National Rural Utilities (NRUC) prices $750,000 4.38% Medium-Term Note due July 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $750,000 Medium-Term Note, Series D, under an existing shelf program. The note will be issued at 100% of principal amount with no agent’s commission, bearing interest at 4.38% per annum.

The note will be issued on July 15, 2026 and will mature on July 15, 2028, with interest payable each January 15 and July 15 to holders of record each January 1 and July 1. The note is not subject to redemption. Counsel states that, upon proper issuance and payment, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles.

Filing Explained

The filing prices $750,000 of notes due July 15, 2028; issuance is scheduled, not reported as completed, with no stated equity dilution.

The July 10 filing prices a $750,000 Medium-Term Note bearing 4.38% annual interest and maturing on July 15, 2028; if issued, it adds the stated note payment obligations to the company.

The filing states that the notes are offered under Registration No. 333-275151 and gives an original issue date of July 15, 2026. Because the filing lists a future issue date and conditions the validity opinion on payment, execution, authentication, issuance and delivery, it describes a priced, scheduled offering rather than a completed issuance.

The provided terms specify a note, not equity shares or a conversion feature, so they do not state an equity issuance that would reduce existing holders’ percentage ownership.

The filing’s dated milestones are the July 15, 2026 original issue date, interest payments each January 15 and July 15, and maturity on July 15, 2028.

Key Figures

Principal Amount: $750,000.00 Interest Rate: 4.38% per annum Issue Price: 100% of Principal Amount +4 more

7 metrics

Principal Amount $750,000.00 Medium-Term Note, Series D principal amount

Interest Rate 4.38% per annum Fixed coupon on Medium-Term Note, Series D

Issue Price 100% of Principal Amount Price at which the note is offered

Original Issue Date July 15, 2026 Date the note is issued

Maturity Date July 15, 2028 Date principal is scheduled to be repaid

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

Regular Record Dates Each January 1 and July 1 Record dates for determining interest payment holders

Key Terms

Medium-Term Notes, Prospectus Supplement, indenture, fraudulent conveyances, +1 more

5 terms

Medium-Term Notes financial

"NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION Medium-Term Notes, Series D"

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.

Prospectus Supplement regulatory

"Prospectus Supplement Date | October 27, 2023"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

indenture financial

"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.

fraudulent conveyances regulatory

"including, without limitation, the effect of statutory and other law regarding fraudulent conveyances"

valid and binding obligations regulatory

"the notes offered by this pricing supplement will constitute valid and binding obligations"

Offering Details

shelf

Offering

Offering Type shelf

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Available on EDGAR 07/13/2026 - 02:08 PM Accepted by SEC EDGAR 07/13/2026 - 02:07 PM Learn about SEC filing dates

FAQ

What are the key terms of National Rural Utilities (NRUC) Medium-Term Note in this 424B3?

The Medium-Term Note, Series D has a $750,000 principal amount, a 4.38% per annum interest rate, is priced at 100% of principal, and matures on July 15, 2028. Interest is paid semiannually each January 15 and July 15.

When do the new NRUC Medium-Term Notes start and when do they mature?

The note’s original issue date is July 15, 2026, and it matures on July 15, 2028. Holders receive semiannual interest payments during this period on January 15 and July 15, based on record dates of January 1 and July 1.

What interest rate will NRUC (symbol NRUC) pay on this Medium-Term Note?

The Medium-Term Note carries a fixed interest rate of 4.38% per annum. Interest is paid semiannually on each January 15 and July 15, to holders of record as of each preceding January 1 and July 1 over the life of the note.

Is there any redemption feature on the NRUC Medium-Term Note described in this filing?

The note has no redemption date, meaning it is not callable prior to its stated maturity of July 15, 2028. Investors can expect to receive interest until maturity, when the $750,000 principal is scheduled to be repaid.

What does the legal opinion say about the validity of the NRUC Medium-Term Note?

Counsel Hogan Lovells US LLP states the note will be a valid and binding obligation of the company after proper authorization, execution, and payment, subject to bankruptcy laws and general principles of equity, including good faith and reasonableness.

What fees or commissions apply to the NRUC Medium-Term Note offering?

The pricing terms list the agent’s commission as none. The issue price is 100% of the principal amount, so investors pay face value for the note, with no additional selling commission disclosed in this supplement.

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			July 10, 2026
Pricing Supplement No.			10620
Pricing Supplement Date			July 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$750,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2026
Maturity Date			July 15, 2028
Interest Rate			4.38% 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.