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  4. [424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

NRUC (NRUC) prices $190K Series D note at 4.20% due 5/15/2028

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Series D Medium-Term Note offering of $190,000 at 100% of principal. The notes carry a 4.20% per annum coupon, were originally issued on May 20, 2026 with a trade/pricing date of May 15, 2026, and mature on May 15, 2028. Interest is payable each January 15 and July 15 with record dates of January 1 and July 1. The pricing supplement states no redemption date and no agents' commission. Legal opinion from Hogan Lovells US LLP supports validity of the notes, subject to stated legal exceptions.

Positive

  • None.

Negative

  • None.

Insights

Small, fixed-rate note issued for near-term funding.

The pricing supplement shows a $190,000 principal issuance of Medium-Term Notes, Series D, at 100% with a 4.20% per annum coupon and a May 15, 2028 maturity. This is a straightforward fixed-rate debt instrument with semiannual interest payments on January 15 and July 15.

Cash-flow treatment is routine for debt issuance; the document does not state use of proceeds. Subsequent filings or the base prospectus may disclose placement agents, distribution method, or how proceeds are allocated.

Standard counsel opinion with common legal qualifications.

Hogan Lovells US LLP opines the notes will be valid and binding obligations conditional on receipt of consideration and proper issuance under the indenture and agreements, subject to bankruptcy and equitable defenses expressly listed in the opinion text.

The opinion cites the District of Columbia General Cooperative Association Act and New York law; customary legal exceptions are preserved in the opinion language.

Principal Amount $190,000 Principal Amount stated in pricing supplement
Issue Price 100% of Principal Amount Issue Price listed in pricing supplement
Interest Rate 4.20% per annum Coupon on the notes
Original Issue Date May 20, 2026 Original Issue Date shown
Maturity Date May 15, 2028 Maturity date of the notes
Interest Payment Dates January 15 and July 15 Semiannual interest payment schedule
Agents' Commission None Agents Commission listed in pricing supplement
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.
Pricing Supplement regulatory
"Pricing Supplement No. | 10578 Pricing Supplement Date | May 15, 2026"
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
"due execution, authentication, 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.
Agents' Commission financial
"Agents Commission | None"

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

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FAQ

What did NRUC (NRUC) issue in this pricing supplement?
NRUC issued a Series D Medium-Term Note totaling $190,000 at 100% of principal. The note carries a 4.20% per annum interest rate and matures on May 15, 2028.

When are interest payments and record dates for NRUC's note?
Interest is payable each January 15 and July 15 with record dates on January 1 and July 1. Payments are semiannual at the stated coupon of 4.20% per annum.

Does the pricing supplement allow early redemption of the notes?
The pricing supplement lists the Redemption Date as None. The document therefore does not provide an issuer-call right in this supplement's terms.

What were the trade and original issue dates for this NRUC note?
The pricing supplement shows a Trade Date of May 15, 2026 and an Original Issue Date of May 20, 2026, with the maturity on May 15, 2028.


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 DateMay 15, 2026
Pricing Supplement No. 10578
Pricing Supplement DateMay 15, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$190,000.00
Issue Price100% of Principal Amount
Original Issue DateMay 20, 2026
Maturity DateMay 15, 2028
Interest Rate4.20% per annum
Regular Record DatesEach January 1 and July 1
Interest Payment DatesEach January 15 and July 15
Redemption DateNone
Agents Commission None
Form of Note: (Book-Entry or Certificated)
Certificated
Other TermsNone
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.

Source: View Original Filing on SEC EDGAR