National Rural Utilities CFC (NRUC) issues $1.5M note due Feb 15, 2027 at 3.78%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary debt issuance of $1,500,000 of Medium-Term Notes, Series D, original issue date March 25, 2026. The notes carry an interest rate of 3.78% per annum and mature on February 15, 2027.

The notes pay interest each January 15 and July 15 with record dates each January 1 and July 1. The issue price was 100% of principal and no agents' commission or redemption date is specified in the excerpt.

Insights

Debt Capital Markets Strategist

Short-term note issued at par with fixed coupon; standard cash interest schedule.

The issuance of $1,500,000 in Series D medium-term notes at 3.78% is a straightforward debt placement maturing on February 15, 2027. The 100% issue price indicates sale at par.

Cash‑flow treatment to the issuer is proceeds from the issuance; further detail on use of proceeds and distribution arrangements is not provided in the excerpt.

Securities & Compliance Attorney

Opinion included that notes will be valid obligations subject to standard legal and insolvency exceptions.

Counsel opinion from Hogan Lovells US LLP states validity is conditioned on receipt of consideration, execution, and delivery and remains subject to bankruptcy, insolvency, equitable principles, and related legal limitations.

Governing law references are the District of Columbia General Cooperative Association Act of 2010 and New York law; other jurisdictions or local laws are excluded.

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

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Accepted by SEC EDGAR 03/23/2026 - 10:29 AM Learn about SEC filing dates

FAQ

What did NRUC issue in this pricing supplement?

NRUC issued $1,500,000 of Medium-Term Notes, Series D, with original issue date March 25, 2026 and maturity on February 15, 2027. The notes were priced at 100% of principal.

What is the interest rate and payment schedule for the NRUC notes?

The notes bear interest at 3.78% per annum. Interest is payable each January 15 and July 15, with record dates on January 1 and July 1, per the excerpt.

Was there an underwriting commission or agents' fee disclosed?

The pricing supplement states no agents commission. The issue price was 100% of principal, indicating placement at par without an agents' commission disclosed in the excerpt.

What legal opinion accompanies the note issuance?

Hogan Lovells US LLP provided an opinion that the notes will be valid and binding obligations, subject to bankruptcy, insolvency, equitable principles, and other creditor‑rights laws under D.C. and New York law.

Is the note redeemable prior to maturity?

The excerpt lists Redemption Date: None, indicating no scheduled redemption date is provided in this pricing supplement for the Series D 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			March 20, 2026
Pricing Supplement No.			10523
Pricing Supplement Date			March 20, 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			March 25, 2026
Maturity Date			February 15, 2027
Interest Rate			3.78% 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.