National Rural Utilities (NRUC) issues $450K 3.66% Medium-Term Note

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $450,000 Medium-Term Note, Series D, at 100% of principal with a fixed interest rate of 3.66% per annum. The note will be issued on December 30, 2025 and will mature on October 15, 2026, with interest paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. The note carries no agents’ commission and has no redemption date. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy, insolvency and equitable principles under District of Columbia cooperative law and New York law.

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			December 23, 2025
Pricing Supplement No.			10421
Pricing Supplement Date			December 23, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$450,000.00
Issue Price			100% of Principal Amount
Original Issue Date			December 30, 2025
Maturity Date			October 15, 2026
Interest Rate			3.66% 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 National Rural Utilities (NRUC) offering in this document?

The company is offering a Medium-Term Note, Series D, which is a debt security due nine months or more from its date of issue.

What are the key terms of NRUCs new Medium-Term Note, Series D?

The note has a principal amount of $450,000, an interest rate of 3.66% per annum, an original issue date of December 30, 2025, and a maturity date of October 15, 2026.

How and when will interest be paid on NRUCs 3.66% note?

Interest on the note will be paid at 3.66% per annum on each January 15 and July 15, to holders of record as of January 1 and July 1.

Is there any redemption feature or agents commission on this NRUC note?

The Medium-Term Note, Series D, has no redemption date and carries no agents commission, according to the terms provided.

What does counsel say about the legal validity of NRUCs Medium-Term Note?

Hogan Lovells US LLP opines that, after proper authorization, execution, authentication and delivery against payment, the note will be a valid and binding obligation of the company, subject to customary limitations from bankruptcy, insolvency and equitable principles.

Under which laws is the NRUC Medium-Term Note opinion provided?

The legal opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as currently in effect.