National Rural Utilities (NRUC) prices $1.4M Series D note at 3.67%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $1,400,000 Medium-Term Note, Series D, under its ongoing program. The note will be issued on January 2, 2026 and will mature on January 15, 2027, with a fixed interest rate of 3.67% per annum. Interest is payable twice a year, on each January 15 and July 15, to holders of record on each January 1 and July 1.

The note is sold at 100% of its principal amount, with no stated agent’s commission and no redemption before maturity. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance and delivery under the indenture, the note will constitute a valid and binding obligation of the company, subject to usual bankruptcy and creditors’ rights laws and general principles of equity.

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 29, 2025
Pricing Supplement No.			10423
Pricing Supplement Date			December 29, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,400,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 2, 2026
Maturity Date			January 15, 2027
Interest Rate			3.67% 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 security is National Rural Utilities Cooperative Finance Corporation (NRUC) offering in this 424B3?

The company is offering a Medium-Term Note, Series D with a principal amount of $1,400,000, due more than nine months from its date of issue.

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

The note has a principal amount of $1,400,000, an issue price of 100% of principal, an original issue date of January 2, 2026, a maturity date of January 15, 2027, and pays interest at 3.67% per annum.

How and when will interest be paid on NRUC’s Medium-Term Note, Series D?

Interest on the note accrues at 3.67% per annum and is payable on January 15 and July 15 of each year to holders of record on January 1 and July 1, respectively.

Does the NRUC Medium-Term Note, Series D have any redemption features before maturity?

No. The terms specify a Redemption Date: None, meaning the note is not scheduled for early redemption before its January 15, 2027 maturity.

Is there an agent’s commission on the NRUC Medium-Term Note, Series D offering?

The term sheet states Agent’s Commission: None, indicating no separate selling commission is listed for this note.

What legal opinion supports the validity of NRUC’s Medium-Term Note, Series D?

Hogan Lovells US LLP, as counsel to the company, opines that after proper authorization, execution, authentication, issuance and delivery under the indenture, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity-related limitations.