NRUC (NRUC) prices $5.0M Series D one‑year note at 3.64% coupon

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $5,000,000 of Medium-Term Notes, Series D at 100% of principal on Trade Date March 11, 2026, with an Original Issue Date of March 15, 2026 and a Maturity Date of March 15, 2027. The notes carry an interest rate of 3.64% per annum, pay interest each January 15 and July 15 (record dates January 1 and July 1), and have no scheduled redemption date.

The pricing supplement is dated March 11, 2026 and references a Prospectus Supplement dated October 27, 2023 and a Base Prospectus dated October 24, 2023. Counsel Hogan Lovells US LLP provided a validity opinion conditioned on receipt of payment and standard insolvency and equitable-law limitations.

Insights

Debt Capital Markets Analyst

$5.0M one‑year note priced at 3.64%; standard contractual mechanics.

The document shows a $5,000,000 Series D medium‑term note issued at par with a 3.64% coupon and a one‑year stated tenor from March 15, 2026 to March 15, 2027. Interest dates are fixed semiannually with no agent commission.

The pricing supplement cross‑references an October 2023 prospectus and includes a counsel opinion limited by typical bankruptcy and equitable‑remedy exceptions; cash‑flow treatment indicates proceeds are received upon issuance as implied by the stated principal and issue price.

Securities Counsel

Validity opinion attached; subject to statutory and equitable limits.

The excerpt contains Hogan Lovells US LLP's opinion that the notes will be valid obligations after receipt of consideration and proper execution, authentication and delivery under the indenture and distribution agreements. The opinion expressly preserves limitations for bankruptcy, insolvency and equitable principles.

Investors and counterparties should note the opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law as governing legal bases.

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

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Accepted by SEC EDGAR 03/13/2026 - 02:16 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			March 11, 2026
Pricing Supplement No.			10497
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$5,000,000.00
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.