NRUC prices $300M floating-rate notes

National Rural Utilities Cooperative Finance Corporation priced $300,000,000 of Floating Rate Medium-Term Notes, Series D, at 100% of principal with an original issue date of June 1, 2026 and a maturity date of December 3, 2027.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $300,000,000 of Floating Rate Medium-Term Notes, Series D, at 100% of principal with an original issue date of June 1, 2026 and a maturity date of December 3, 2027. The notes pay interest quarterly based on Compounded SOFR + 55 basis points, with interest payment dates each March 3, June 3, September 3 and December 3 commencing September 3, 2026.

The trade date is May 11, 2026 and expected settlement is June 1, 2026 on a T+14 basis. Agent’s commission is 0.085% and the notes will be issued in book-entry form. The supplement includes an updated United Kingdom selling restriction referencing the UK PRIIPs Regulation.

Insights

Debt Capital Markets Attorney

Pricing supplement confirms terms, settlement mechanics, and UK selling limits.

The supplement formalizes the $300,000,000 Series D note terms: Compounded SOFR +55 bps, 100% issue price, June 1, 2026 original issue date and December 3, 2027 maturity. It also revises the Prospectus Supplement's UK selling restrictions to reference the UK PRIIPs Regulation.

Legal opinions and validity are tied to receipt of consideration and proper execution; standard insolvency and equitable-law qualifications are preserved. Settlement logistics note a T+14 cycle, which may affect secondary-trade settlement mechanics prior to the first business day before settlement.

Fixed-Income Structuring Analyst

Short-dated floating issue at a modest spread, standard quarterly resets.

The notes are a nine-to-eighteen month floating-rate instrument resetting quarterly using Compounded SOFR plus 55 basis points, with coupon payments beginning September 3, 2026. The issue price is 100% and maturity falls on December 3, 2027.

Investors should note the T+14 settlement convention and the small agent commission of 0.085%. Cash-flow treatment for secondary trades before the first business day prior to settlement is a practical consideration for trading desks.

Key Figures

Principal Amount: $300,000,000 Issue Price: 100% of Principal Amount Original Issue Date: June 1, 2026 +5 more

8 metrics

Principal Amount $300,000,000 Issue of Medium-Term Notes, Series D

Issue Price 100% of Principal Amount Original issue price

Original Issue Date June 1, 2026 Settlement/delivery date

Maturity Date December 3, 2027 Note maturity

Spread 55 basis points Compounded SOFR + spread

Agent’s Commission 0.085% Mizuho Securities USA LLC acting as agent

Trade Date May 11, 2026 Pricing trade date

Settlement Date June 1, 2026 Expected settlement (T+14)

Key Terms

Compounded SOFR, T+14, UK PRIIPs Regulation, Book-Entry

4 terms

Compounded SOFR financial

"Floating rate based on Compounded SOFR, calculated and reset quarterly"

Compounded SOFR is an interest rate benchmark calculated by taking the daily Secured Overnight Financing Rate (SOFR) values over a set period and combining them to produce a single effective interest rate for that period. Think of it like rolling up many tiny daily interest charges into one total bill for the month or quarter; it determines the actual interest owed on floating-rate loans, bonds, and derivatives. Investors care because it directly affects borrowing costs, cash flows and the value of interest-sensitive securities, and it is widely used as a replacement for older benchmark rates.

T+14 market

"Expected that delivery of the notes will be made against payment therefor on or about June 1, 2026 which is the fourteenth trading day"

UK PRIIPs Regulation regulatory

"No key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law"

Book-Entry financial

"Form of Note: Book-Entry"

A book-entry is an electronic record that shows who legally owns a share, bond or other security instead of a paper certificate. Think of it like a bank ledger entry that tracks ownership and transfers; it makes buying, selling, dividend payments and ownership checks faster, cheaper and less risky for investors because nothing physical needs to be moved or stored.

FAQ

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

What are the key terms of NRUC's Series D notes?

The Series D notes total $300,000,000, priced at 100%, original issue date June 1, 2026, maturing December 3, 2027. Interest resets quarterly at Compounded SOFR +55 bps with payments each March, June, September and December.

When will NRUC's Series D notes settle and how does T+14 affect trading?

Expected settlement is June 1, 2026 on a T+14 basis from the May 11 trade date. Secondary trades before the first business day prior to settlement may require alternative settlement cycles to avoid failed settlement.

What is the interest payment schedule for the NRUC floating-rate notes?

Interest will be paid quarterly on each March 3, June 3, September 3 and December 3, commencing September 3, 2026. The rate is based on Compounded SOFR with a spread of 55 basis points and Actual/360 day count.

Are there any selling restrictions noted in the pricing supplement?

Yes. The supplement replaces the UK selling restriction language and states the notes are not to be offered to UK retail investors because no UK PRIIPs key information document has been prepared, citing relevant UK regulatory provisions.

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

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Accepted by SEC EDGAR 05/11/2026 - 02:55 PM Learn about SEC filing dates

Rule 424 (b) (3)

Registration No. 333-275151
CUSIP #: 63743H GG1

TRADE DATE: May 11, 2026
SETTLEMENT DATE: June 1, 2026

PRICING SUPPLEMENT NO. D1034 DATED May 11, 2026

TO PROSPECTUS SUPPLEMENT DATED October 27, 2023
AS SUPPLEMENTED BY THE SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED January 28, 2026
AND BASE PROSPECTUS DATED October 24, 2023

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

With Maturities of Nine Months or More from Date of Issue

Floating Rate Notes

Principal Amount:		$300,000,000
Issue Price:		100% of Principal Amount
Original Issue Date:		June 1, 2026
Maturity Date:		December 3, 2027
Interest Rate Basis:		Floating rate based on Compounded SOFR, calculated and reset quarterly
Spread:		Plus 55 basis points
Interest Payment Dates:		Each March 3, June 3, September 3 and December 3, commencing September 3, 2026
Interest Payment Date Convention:		Modified Following Business Day, Adjusted
Day Count:		Actual/360
Payment at Maturity:		The payment at maturity will be 100% of the Principal Amount plus accrued and unpaid interest, if any
Agent’s Discount or Commission:		0.085%
Agent:		Mizuho Securities USA LLC
Capacity:		Principal
Form of Note:		Book-Entry
(Book-Entry or Certificated)

Other Terms:

The following replaces and supersedes the text under the heading “Plan of Distribution (Conflicts of Interest) – Selling Restrictions – United Kingdom” contained in the Company's Prospectus Supplement dated October 27, 2023.

United Kingdom

The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (“UK”). For these purposes, a retail investor means a person who is neither: (i) a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the “EUWA”); nor (ii) a qualified investor as defined in (a) Article 2 of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the EUWA and as amended or (b) paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

It is expected that delivery of the notes will be made against payment therefor on or about June 1, 2026 which is the fourteenth trading day following the date hereof (such settlement cycle being referred to as T+14). Purchasers of notes should note that the ability to settle secondary market trades of the notes effected prior to the first business day before the settlement date may be affected by the T+14 settlement. Accordingly, purchasers who wish to trade the notes prior to the first business day before the settlement date will be required to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own legal advisors.

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.