NRUC issues $2.0M Medium-Term Note at 3.96%

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes, Series D with a principal amount of $2,000,000.00.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes, Series D with a principal amount of $2,000,000.00. The notes carry an interest rate of 3.96% per annum, an original issue date of June 15, 2026 and a maturity date of June 15, 2027. The trade date for the pricing supplement is June 10, 2026 and the notes were issued at 100% of principal. The pricing supplement cites the prospectus supplement dated October 27, 2023 and the base prospectus dated October 24, 2023.

Insights

Debt Capital Markets Analyst

Small, short-term note issuance priced at fixed 3.96% interest.

The transaction is a straightforward medium-term note issuance with a $2,000,000.00 principal and a one-year tenor maturing on June 15, 2027. The notes were issued at par (100%), indicating standard pricing mechanics for a short-duration debt instrument.

Investor interest and secondary-market liquidity are not disclosed in the excerpt; subsequent disclosures would show placement method and any underwriting or distribution arrangements.

Securities & Capital Markets Counsel

Opinion and legal mechanics included; standard governing law clauses applied.

The pricing supplement includes counsel opinion language stating the notes will be valid obligations subject to bankruptcy and equitable defenses, and cites governing law under the District of Columbia General Cooperative Association Act and New York law.

Redemption is listed as None in the excerpt; the excerpt also shows no agents commission. Parties should review the indenture and distribution agreements for additional conditional mechanics.

Key Figures

Principal Amount: $2,000,000.00 Issue Price: 100% of Principal Amount Interest Rate: 3.96% per annum +3 more

6 metrics

Principal Amount <money>$2,000,000.00</money> Principal Amount as listed in pricing supplement

Issue Price 100% of Principal Amount Issue Price in pricing supplement

Interest Rate <percent>3.96%</percent> per annum Stated interest rate for the Series D notes

Original Issue Date <date>June 15, 2026</date> Original Issue Date shown in the table

Maturity Date <date>June 15, 2027</date> Maturity Date shown in the pricing supplement

Prospectus Supplement October 27, 2023 Prospectus Supplement Date cited in pricing supplement

Key Terms

Pricing Supplement, Medium-Term Notes, Indenture

3 terms

Pricing Supplement regulatory

"Pricing Supplement Date | June 10, 2026 Pricing Supplement No. | 10601"

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.

Medium-Term Notes financial

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

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

Indenture legal

"the notes offered by this pricing supplement will constitute valid and binding obligations of the Company... 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.

FAQ

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

What did NRUC price in this 424B3 filing?

NRUC priced a Medium-Term Note issuance of $2,000,000. The pricing supplement lists the principal as $2,000,000.00 and the issue price at 100%, indicating the notes were sold at par.

What is the interest rate and tenor of NRUC's Series D note?

The Series D notes carry a stated interest rate of 3.96% per annum. The notes have a one-year tenor from the original issue date June 15, 2026 to maturity on June 15, 2027.

When were the NRUC notes priced and issued?

The pricing supplement shows a trade and pricing date of June 10, 2026 with an original issue date of June 15, 2026. The maturity date is listed as June 15, 2027.

Was there a commission or redemption feature disclosed for NRUC's notes?

The excerpt states Agents Commission: None and lists Redemption Date: None. The pricing supplement therefore shows no agent commission and no scheduled redemption in the provided text.

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

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Accepted by SEC EDGAR 06/12/2026 - 02:31 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			June 10, 2026
Pricing Supplement No.			10601
Pricing Supplement Date			June 10, 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			June 15, 2026
Maturity Date			June 15, 2027
Interest Rate			3.96% 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.