NRUC prices $300K Series D note at 4.07% coupon

National Rural Utilities Cooperative Finance Corporation is offering Medium-Term Notes, Series D with a principal amount of $300,000.00 under a pricing supplement dated May 12, 2026.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering Medium-Term Notes, Series D with a principal amount of $300,000.00 under a pricing supplement dated May 12, 2026. The notes price at 100% of principal, bear interest at 4.07% per annum, and have an original issue date of May 15, 2026 with a maturity date of November 15, 2027.

The supplement lists regular record dates of January 1 and July 1, interest payment dates of January 15 and July 15, and states there is no redemption date and no agents' commission. Legal opinion on validity is provided by Hogan Lovells US LLP.

Insights

Debt Capital Markets Analyst

Short-term note issuance with fixed 4.07% coupon and defined maturity.

The pricing supplement documents a discrete issuance of Medium-Term Notes with a $300,000.00 principal amount, issued at par on May 15, 2026, maturing on November 15, 2027

Key dependencies include the indenture mechanics and receipt of consideration; cash-flow treatment and proceeds use are not stated in the excerpt. Subsequent filings may provide distribution or use-of-proceeds details.

Securities/Legal Counsel (Debt Issuances)

Standard legal comfort and enforceability carve-outs are included.

The counsel opinion by Hogan Lovells US LLP conditions validity on receipt of consideration and proper execution under the indenture, and preserves common exceptions for insolvency, equity principles, and applicable state laws.

Investors should note the opinion references the District of Columbia General Cooperative Association Act of 2010 and New York law as governing; the supplement does not attach unusual legal qualifications.

Key Figures

Principal Amount: $300,000.00 Issue Price: 100% of Principal Amount Interest Rate: 4.07% per annum +3 more

6 metrics

Principal Amount $300,000.00 Principal amount of Series D notes

Issue Price 100% of Principal Amount Pricing supplement states issue price

Interest Rate 4.07% per annum Stated coupon rate for the notes

Original Issue Date May 15, 2026 Date of original issuance

Maturity Date November 15, 2027 Stated maturity date

Trade Date May 12, 2026 Trade date shown on pricing supplement

Key Terms

Medium-Term Notes, Pricing Supplement, Indenture, Agents Commission

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.

Pricing Supplement regulatory

"Pricing Supplement No.| 10560 Pricing Supplement Date | May 12, 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 legal

"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.

Agents Commission financial

"Agents Commission | None"

Offering Details

primary

Offering

Offering Type primary

FAQ

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

What are the key terms of NRUC's Medium-Term Notes Series D?

The Series D notes have a $300,000.00 principal amount, issued at 100%, with a 4.07% per annum interest rate, original issue date May 15, 2026, and maturity November 15, 2027. Interest dates are January 15 and July 15.

When are interest record and payment dates for the Series D notes?

Regular record dates are January 1 and July 1. Interest is payable on January 15 and July 15. These dates govern holder entitlement to interest payments for the notes.

What is the issue price and are there agent commissions for these notes?

The notes are offered at an issue price of 100% of principal and the pricing supplement states Agents Commission: None, indicating no selling commission listed in this excerpt.

Does the pricing supplement allow redemption of the Series D notes?

The supplement shows Redemption Date: None, indicating the notes as described do not include a scheduled redemption feature prior to maturity on November 15, 2027.

Which laws and counsel opinions support the validity of these notes?

Legal opinion is provided by Hogan Lovells US LLP, based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York; standard exceptions for insolvency and equitable principles are preserved.

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

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Accepted by SEC EDGAR 05/14/2026 - 11:37 AM 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			May 12, 2026
Pricing Supplement No.			10560
Pricing Supplement Date			May 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$300,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 15, 2026
Maturity Date			November 15, 2027
Interest Rate			4.07% 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.