National Rural Utilities (NRUC) prices $1.5M Series D medium-term note at 4.16%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $1,500,000.00. The note is issued at 100% of principal, will be dated July 15, 2026, and will mature on October 15, 2027.

The note bears interest at 4.16% per annum, with interest paid on January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption date and no agents’ commission is payable. Legal counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery under the indenture, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles qualifications.

Filing Explained

The filing sets a scheduled $1,500,000.00 note obligation, with no disclosed increase in common-share ownership.

The July 10, 2026 Form 424B3 filing sets the final terms for a specific medium-term note takedown, with the original issue date scheduled for July 15, 2026.

The disclosed structure is a note obligation: $1,500,000.00 of principal at 4.16% annual interest, rather than an increase in common-share ownership.

The note has interest payments scheduled for January 15 and July 15, matures on October 15, 2027, has no stated redemption date, and lists no agent commission.

At the filing date, counsel's validity opinion was conditioned on receipt of consideration and the notes' due execution, authentication, issuance, and delivery against payment, so the filing supports a scheduled issuance rather than completed issuance.

Key Figures

Principal Amount: $1,500,000.00 Interest Rate: 4.16% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $1,500,000.00 Medium-Term Note, Series D principal amount

Interest Rate 4.16% per annum Fixed coupon on Medium-Term Note, Series D

Issue Price 100% of Principal Amount Price at which the note is issued

Original Issue Date July 15, 2026 Date from which the Medium-Term Note is issued

Maturity Date October 15, 2027 Date on which the principal becomes due

Trade Date July 10, 2026 Trade date for the Medium-Term Note

Key Terms

Medium-Term Notes, Series D, Regular Record Dates, Interest Payment Dates, indenture, +1 more

5 terms

Medium-Term Notes, Series D financial

"NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION Medium-Term Notes, Series D Due Nine Months or More"

Regular Record Dates financial

"Regular Record Dates | Each January 1 and July 1"

Interest Payment Dates financial

"Interest Payment Dates | Each January 15 and July 15"

indenture financial

"delivery of the notes pursuant to the terms of the indenture and the applicable underwriting"

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.

fraudulent conveyances regulatory

"including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent"

Offering Details

shelf

Offering

Offering Type shelf

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Available on EDGAR 07/13/2026 - 03:09 PM Accepted by SEC EDGAR 07/13/2026 - 03:08 PM Learn about SEC filing dates

FAQ

What are the key terms of National Rural Utilities (NRUC) Medium-Term Note Series D in this 424B3?

The Series D Medium-Term Note has a $1,500,000.00 principal amount, bears 4.16% annual interest, is issued on July 15, 2026, and matures on October 15, 2027, with semiannual interest payments and no redemption date.

What interest rate does NRUC (NRUC) pay on the July 2026 Medium-Term Note?

The Medium-Term Note carries a fixed interest rate of 4.16% per annum. Interest is payable semiannually on January 15 and July 15 to holders of record on January 1 and July 1 respectively.

When do the NRUC (NRUC) Medium-Term Note Series D interest payments and record dates occur?

Interest on the note is paid on each January 15 and July 15. The corresponding regular record dates are each January 1 and July 1, meaning holders of record on those dates receive the upcoming interest payments.

Does the NRUC (NRUC) Medium-Term Note Series D have a redemption feature or agents’ commission?

The note has no redemption date, indicating no scheduled early redemption term is specified. The pricing details also state no agents’ commission, so no commission is payable to agents on this issuance.

What is the legal opinion on the validity of NRUC (NRUC) Medium-Term Note Series D?

Hogan Lovells US LLP states the note will be a valid and binding obligation of National Rural Utilities after proper authorization, execution and delivery, subject to customary bankruptcy and equity law qualifications under District of Columbia 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			July 10, 2026
Pricing Supplement No.			10622
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2026
Maturity Date			October 15, 2027
Interest Rate			4.16% 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.