National Rural Utilities CFC (NRUC) prices $2.0M notes due Jan 15, 2027 at 3.62%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a medium-term note offering of $2,000,000. The notes carry an interest rate of 3.62% per annum, were issued at 100% of principal, have an original issue date of March 15, 2026 and mature on January 15, 2027.

The pricing supplement lists semiannual interest payments each January 15 and July 15 with regular record dates of January 1 and July 1. The offering shows no agents' commission and no redemption date.

Insights

Debt Capital Markets Analyst

Short-term note issuance for working capital or liquidity management.

These are medium-term notes of National Rural Utilities Cooperative Finance Corporation totaling $2,000,000 with a stated rate of 3.62% and maturity on January 15, 2027. The 100% issue price and defined coupon indicate a plain-vanilla fixed-rate debt instrument.

Impact depends on use of proceeds and broader funding profile; cash-flow treatment is not specified in the excerpt. Subsequent filings or financial statements may disclose how proceeds are deployed.

Securities Counsel

Opinion confirms notes will be valid obligations subject to standard legal limitations.

Hogan Lovells US LLP provides a legal opinion that, upon receipt of consideration and proper issuance steps, the notes will constitute valid and binding obligations under applicable laws of the District of Columbia and New York.

The opinion includes standard qualifications for bankruptcy, equitable relief and other creditor-rights limitations; no regulatory or litigation outcomes 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 11, 2026
Pricing Supplement No.			10494
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.62% 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 did NRUC issue in this pricing supplement?

NRUC issued $2,000,000 of medium-term notes. The pricing supplement lists an original issue date of March 15, 2026 and a maturity date of January 15, 2027 for these fixed-rate notes.

What interest rate and payment schedule apply to NRUC's notes?

The notes bear interest at 3.62% per annum. Interest is payable semiannually on January 15 and July 15, with record dates of January 1 and July 1, respectively.

At what price were NRUC's medium-term notes issued?

The offering was issued at 100% of principal. The pricing supplement shows an issue price of 100% for the $2,000,000 principal amount.

Is there a redemption option for these NRUC notes?

No redemption date is listed in the pricing supplement. The document explicitly shows Redemption Date: None for these notes.

Does the excerpt include a legal opinion on the notes' validity?

Yes. Counsel Hogan Lovells US LLP opines the notes will be valid obligations upon proper issuance and receipt of consideration, subject to standard legal limitations including bankruptcy and equitable principles.