National Rural Utilities (NRUC) issues $1.07M 3.68% Medium-Term Notes due 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $1,070,000 of Medium-Term Notes, Series D, at 100% of principal amount. The notes carry a fixed interest rate of 3.68% per year, with an original issue date of January 13, 2026 and a maturity date of January 15, 2028.

Interest is payable on January 15 and July 15, to holders of record on January 1 and July 1. The notes have no redemption date and no selling agents’ commission is listed. Counsel Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, these notes will be valid and binding obligations of the company, subject to typical bankruptcy and creditors’ rights laws and principles of equity under District of Columbia cooperative law 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			January 8, 2026
Pricing Supplement No.			10427
Pricing Supplement Date			January 8, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,070,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 13, 2026
Maturity Date			January 15, 2028
Interest Rate			3.68% 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 notes is NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (NRUC) offering in this document?

The company is offering Medium-Term Notes, Series D with a principal amount of $1,070,000, due nine months or more from the date of issue and maturing on January 15, 2028.

What is the interest rate on the NRUC Medium-Term Notes, Series D?

The Medium-Term Notes, Series D bear interest at a fixed rate of 3.68% per annum.

When do the NRUC Medium-Term Notes, Series D pay interest?

Interest on the notes is paid on January 15 and July 15 of each year, to holders of record on January 1 and July 1, respectively.

What are the key dates for the NRUC Medium-Term Notes, Series D?

The notes have a trade date of January 8, 2026, an original issue date of January 13, 2026, and a maturity date of January 15, 2028.

At what price are the NRUC Medium-Term Notes, Series D being issued?

The notes are being issued at 100% of the principal amount, corresponding to $1,070,000 total principal.

Is there a redemption feature or agents’ commission on the NRUC Medium-Term Notes, Series D?

The pricing information lists no redemption date and indicates no agents’ commission for these notes.

What legal opinion supports the validity of the NRUC Medium-Term Notes, Series D?

Hogan Lovells US LLP, as counsel to the company, states that after proper authorization, execution, issuance and delivery, the notes will be valid and binding obligations of the company, subject to bankruptcy and creditors’ rights laws and principles of equity under the District of Columbia General Cooperative Association Act of 2010 and New York law.