NRUC (NRUC) prices $100,000 note, 4.67% coupon, matures March 15, 2036

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note offering. The principal amount is $100,000.00 with an issue price of 100% and an interest rate of 4.67% per annum. The notes have an original issue date of March 16, 2026 and mature on March 15, 2036.

The pricing supplement identifies semiannual interest payments each January 15 and July 15 and regular record dates of January 1 and July 1. Counsel provided an opinion that, subject to standard insolvency and equitable-law exceptions, the notes will be valid obligations.

Insights

Debt Capital Markets Analyst

Standard medium-term note issuance with fixed coupon and 10-year tenor.

The pricing supplement shows a principal of $100,000.00, issue price 100%, and a fixed coupon of 4.67% maturing on March 15, 2036. These terms describe a straightforward debt tranche issued under the base prospectus.

Funding cadence, investor allocation, and distribution methods are not stated here; subsequent filings or confirmations will show underwriting or placement details and cash-flow recipients.

Securities Attorney

Legal opinion confirms enforceability subject to typical insolvency and equitable exceptions.

Counsel from Hogan Lovells US LLP opines the notes will be valid obligations following receipt of consideration and proper issuance, based on the District of Columbia and New York laws cited. The opinion preserves standard exceptions including bankruptcy and equitable defenses.

The opinion ties validity to receipt of payment and indenture procedures; closing mechanics and any conditions precedent are governed by the applicable resolutions and agreements referenced in the supplement.

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

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Accepted by SEC EDGAR 03/13/2026 - 10:02 AM Learn about SEC filing dates

FAQ

What did NRUC (NRUC) offer in this pricing supplement?

The supplement offered a Medium-Term Note with principal $100,000.00 and a fixed coupon of 4.67% per annum. It specifies semiannual interest payments and a maturity date of March 15, 2036.

When do NRUC notes pay interest and when do they mature?

Interest is paid semiannually on January 15 and July 15 with record dates of January 1 and July 1. The notes mature on March 15, 2036 and were originally issued on March 16, 2026.

What is the issue price and original issue date for NRUC's notes?

The notes were offered at an issue price of 100% of principal and carry an original issue date of March 16, 2026. The principal amount shown is $100,000.00.

Does the pricing supplement include a legal opinion on enforceability?

Yes. Counsel from Hogan Lovells US LLP opined the notes will be valid obligations, subject to bankruptcy, insolvency and other statutory and equitable exceptions under cited laws of the District of Columbia and New York.

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.			10506
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 16, 2026
Maturity Date			March 15, 2036
Interest Rate			4.67% 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.