NRUC (NRUC) prices $1.5M Series D notes, 4.37% coupon, due 11/15/2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) is offering $1,500,000 of Medium-Term Notes, Series D due November 15, 2028. The notes carry a 4.37% per annum interest rate, were priced at 100% of principal with an original issue date of May 29, 2026, and pay interest each January 15 and July 15. The pricing supplement is dated May 26, 2026.

The legal opinion states the notes will be valid obligations subject to specified insolvency and equitable-law exceptions and is based on the District of Columbia General Cooperative Association Act of 2010 and New York law.

Insights

Debt Markets Analyst

Medium-term note issue sized for institutional investors with a fixed 4.37% coupon.

The issuance lists a $1,500,000 principal amount with an original issue date of May 29, 2026 and maturity on November 15, 2028. The notes are priced at 100% and pay semiannual interest.

Cashflow treatment and placement details are limited in the excerpt; subsequent disclosures may specify distribution agents, investor allocations, or registration mechanics.

Securities Counsel Review

Legal opinion conditions are standard for note offerings.

The counsel opinion conditions validity on receipt of consideration and proper issuance and cites insolvency and equitable-law limitations. It relies on the District of Columbia General Cooperative Association Act of 2010 and New York law.

Investors should note the opinion preserves typical creditor-rights exceptions; the pricing supplement attaches those legal qualifiers to the enforceability statement.

Key Figures

Principal Amount: $1,500,000 Interest Rate: 4.37% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $1,500,000 Principal amount of the Series D notes

Interest Rate 4.37% per annum Fixed coupon on the Series D notes

Issue Price 100% of Principal Amount Pricing supplement indicates issue at par

Original Issue Date May 29, 2026 Date notes were issued

Maturity Date November 15, 2028 Maturity of Series D notes

Pricing Supplement Date May 26, 2026 Date of this pricing supplement

Key Terms

Medium-Term Note, Pricing Supplement, Indenture

3 terms

Medium-Term Note financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

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

"Pricing Supplement No. | 10581 Pricing Supplement Date | May 26, 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

"execution, authentication, issuance and delivery of the notes 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.

Offering Details

primary

Offering

Offering Type primary

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Accepted by SEC EDGAR 05/27/2026 - 01:50 PM Learn about SEC filing dates

FAQ

What are the key terms of NRUC's Medium-Term Notes Series D?

The offering is for $1,500,000 of notes with a 4.37% per annum fixed interest rate, issued at 100% of principal, original issue date May 29, 2026, and maturity November 15, 2028.

When does Series D pay interest and what are the record dates?

Interest is paid each January 15 and July 15. Regular record dates are each January 1 and July 1, as stated in the pricing supplement.

What price were the Series D notes issued at?

The notes were issued at 100% of principal amount, with the pricing supplement dated May 26, 2026 and original issue date May 29, 2026.

Are these notes redeemable prior to maturity?

The pricing supplement lists None for the redemption date, indicating no scheduled redemption option is provided in the excerpt.

What legal basis supports the enforceability of these notes?

Counsel opined the notes will be valid obligations subject to insolvency and equitable-law exceptions and bases that opinion on the District of Columbia General Cooperative Association Act of 2010 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			May 26, 2026
Pricing Supplement No.			10581
Pricing Supplement Date			May 26, 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			May 29, 2026
Maturity Date			November 15, 2028
Interest Rate			4.37% 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.