NRUC (NRUC) offers $560K 3.86% medium-term notes maturing 2029

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $560,000 Medium-Term Note, Series D. The note carries a fixed interest rate of 3.86% per annum, priced at 100% of principal, with an original issue date of February 4, 2026 and a maturity date of February 15, 2029.

Interest will be paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. The note has no stated redemption date and no agent’s commission. Counsel Hogan Lovells US LLP opines that, after proper issuance and payment, the note will be a valid and binding obligation of the company, subject to standard bankruptcy and equity law limitations.

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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			January 30, 2026
Pricing Supplement No.			10451
Pricing Supplement Date			January 30, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$560,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 4, 2026
Maturity Date			February 15, 2029
Interest Rate			3.86% 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 type of security is NRUC offering in this 424B3 filing?

National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D. This is a debt security with a fixed interest rate, specific maturity date, and defined interest payment schedule, rather than an equity security like common stock.

What are the key terms of NRUC’s new Medium-Term Note, Series D?

The note has a principal amount of $560,000, a fixed interest rate of 3.86% per annum, and is priced at 100% of principal. It will be issued on February 4, 2026 and will mature on February 15, 2029, giving it a clearly defined term.

When will investors receive interest payments on NRUC’s 3.86% note?

Interest on the 3.86% Medium-Term Note will be paid on each January 15 and July 15. The regular record dates for determining holders entitled to these payments are January 1 and July 1, establishing a predictable semiannual payment schedule for investors.

Does NRUC’s Medium-Term Note, Series D have a redemption feature or agent commission?

The pricing details state there is no redemption date for this Medium-Term Note, Series D. In addition, there is no agent’s commission listed, indicating the note is offered without a separate selling commission charged by an intermediary agent.

What legal opinion supports the validity of NRUC’s 3.86% Medium-Term Note?

Hogan Lovells US LLP has provided a legal opinion that, after proper authorization, execution, issuance and delivery against payment, the notes will be valid and binding obligations of NRUC. This opinion is subject to customary bankruptcy, insolvency, and equity law limitations.

Which laws govern the validity of NRUC’s Medium-Term Note according to counsel?

Counsel’s opinion is based on the District of Columbia General Cooperative Association Act of 2010 and New York State law. It excludes local laws below the state level and relies on customary assumptions regarding the trustee’s authorization and enforcement of the indenture.