National Rural Utilities issues 4.12% Series D Note maturing 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) filed a Rule 424(b)(3) pricing supplement for the issuance of a single $750,000 Medium-Term Note, Series D.

• Coupon: fixed 4.12% per annum, paid semi-annually on January 15 and July 15, with record dates on January 1 and July 1.
• Issue & Maturity: Original issue date July 15 2025; maturity date July 15 2027 (two-year tenor).
• Price & Fees: Issued at 100% of principal with no agent commission.
• Form: Certificated note; no call/redemption features.
• Shelf Program: Series D notes may be issued in an unlimited aggregate principal amount; this filing covers the specific $750k tranche.
• Legal opinion: Hogan Lovells US LLP states the note will be a valid and binding obligation, subject to customary bankruptcy and equitable considerations under D.C. and New York law.

The filing is routine debt financing documentation and does not disclose additional financial performance data or strategic transactions.

Insights

Fixed-Income Analyst

TL;DR: Routine $750k, 4.12%, 2-year NRUC note; immaterial to capital structure, neutral impact.

The supplement details a small, certificated Series D Medium-Term Note. With a 4.12% fixed coupon and no call option, the cost of funds appears reasonable given current rates, but the principal amount—only $750k—is negligible relative to NRUC’s multibillion-dollar balance sheet. Absence of underwriting fees slightly lowers issuance cost. The note sits within an unlimited MTN program, indicating ongoing access to capital markets. Legal opinion from Hogan Lovells confirms enforceability, mitigating documentation risk. Overall, the transaction is routine and carries no material impact on leverage, liquidity, or credit profile.

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.			10284
Pricing Supplement Date			July 10, 2025
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, 2025
Maturity Date			July 15, 2027
Interest Rate			4.12% 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 coupon rate on NRUC's new Medium-Term Note?

The note carries a 4.12% fixed annual interest rate.

When does the NRUC Series D note mature?

The maturity date is July 15, 2027.

How often are interest payments made on the NRUC 4.12% note?

Interest is paid semi-annually on January 15 and July 15.

Is there any redemption option for this NRUC Medium-Term Note?

No. The pricing supplement lists "Redemption Date: None", indicating no early call feature.

What is the principal amount of the NRUC Series D Medium-Term Note?

The filing covers a $750,000 principal amount tranche.

Which law firm provided the validity opinion for the NRUC note?

The opinion was issued by Hogan Lovells US LLP.

In what form will the NRUC Medium-Term Note be issued?

The note will be issued in certificated form.