National Rural Utilities (NRUC) issues $166,000 Series D note due Dec 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation issued a Series D Medium‑Term Note. The pricing supplement lists a $166,000.00 principal amount at an issue price of 100% with an 3.84% annual interest rate. The original issue date is March 23, 2026 and the maturity date is December 15, 2027.

Interest is payable each January 15 and July 15 with regular record dates each January 1 and July 1. The supplement states no redemption and shows no agents commission. Counsel’s opinion states the notes will be valid obligations subject to applicable insolvency and equitable principles.

Insights

Debt Capital Markets Analyst

Simple, short‑dated note issuance sized at $166,000 with a fixed 3.84% coupon.

The pricing supplement documents a primary issuance of Series D Medium‑Term Notes with an March 23, 2026 original issue date and December 15, 2027 maturity. Interest payment cadence is semiannual on January 15 and July 15.

Cash‑flow treatment to the issuer or use of proceeds is not provided in the excerpt; market and investor effects depend on issuance scale versus the issuer’s balance sheet.

Securities & Corporate Counsel

Legal opinion attached confirms validity subject to insolvency and equity-law qualifiers.

Hogan Lovells US LLP opines the notes will be valid and binding if issued and paid for as authorized, relying on District of Columbia and New York law. The opinion preserves typical bankruptcy, equitable defenses and other creditor‑rights exceptions verbatim.

Investors should note these standard legal qualifiers are included; no other legal contingencies or regulatory conditions are stated in the excerpt.

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 18, 2026
Pricing Supplement No.			10521
Pricing Supplement Date			March 18, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$166,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 23, 2026
Maturity Date			December 15, 2027
Interest Rate			3.84% 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 Series D Medium‑Term Note?

The Series D note has a principal amount of $166,000, issue price 100%, and a 3.84% coupon. It was originally issued on March 23, 2026 with a maturity date of December 15, 2027, and interest is payable January 15 and July 15.

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

Interest is paid semiannually each January 15 and July 15. Regular record dates for determining payees are each January 1 and July 1, as specified in the pricing supplement.

Is the Series D Medium‑Term Note redeemable prior to maturity?

The pricing supplement states there is no redemption for the Series D note. The table entry under "Redemption Date" is listed as "None," and no early redemption terms appear in the provided excerpt.

What legal assurance is provided about the Series D notes' validity?

Counsel from Hogan Lovells US LLP opines the notes will be valid obligations if issued and paid for per board authorization. The opinion is subject to bankruptcy, insolvency and equitable principles under applicable District of Columbia and New York law.

What is the issue and maturity timeline for NRUC Series D notes?

The pricing supplement lists a trade date of March 18, 2026, original issue date of March 23, 2026, and maturity on December 15, 2027. The prospectus supplement date is October 27, 2023 and base prospectus date is October 24, 2023.