NRUC (NRUC) issues $500K Series D medium‑term note due 2029 at 3.85%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $500,000 of Medium-Term Notes, Series D due March 15, 2029 at an issue price of 100% with an interest rate of 3.85% per annum. The original issue date is March 18, 2026 and interest will be paid each January 15 and July 15.

The pricing supplement (Trade Date and Pricing Supplement Date March 13, 2026) records standard procedural opinions on note validity from counsel and shows no agent commission and no redemption date for these notes.

Insights

Debt Markets Analyst

Small, fixed-rate note issuance at a marketable coupon.

The supplement records a $500,000 issuance of Series D medium-term notes due March 15, 2029 with a fixed coupon of 3.85%. The issue price is 100%, indicating par issuance.

Cash‑flow treatment and placement method are not specified in the excerpt; subsequent disclosure may state purchaser or distribution arrangements and any use of proceeds.

Corporate Counsel (Debt)

Legal opinion confirms enforceability subject to standard insolvency and equitable defenses.

The counsel opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law and conditions validity on receipt of consideration and proper issuance steps. It preserves usual bankruptcy, fraudulent-transfer and equitable defenses.

Investors should note these are standard limitations in counsel opinions; the supplement also states no agent commission and that the notes have no redemption date.

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 13, 2026
Pricing Supplement No.			10518
Pricing Supplement Date			March 13, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 18, 2026
Maturity Date			March 15, 2029
Interest Rate			3.85% 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 price in this 424B3 filing?

NRUC priced $500,000 of Medium-Term Notes, Series D. The notes carry a 3.85% fixed interest rate and mature on March 15, 2029, with interest paid January 15 and July 15.

When is the issue and original issue date for NRUC Series D notes?

The Pricing Supplement is dated March 13, 2026 and the Original Issue Date for the notes is March 18, 2026. The trade date and pricing supplement date are both March 13, 2026.

What price and commissions are disclosed for the notes?

The notes are issued at an issue price of 100% of principal, indicating par issuance. The supplement states there is no agents commission for this issuance.

Do these notes have a redemption feature?

The Pricing Supplement specifies a redemption date: None, indicating these Series D notes do not include a scheduled redemption date in the disclosed terms.

What legal opinion accompanies the offering?

Counsel (Hogan Lovells US LLP) opines the notes will be valid obligations upon payment and proper issuance, subject to bankruptcy, insolvency and other standard equitable and statutory defenses under D.C. and New York law.