NRUC offers $500K Medium‑Term Note at 4.35%

National Rural Utilities Cooperative Finance Corporation (NRUC) priced a primary offering of Medium-Term Notes.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) priced a primary offering of Medium-Term Notes. The pricing supplement shows a $500,000 principal amount issued at 100% of principal with an interest rate of 4.35% per annum. The notes have an original issue date of June 17, 2026 and mature on June 15, 2028. Interest is payable each January 15 and July 15 with regular record dates on January 1 and July 1.

Insights

Debt Capital Markets Analyst

Small, short-dated note issuance at a fixed 4.35% coupon.

The pricing supplement documents a $500,000 Medium-Term Note sold at par with a 4.35% fixed coupon and a June 15, 2028 maturity. Payment dates are semiannual on January 15 and July 15.

Timing and proceeds treatment are not detailed in the excerpt; subsequent filings or offering documents may state how proceeds will be used or allocated.

Key Figures

Principal Amount: $500,000 Issue Price: 100% of Principal Amount Interest Rate: 4.35% per annum +3 more

6 metrics

Principal Amount $500,000 Principal amount per pricing supplement

Issue Price 100% of Principal Amount Issue price shown in pricing table

Interest Rate 4.35% per annum Fixed coupon stated in pricing supplement

Original Issue Date June 17, 2026 Original issue date in pricing table

Maturity Date June 15, 2028 Maturity date in pricing table

Interest Payment Dates Each January 15 and July 15 Payment schedule from pricing supplement

Key Terms

Medium-Term Note, Pricing Supplement, Indenture

3 terms

Medium-Term Note financial

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

A medium-term note is a debt instrument—an IOU—issued by a company or government to borrow money for a period longer than a short loan but shorter than a long-term bond, typically about one to ten years. It matters to investors because it offers predictable interest income with a balance between higher yields than short-term paper and lower interest-rate sensitivity than long bonds, so it’s often used to tune income, risk and timing in a portfolio.

Pricing Supplement regulatory

"Pricing Supplement No. | 10605 Pricing Supplement Date | June 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

"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.

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 note?

The note has a $500,000 principal amount issued at 100%, a 4.35% per annum fixed interest rate, original issue date June 17, 2026, and maturity on June 15, 2028. Interest pays each January 15 and July 15.

When does NRUC pay interest on these notes?

Interest on the notes is payable semiannually on January 15 and July 15. Regular record dates for interest are each January 1 and July 1, as stated in the pricing supplement.

What was the issue price and principal amount for NRUC's pricing supplement?

The pricing supplement lists a principal amount of $500,000 issued at an issue price of 100% of principal. The original issue date shown is June 17, 2026.

Does the pricing supplement allow early redemption on these notes?

The excerpt states a Redemption Date: None, indicating no scheduled redemption feature is shown in the provided table. Other redemption provisions, if any, are not included in this excerpt.

What legal opinion is provided for the validity of the notes?

Counsel Hogan Lovells US LLP opines that, subject to specified conditions and usual bankruptcy and equity law exceptions, the notes will constitute valid and binding obligations following receipt of consideration and proper issuance.

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

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Accepted by SEC EDGAR 06/15/2026 - 12:14 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			June 12, 2026
Pricing Supplement No.			10605
Pricing Supplement Date			June 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 17, 2026
Maturity Date			June 15, 2028
Interest Rate			4.35% 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.