NRUC (NRUC) issues $10M nine‑month note at 3.62% fixed rate

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) is offering $10,000,000 principal amount of Medium-Term Notes, Series D, at an issue price of 100%, with an original issue date of March 15, 2026 and a maturity date of January 15, 2027. The notes bear interest at 3.62% per annum payable each January 15 and July 15, with regular record dates each January 1 and July 1. The pricing supplement is dated March 11, 2026, and counsel Hogan Lovells US LLP rendered a validity opinion subject to customary insolvency and equitable principles.

Insights

Debt Markets Strategist

Short-term note issuance priced at fixed 3.62% for a nine-month tenor.

The offering lists a $10,000,000 principal amount of Medium-Term Notes due January 15, 2027, issued at 100%. This is a straightforward fixed-rate note with semiannual interest payments on January 15 and July 15.

Sale timing and investor demand will determine distribution; the pricing supplement lists no agents' commission and a clear issue date of March 15, 2026. Subsequent disclosure of final placement or underwriting terms would appear in follow-up filings.

Securities Counsel

Legal opinion confirms the notes will be valid obligations subject to standard insolvency and equitable limitations.

Counsel from Hogan Lovells US LLP opines that, upon receipt of consideration and proper issuance steps, the notes will be binding obligations under the indenture, with governing law references to the District of Columbia and New York.

The opinion preserves customary qualifiers—bankruptcy, fraudulent conveyance law and equitable defenses—and thus reflects standard legal risk language for debt issuance.

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

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Accepted by SEC EDGAR 03/13/2026 - 10:37 AM Learn about SEC filing dates

FAQ

What securities did NRUC (NRUC) register in this pricing supplement?

The supplement registers $10,000,000 principal amount of Medium-Term Notes, Series D, with an original issue date of March 15, 2026 and maturity on January 15, 2027.

What is the interest rate and payment schedule for NRUC's notes?

The notes bear interest at 3.62% per annum, with interest payment dates each January 15 and July 15, and regular record dates on January 1 and July 1.

At what price were NRUC's Medium-Term Notes offered?

The pricing supplement states an issue price of 100% of principal for the $10,000,000 issuance, indicating par issuance on the original issue date of March 15, 2026.

Who provided the legal opinion on the validity of NRUC's notes?

Hogan Lovells US LLP provided the validity opinion, stating the notes will be binding obligations subject to bankruptcy and equitable law, citing District of Columbia and New York law.

Are there any agents' commissions or redemption features disclosed for NRUC's notes?

The supplement shows Agents Commission: None and lists Redemption Date: None, indicating no agent fee and no scheduled redemption in the pricing supplement.

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.			10509
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$10,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.62% 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.