NRUC prices $2M Series D notes at 4.05% coupon

National Rural Utilities Cooperative Finance Corporation is offering $2,000,000 of Medium-Term Notes, Series D, with an interest rate of 4.05% per annum and an issue price of 100%.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering $2,000,000 of Medium-Term Notes, Series D, with an interest rate of 4.05% per annum and an issue price of 100%. The Trade Date is July 8, 2026, Original Issue Date is July 13, 2026, and the Maturity Date is June 15, 2027. Interest is payable each January 15 and July 15 with record dates each January 1 and July 1. The notes are not redeemable and no agents' commission is disclosed. Hogan Lovells US LLP delivered a legal opinion as to the notes' validity under specified laws.

Insights

Debt Capital Markets Analyst

Short-term medium-term notes priced at par with a fixed 4.05% coupon.

The offering lists $2,000,000 of Series D notes maturing June 15, 2027 and issued at 100% of principal. Interest payments occur semiannually on January 15 and July 15.

Legal counsel provided a standard validity opinion under the District of Columbia and New York laws. Cashflow treatment and distribution mechanics are those implied by the pricing supplement; timing and placement details beyond the trade and issue dates are not specified in the excerpt.

Key Figures

Principal Amount: $2,000,000.00 Interest Rate: 4.05% per annum Issue Price: 100% of Principal Amount +4 more

7 metrics

Principal Amount $2,000,000.00 Series D Medium-Term Notes

Interest Rate 4.05% per annum fixed coupon on Series D

Issue Price 100% of Principal Amount Original issuance terms

Trade Date July 8, 2026 pricing supplement trade date

Original Issue Date July 13, 2026 date notes are originally issued

Maturity Date June 15, 2027 final maturity of Series D notes

Agents Commission None sales commission for agents

Key Terms

Medium-Term Note, Pricing Supplement, Indenture, Record Dates, +1 more

5 terms

Medium-Term Note financial

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

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. | 10613 Pricing Supplement Date | July 8, 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.

Record Dates financial

"Regular Record Dates | Each January 1 and July 1"

A record date is the specific day a company uses as a snapshot to determine which shareholders are officially entitled to a corporate action — for example receiving a dividend, voting at a meeting, or getting rights in an offering. Think of it like a classroom roll call: only the people listed at that moment qualify, so investors must own shares before related cutoff dates to be included, making it important for timing trades and income planning.

Redemption Date financial

"Redemption Date | None"

The redemption date is the specific day when a debt-like security (such as a bond, preferred share, or certificate) must be repaid by the issuer and the investor receives the principal plus any final interest or dividends. It matters to investors because it tells when cash will return, shapes the effective return and price of the security, and creates reinvestment and timing considerations—like knowing when a loan is due so you can plan what to do with the returned money.

FAQ

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

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

The notes are $2,000,000 at 4.05% interest, issued at 100% with maturity on June 15, 2027. Interest is paid semiannually on January 15 and July 15, with record dates on January 1 and July 1.

When were the Series D notes traded and issued for NRUC?

The Trade Date is July 8, 2026 and the Original Issue Date is July 13, 2026. These dates are the only timing anchors provided in the pricing supplement excerpt.

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

No. The pricing supplement states the Redemption Date is None. The excerpt does not describe any call or redemption features beyond that statement.

Will agents receive sales commissions on the Series D notes?

The supplement states Agents Commission: None. The excerpt therefore indicates no commission is payable to agents for this issuance.

What law underpins the counsel opinion on the notes' validity?

Hogan Lovells US LLP based its opinion on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as currently in effect, per the excerpt.

How often will interest be recorded and paid on these notes?

Record dates are each January 1 and July 1, with interest payment dates each January 15 and July 15. This establishes semiannual interest accrual and payment.

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

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Accepted by SEC EDGAR 07/09/2026 - 01:31 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			July 8, 2026
Pricing Supplement No.			10613
Pricing Supplement Date			July 8, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 13, 2026
Maturity Date			June 15, 2027
Interest Rate			4.05% 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.