[424B3] National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) Prospectus Filed Pursuant to Rule 424(b)(3)

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) filed a Rule 424(b)(3) pricing supplement for the issuance of Medium-Term Notes, Series D. The specific tranche described is a $2.0 million certificated note priced at 100% of face value with a fixed coupon of 4.30% per annum. The notes will be issued on 15 July 2025 and mature on 15 May 2026; interest is paid semi-annually on 15 January and 15 July, with record dates on the first of those months. There is no call or redemption option prior to maturity and no selling concession or agent commission disclosed for this tranche.

The filing reiterates that Series D notes may be issued in an unlimited aggregate principal amount, signalling an ongoing shelf program that NRUC can draw upon as funding needs arise. Hogan Lovells US LLP provided the customary legal opinion affirming that, once properly executed and delivered, the notes will constitute valid and binding obligations of the company, subject to standard bankruptcy and equitable-principles exceptions under District of Columbia cooperative law and New York law.

Key Terms

• Principal Amount (this tranche): $2,000,000
• Coupon: 4.30%
• Issue Date: 15 Jul 2025
• Maturity Date: 15 May 2026
• Form: Certificated
• Redemption: None

Because the filing covers a relatively small principal amount within a larger open-ended program and contains no operational or earnings information, the immediate financial impact for investors appears limited. Nevertheless, it provides insight into NRUC’s short-term funding strategy and current borrowing costs.

Positive

• Low-cost funding: 4.30% fixed coupon for unsecured debt is competitive for a one-year maturity.
• Unlimited shelf program: Filing confirms NRUC can issue additional Series D notes as liquidity needs arise, enhancing financial flexibility.

Negative

• None.

Insights

Debt Capital Markets Analyst

TL;DRa0NRUC prices $2 MM Series D MTN at 4.30%, one-year tenor; routine funding with minimal balance-sheet impact.

The filing details a small, fixed-rate issuance that bumps near-term liquidity without incurring placement fees. At 4.30%, the coupon sits modestly above current 1-year Treasury yields, reflecting NRUC’s cooperative profile but still representing attractively priced unsecured funding. Absence of optional redemption and certificated form are standard for this program. Given the tiny size relative to NRUC’s multi-billion funding base, the note will not materially shift leverage metrics or interest expense. Impact on credit profile and investor valuation is neutral.

Institutional Portfolio Manager

TL;DRa0Small, short-dated note offers modest 4.30% yield; negligible portfolio significance.

From a portfolio perspective, a $2 million certificated piece is unlikely to appear in secondary markets and provides limited liquidity. Ten-month effective duration and absence of a call feature make it a straightforward hold-to-maturity instrument. For NRUC, the unlimited shelf capacity remains the more relevant takeaway, suggesting flexibility to issue larger tranches if market rates stabilize. Today’s filing alone is operationally routine and does not alter our investment thesis.

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.			10293
Pricing Supplement Date			July 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2025
Maturity Date			May 15, 2026
Interest Rate			4.30% 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 fixed coupon of 4.30% per annum.

When does the National Rural Utilities Cooperative Finance Corp note mature?

The maturity date is 15 May 2026.

How large is the principal amount of this NRUC Series D tranche?

The tranche totals $2,000,000 in principal.

Are the notes callable prior to maturity?

No; the pricing supplement specifies no redemption before maturity.

What are the interest payment dates for the NRUC 4.30% notes?

Interest is paid on 15 January and 15 July each year.

Is there an agent commission for this issuance?

No agent commission is disclosed for this tranche.

Under what legal opinion are the notes validated?

Hogan Lovells US LLP opined the notes will be valid and binding obligations subject to standard insolvency exceptions.