National Rural Utilities CFC (NRUC) prices $272K notes due Nov 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary offering of Medium-Term Notes with a $272,000 principal amount. The notes carry a 4.19% fixed interest rate, were issued at 100% of principal and have an original issue date of June 29, 2026 with a maturity date of November 15, 2027.

The pricing supplement is dated June 24, 2026 and references the base prospectus dated October 24, 2023 and prospectus supplement dated October 27, 2023. Interest payments are scheduled each January 15 and July 15 with record dates of January 1 and July 1.

Insights

Debt Capital Markets Analyst

Issuer priced a small, short-term fixed-rate note offering.

The pricing supplement shows a $272,000 issuance of Medium-Term Notes at 4.19% interest, issued at 100% with maturity on November 15, 2027. The documentation references the issuer's base prospectus and legal opinion confirming note validity under applicable laws.

Cash-flow treatment and investor allocation details are not included in the excerpt; the offering appears to be a straightforward debt placement governed by the indenture and underwriting/agency agreement.

Key Figures

Principal Amount: $272,000 Interest Rate: 4.19% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $272,000 Principal amount of the Medium-Term Notes

Interest Rate 4.19% per annum Fixed interest rate on the notes

Issue Price 100% of Principal Amount Notes issued at par

Original Issue Date June 29, 2026 Original issue date of the notes

Maturity Date November 15, 2027 Maturity of the notes

Trade Date / Pricing Supplement Date June 24, 2026 Trade date and pricing supplement date

Key Terms

Medium-Term Note, Pricing Supplement, Indenture

3 terms

Medium-Term Note financial

"Pricing Supplement lists "Medium-Term Notes, Series D Due Nine Months or More""

A medium-term note is a debt instrument—an IOU—issued by a company or government to borrow money for a period longer than a short loan but shorter than a long-term bond, typically about one to ten years. It matters to investors because it offers predictable interest income with a balance between higher yields than short-term paper and lower interest-rate sensitivity than long bonds, so it’s often used to tune income, risk and timing in a portfolio.

Pricing Supplement regulatory

"Document header: "Pricing Supplement No.| 10606 Pricing Supplement Date | June 24, 2026""

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 legal

"Opinion references issuance "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.

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Available on EDGAR 06/25/2026 - 03:10 PM Accepted by SEC EDGAR 06/25/2026 - 03:07 PM Learn about SEC filing dates

FAQ

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

NRUC issued Medium-Term Notes with a $272,000 principal amount. The notes bear a 4.19% fixed interest rate and were issued at 100% of principal under the cited prospectus.

When do the NRUC notes mature and when are interest payments made?

The notes mature on November 15, 2027. Interest is payable each January 15 and July 15, with record dates on January 1 and July 1.

What was the original issue date and trade date for these NRUC notes?

The trade date is June 24, 2026 and the original issue date is June 29, 2026, as shown on the pricing supplement and pricing tables included in the excerpt.

At what price were the NRUC Medium-Term Notes sold?

The pricing supplement states the notes were issued at 100% of principal, meaning the issue price equals the principal amount of $272,000.

Does the excerpt include any agent commissions or redemption features?

The supplement lists no agents commission and indicates no redemption date is provided in the table for this series of notes.

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.			10606
Pricing Supplement Date			June 24, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$272,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 29, 2026
Maturity Date			November 15, 2027
Interest Rate			4.19% 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.