National Rural Utilities (NRUC) issues $1.8M note due 2027 at 4.06%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary debt offering. The company issued $1,800,000 of Medium-Term Notes, Series D at 100% of principal with an interest rate of 4.06% per annum. The pricing supplement shows a June 10, 2026 trade date and an June 15, 2026 original issue date; maturity is October 15, 2027.

The notes pay interest each January 15 and July 15 with regular record dates of January 1 and July 1. Counsel rendered an opinion as to validity conditioned on receipt of consideration and the due execution, authentication, issuance and delivery of the notes pursuant to the indenture and applicable distribution agreement.

Insights

Debt Capital Markets Analyst

Primary issuance: short-term note priced at a fixed coupon.

The excerpt lists issuance of $1,800,000 of Medium-Term Notes at 4.06% due October 15, 2027. This is a fixed-rate debt instrument with semiannual interest payments on January 15 and July 15.

Timing and cash-flow treatment are explicit in the pricing terms; the offering is conditioned on receipt of consideration and the proper execution and delivery of the notes. Future filings will show settlement details and trustee/indenture references if material changes occur.

Securities/Corporate Counsel

Legal opinion provided with standard conditional language.

Counsel from Hogan Lovells US LLP opines the notes will be valid obligations subject to receipt of payment and proper issuance under the indenture. The opinion preserves customary insolvency and equitable defenses and cites the District of Columbia General Cooperative Association Act and New York law.

The opinion explicitly conditions validity on receipt by the Company of the consideration and the due execution, authentication, issuance and delivery of the notes; monitor subsequent closing or trustee certifications for final effectiveness.

Key Figures

Principal Amount: $1,800,000 Issue Price: 100% of Principal Amount Interest Rate: 4.06% per annum +4 more

7 metrics

Principal Amount $1,800,000 Principal Amount stated in pricing supplement

Issue Price 100% of Principal Amount Issue Price listed on pricing supplement

Interest Rate 4.06% per annum Fixed coupon rate for the Series D notes

Trade Date June 10, 2026 Pricing Supplement trade date

Original Issue Date June 15, 2026 Original issue date shown in supplement

Maturity Date October 15, 2027 Maturity of the notes as disclosed

Interest Payment Dates January 15 and July 15 Semiannual interest payment schedule

Key Terms

pricing supplement, indenture, record dates, Medium-Term Notes

4 terms

pricing supplement regulatory

"Pricing Supplement Date | June 10, 2026 Prospectus Supplement Date"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

indenture legal

"issuance and delivery of the notes pursuant to the terms of the indenture"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

record dates financial

"Regular Record Dates | Each January 1 and July 1"

A record date is the specific day a company uses as a snapshot to determine which shareholders are officially entitled to a corporate action — for example receiving a dividend, voting at a meeting, or getting rights in an offering. Think of it like a classroom roll call: only the people listed at that moment qualify, so investors must own shares before related cutoff dates to be included, making it important for timing trades and income planning.

Medium-Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

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

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Available on EDGAR 06/12/2026 - 01:39 PM Accepted by SEC EDGAR 06/12/2026 - 01:38 PM Learn about SEC filing dates

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			June 10, 2026
Pricing Supplement No.			10589
Pricing Supplement Date			June 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,800,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 15, 2026
Maturity Date			October 15, 2027
Interest Rate			4.06% 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.