National Rural Utilities CFC (NRUC) prices $5M note at 3.64% due Mar 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes totaling $5,000,000. The notes were issued at 100% of principal with an 3.64% per annum coupon, original issue date March 15, 2026 and maturity 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 shows no redemption date and lists no agent commission.

Insights

Debt Capital Markets Analyst

$5.0M one-year note at 3.64% reflects short-term funding issuance.

The offering documents a $5,000,000 principal issuance with an interest rate of 3.64%, original issue date March 15, 2026, and maturity March 15, 2027. Payment dates are January 15 and July 15.

Cash-flow treatment to the issuer is proceeds from the note sale; the supplement lists no agent commission. Timing and scale indicate routine short-term debt placement to meet funding needs.

Securities/Corporate Counsel

Legal opinion frames enforceability subject to insolvency and equitable defenses.

Counsel from Hogan Lovells US LLP opines that, upon receipt of consideration and proper issuance, the notes will be valid obligations under District of Columbia and New York law. The opinion preserves typical defenses including bankruptcy and equitable principles.

Investors should note the opinion expressly relies on the District of Columbia General Cooperative Association Act of 2010 and New York law; no additional state or local law opinions are included in the excerpt.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/13/2026 - 02:09 PM Learn about SEC filing dates

FAQ

What are the key terms of NRUC's medium-term note?

The note has a principal of $5,000,000, issued at 100%, with a coupon of 3.64% per annum. The original issue date is March 15, 2026 and maturity is March 15, 2027.

When does NRUC pay interest on the Medium-Term Note?

Interest is payable on January 15 and July 15 each year, with regular record dates of January 1 and July 1. The coupon rate is 3.64% per annum.

Is there a redemption feature or agent commission on this NRUC note?

The pricing supplement states the redemption date as None and lists no agents commission. The note appears issued without an early redemption feature in the provided excerpt.

What legal opinion supports the enforceability of the notes?

Hogan Lovells US LLP opines the notes will be valid obligations upon receipt of consideration and proper issuance, subject to bankruptcy, insolvency and equitable defenses 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			March 11, 2026
Pricing Supplement No.			10496
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$5,000,000.00
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.