National Rural Utilities CFC (NRUC) issues $250K 3.64% note due 3/15/2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium‑Term Note, Series D, with a principal amount of $250,000 at an issue price of 100%. The notes carry interest at 3.64% per annum, original issue date March 15, 2026, and mature on March 15, 2027. Interest is payable each January 15 and July 15 with regular record dates of January 1 and July 1. The pricing supplement lists no redemption date and shows an agents commission of None.

Insights

Debt Capital Markets Analyst

Short‑term note issuance at fixed 3.64% for one year.

The pricing supplement documents a $250,000 Medium‑Term Note issued at par with a 3.64% fixed coupon and a one‑year tenor (original issue date March 15, 2026 to maturity March 15, 2027).

This is a standard short‑term funding instrument; cash‑flow treatment and use of proceeds are not stated in the excerpt. Timing and settlement mechanics are governed by the stated trade date (March 11, 2026) and issuance provisions in the indenture.

Securities & Capital Markets Lawyer

Counsel confirms validity subject to customary insolvency and equitable defenses.

Hogan Lovells US LLP provides a legal opinion that the notes will be valid obligations upon receipt of consideration and proper execution, subject to bankruptcy, insolvency and equitable principles and applicable District of Columbia and New York law.

The opinion attaches customary qualifiers; the excerpt does not disclose additional legal conditions or enforcement history.

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 11, 2026
Pricing Supplement No.			10500
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			March 15, 2027
Interest Rate			3.64% 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 are the key terms of NRUC's Medium‑Term Note?

The note has a principal amount of $250,000 issued at 100% with an interest rate of 3.64% per annum. Original issue date is March 15, 2026 and maturity is March 15, 2027, with semiannual interest payments.

When does NRUC pay interest on the Series D note?

Interest is paid semiannually on January 15 and July 15. Regular record dates for interest payments are January 1 and July 1, as stated in the pricing supplement.

Was there an underwriting commission for this NRUC issuance?

The pricing supplement shows an agents commission of None. The document lists no dealer or agent commission for this particular Medium‑Term Note offering.

Is the Series D note redeemable before maturity?

The supplement states the Redemption Date: None, indicating no scheduled redemption feature is listed in this excerpt for the Series D note that matures on March 15, 2027.

What legal opinion supports the validity of the notes?

Hogan Lovells US LLP opines the notes will be valid and binding obligations upon receipt of consideration and proper issuance, subject to bankruptcy, insolvency and equitable defenses under District of Columbia and New York law.