National Rural Utilities CFC (NRUC) prices $4.0M notes due 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a $4,000,000 Medium‑Term Note, Series D, at 100% of principal. The notes carry a 4.43% per annum interest rate, trade date June 24, 2026, original issue date June 29, 2026, and mature on June 15, 2028. Interest is payable each January 15 and July 15 with record dates of January 1 and July 1. The pricing supplement states there is no redemption option and no agents commission.

Insights

Debt Capital Markets Analyst

Small, fixed‑rate issuance with defined cash interest and short maturity.

The $4,000,000 Series D notes carry a 4.43% fixed coupon and a maturity of June 15, 2028, indicating a roughly two‑year funding tenor from the original issue date. Pricing and size are explicitly stated in the supplement.

Cash‑flow implications are straightforward: periodic interest payments each Jan 15 and Jul 15. The supplement notes no redemption and no agents commission, and legal validity is tied to closing conditions and governing law.

Corporate Counsel (Debt Issuance)

Opinion ties enforceability to closing mechanics and insolvency law.

The counsel opinion from Hogan Lovells US LLP states the notes will be valid obligations following receipt of consideration and proper execution under the indenture and distribution agreement. The opinion preserves standard defenses including bankruptcy, fraudulent transfer law and equitable principles.

Governing law references include the District of Columbia General Cooperative Association Act of 2010 and New York law; buyers should note those legal anchors.

Key Figures

Principal Amount: $4,000,000 Issue Price: 100% of Principal Amount Interest Rate: 4.43% per annum +5 more

8 metrics

Principal Amount $4,000,000 Series D Medium‑Term Note

Issue Price 100% of Principal Amount Pricing Supplement No. 10607

Interest Rate 4.43% per annum Fixed coupon for Series D notes

Trade Date June 24, 2026 Pricing Supplement trade date

Original Issue Date June 29, 2026 Stated original issue date

Maturity Date June 15, 2028 Stated maturity of the notes

Interest Payment Dates January 15 and July 15 Semiannual payments

Redemption None No redemption date stated

Key Terms

Pricing Supplement, Indenture, Medium‑Term Note

3 terms

Pricing Supplement regulatory

"Pricing Supplement Date | June 24, 2026 Prospectus Supplement Date | October"

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 financial

"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.

Medium‑Term Note financial

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

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

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Available on EDGAR 06/25/2026 - 03:14 PM Accepted by SEC EDGAR 06/25/2026 - 03:10 PM Learn about SEC filing dates

FAQ

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

NRUC issued a $4,000,000 Medium‑Term Note, Series D, at 100% of principal. The note is fixed‑rate with an interest rate of 4.43% per annum and a stated maturity of June 15, 2028.

When are interest payments and record dates for NRUC's Series D notes?

Interest is payable each January 15 and July 15. Regular record dates for interest are each January 1 and July 1. These dates are specified in the pricing supplement.

Does the pricing supplement allow early redemption for NRUC's notes?

The pricing supplement states the Redemption Date is None, indicating no contractual early redemption option is provided in this document for the Series D notes.

What are the legal conditions for validity of the NRUC notes?

Hogan Lovells US LLP opines the notes will be valid obligations after receipt of consideration and proper execution, subject to bankruptcy and other creditor‑rights laws and equitable principles under specified governing law.

What are the trade and original issue dates for this NRUC offering?

The pricing supplement lists the Trade Date as June 24, 2026 and the Original Issue Date as June 29, 2026, with the Prospectus Supplement dated October 27, 2023.

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 24, 2026
Pricing Supplement No.			10607
Pricing Supplement Date			June 24, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$4,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 29, 2026
Maturity Date			June 15, 2028
Interest Rate			4.43% 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.