National Rural Utilities files 424B3 for 4.27% Series D Note maturing 2026

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) filed a Rule 424(b)(3) pricing supplement covering the issuance of Medium-Term Notes, Series D in a single tranche.

• Principal amount: $1,000,000
• Issue price: 100% of face value
• Trade date: July 10 2025; Original issue date: July 15 2025
• Maturity: July 15 2026 (one-year tenor)
• Coupon: 4.27% fixed, paid semi-annually on January 15 and July 15; record dates January 1 and July 1
• Form: Certificated, non-redeemable prior to maturity; no agent commission disclosed
• The Series D program allows an unlimited aggregate principal amount of notes to be issued.

Hogan Lovells US LLP provided a customary legal opinion affirming that, upon due execution and delivery, the notes will constitute valid and binding obligations of NRUC, subject to standard bankruptcy and equitable principles.

Insights

Fixed-Income Analyst

TL;DR – $1 MM, 4.27% fixed one-year note; routine funding, neutral impact.

The filing documents a modest $1 million issuance of Series D Medium-Term Notes maturing in July 2026. With no call option and no underwriting commission, the structure is straightforward. The coupon and tenor are fully disclosed, but the size is immaterial relative to typical NRUC debt programs, suggesting routine liquidity management rather than a strategic capital shift. Legal opinions are standard. Overall, the disclosure is clear and poses no notable credit or structural surprises.

Credit Risk Specialist

TL;DR – Standard legal opinion, no material change to credit profile.

The Hogan Lovells opinion confirms enforceability of the notes under DC and New York law, aligning with prior filings. Absence of covenants, redemption features, or special terms means existing creditors’ positions remain unchanged. Given the small principal amount, there is negligible incremental leverage risk, leaving NRUC’s overall credit position intact.

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, 2025
Pricing Supplement No.			10279
Pricing Supplement Date			July 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2025
Maturity Date			July 15, 2026
Interest Rate			4.27% 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.

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FAQ

What is the size of NRUC's new Medium-Term Note issuance?

The filing covers a $1,000,000 principal amount Series D Medium-Term Note.

What coupon rate will the NRUC note pay?

The note carries a 4.27% fixed annual interest rate.

When does the NRUC Series D note mature?

Maturity is July 15, 2026, giving the instrument a one-year tenor from issuance.

Are there any early redemption options on the NRUC notes?

No. The filing states No Redemption Date, meaning the note is held to maturity.

How frequently are interest payments made on the NRUC Medium-Term Note?

Interest is paid semi-annually on January 15 and July 15, with record dates January 1 and July 1.

Was an underwriting commission charged on this issuance?

No. The pricing supplement lists the Agent’s Commission as ‘None’.

What legal opinion supports the validity of the NRUC notes?

Hogan Lovells US LLP opined that the notes are valid and binding obligations, subject to customary bankruptcy and equity qualifications.