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  4. [424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

NRUC (NRUC) prices $100K Series D note at 3.93% fixed coupon

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $100,000 principal of Medium-Term Notes, Series D, at 100% with an original issue date of June 29, 2026. The notes bear interest at 3.93% per annum, pay interest each January 15 and July 15 and mature on April 15, 2027. The trade date was June 24, 2026 and the pricing supplement lists no redemption and no agents’ commission. Legal opinion from Hogan Lovells US LLP states the notes will be valid obligations subject to customary insolvency and equitable-law limitations.

Positive

  • None.

Negative

  • None.

Insights

Short-term debt issuance priced at par with fixed 3.93% coupon.

The $100,000 Medium-Term Note is a short-term funding instrument maturing on April 15, 2027, offering a fixed 3.93% coupon with semiannual interest dates. Pricing at 100% indicates issuance at par.

Market relevance depends on issuer funding needs and interest-rate environment; the document states no redemption feature and no agents’ commission. Subsequent disclosures may describe placement methods or purchaser concentration.

Standard counsel opinion with typical insolvency and equitable-law qualifications.

Counsel from Hogan Lovells US LLP opines the notes will be valid obligations upon receipt of consideration and proper issuance under the indenture and applicable agreements, subject to bankruptcy and equitable defenses and to laws of the District of Columbia and New York.

Investors should note the opinion preserves common-law and statutory limitations; exact enforceability depends on those legal contours and any applicable future events.

Principal Amount $100,000.00 Principal Amount listed on pricing supplement
Issue Price 100% of Principal Amount Issue Price on pricing supplement
Original Issue Date June 29, 2026 Original Issue Date for the notes
Maturity Date April 15, 2027 Maturity Date for Series D notes
Interest Rate 3.93% per annum Fixed coupon stated in pricing supplement
Trade Date June 24, 2026 Trade Date shown on the pricing supplement
Interest Payment Dates January 15 and July 15 Regular interest payment schedule
Medium-Term Note financial
"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"
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. | 10608 Pricing Supplement Date | June 24, 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
"execution, authentication, 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.
Original Issue Date financial
"Original Issue Date | June 29, 2026"

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

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FAQ

What did NRUC price in this 424B3 pricing supplement?
NRUC priced $100,000 principal of Medium-Term Notes at 100%. The pricing supplement lists the interest rate as 3.93% per annum with semiannual interest payments on January 15 and July 15 and an original issue date of June 29, 2026.

When do NRUC’s Series D notes mature and when is interest paid?
The Series D notes mature on April 15, 2027. Interest is payable semiannually on January 15 and July 15, with regular record dates on January 1 and July 1 as stated in the pricing supplement.

Was there an underwriting commission or redemption right for NRUC Series D?
The pricing supplement states no agents’ commission and lists none under redemption date (No redemption). The document therefore shows issuance at par without a stated dealer commission or issuer redemption feature.


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 DateJune 24, 2026
Pricing Supplement No. 10608
Pricing Supplement DateJune 24, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$100,000.00
Issue Price100% of Principal Amount
Original Issue DateJune 29, 2026
Maturity DateApril 15, 2027
Interest Rate3.93% per annum
Regular Record DatesEach January 1 and July 1
Interest Payment DatesEach January 15 and July 15
Redemption DateNone
Agents Commission None
Form of Note: (Book-Entry or Certificated)
Certificated
Other TermsNone
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.

Source: View Original Filing on SEC EDGAR