. The pricing supplement lists no agents' commission and states there is no redemption date. Counsel opined the notes will be valid and binding obligations, subject to customary legal limitations.

Insights

Debt Capital Markets Analyst

Short-term fixed-rate note issued at par with semiannual interest.

The issuance is a $1,000,000 medium-term note at 3.64%, maturing March 15, 2027. Pricing at 100% indicates the notes were sold at par and carry regular semiannual interest payments on January 15 and July 15.

Credit implications depend on broader funding program activity and balance sheet size; this single-note size is modest. Subsequent filings may disclose placement method and purchaser details that clarify near-term funding effects.

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.			10503
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 did NRUC issue in this pricing supplement?

NRUC issued a Medium-Term Note, Series D for $1,000,000.00 at 100% of principal. The note matures on March 15, 2027 and carries an interest rate of 3.64% per annum.

When will interest on NRUC's Series D note be paid?

Interest is payable semiannually on January 15 and July 15. Regular record dates for interest are January 1 and July 1, per the pricing supplement.

What is the issue price and original issue date for the note?

The note was issued at 100% of principal with an original issue date of March 15, 2026. The prospectus and pricing supplement list the trade and pricing dates as March 11, 2026.

Is the Series D note redeemable before maturity?

The pricing supplement states there is no redemption date for the Series D note. Therefore, it is not listed as redeemable prior to its maturity on March 15, 2027.

Did the pricing supplement disclose underwriting or agents' commissions?

The supplement lists no agents' commission. It shows the principal amount, issue price, interest rate, and payment schedule without an agent commission amount.