National Rural Utilities CFC (NRUC) prices $170,000 note due Mar 15, 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary medium-term note offering of $170,000, issued at 100% of principal with an interest rate of 3.74% per annum. The notes are original issue dated March 15, 2026 and mature on March 15, 2028

The pricing supplement lists semiannual interest payments each January 15 and July 15 and regular record dates of January 1 and July 1. Agents commission and redemption date are stated as None.

Insights

Debt Capital Markets Analyst

Small fixed-rate note priced: $170,000 at 3.74% for two-year term.

National Rural Utilities Cooperative Finance Corporation issued a medium-term note with an original issue date of March 15, 2026 and maturity on March 15, 2028. The note pays interest semiannually on January 15 and July 15 and was sold at 100% of principal.

Cash-flow treatment is straightforward: this is a primary debt issuance furnishing borrowed funds to the issuer; the pricing supplement states no agents commission. Subsequent filings may disclose use of proceeds or placement context.

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.			10508
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$170,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			March 15, 2028
Interest Rate			3.74% 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.

FAQ

What did NRUC issue in this pricing supplement?

NRUC issued a primary medium-term note with $170,000 principal, dated March 15, 2026. The note was priced at 100% of principal with an interest rate of 3.74% per annum and matures on March 15, 2028.

When are interest payments and record dates for the NRUC note?

Interest is paid semiannually on January 15 and July 15. Regular record dates are each January 1 and July 1. These dates determine eligible noteholders for each semiannual interest payment.

Was there an underwriting commission for NRUC's offering?

The pricing supplement states the agents commission is listed as None. The document also lists no redemption date for the note, indicating a fixed maturity on March 15, 2028.

What legal opinion is included in the supplement for NRUC notes?

Counsel Hogan Lovells US LLP opines the notes will be valid obligations following receipt of consideration and proper issuance procedures. The opinion is qualified by certain bankruptcy and equitable-law limits under D.C. and New York law.