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

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

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation prices a primary issuance of Medium-Term Notes, Series D with a principal amount of $180,000.00 at 100% of principal. The notes bear interest at 4.05% per annum, with an original issue date of May 13, 2026 and a maturity date of November 15, 2027.

The trade date and pricing supplement date are May 8, 2026, and interest is payable semiannually each January 15 and July 15 with regular record dates of January 1 and July 1. The pricing supplement states there is no redemption date and no agents commission.

Positive

  • None.

Negative

  • None.

Insights

Primary issuance of a short-term note at a fixed 4.05% coupon.

The company is issuing a $180,000.00 Medium-Term Note due November 15, 2027 at par, as shown on the pricing supplement dated May 8, 2026. This is a straightforward fixed-rate debt placement under the base prospectus dated October 24, 2023.

Key dependencies include settlement on the May 13, 2026 original issue date and the indenture terms; cash-flow treatment and distribution parties are stated as having no agents commission, per the supplement.

Counsel provides standard validity opinion subject to bankruptcy and equitable defenses.

Hogan Lovells US LLP opines the notes will be valid obligations upon receipt of consideration and proper issuance, subject to insolvency and equitable doctrines explicitly listed in the opinion text.

Investors should note the opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law as governing authorities.

Principal Amount $180,000.00 Series D Medium-Term Notes
Interest Rate 4.05% per annum Fixed coupon for Series D notes
Issue Price 100% of Principal Amount Pricing Supplement No. 10555
Original Issue Date May 13, 2026 Settlement / issuance date
Maturity Date November 15, 2027 Final maturity of Series D notes
Interest Payment Dates January 15 and July 15 Semiannual payments
Medium-Term Note financial
"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"
A medium-term note is a debt instrument—an IOU—issued by a company or government to borrow money for a period longer than a short loan but shorter than a long-term bond, typically about one to ten years. It matters to investors because it offers predictable interest income with a balance between higher yields than short-term paper and lower interest-rate sensitivity than long bonds, so it’s often used to tune income, risk and timing in a portfolio.
Pricing Supplement regulatory
"Pricing Supplement No. | 10555 Pricing Supplement Date | May 8, 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
"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.
Issue Price financial
"Issue Price | 100% of Principal Amount"
The issue price is the amount of money investors pay to buy a new security, such as a stock or bond, when it is first offered to the public. It matters to investors because it determines their initial cost and potential future gains or losses, similar to paying a set price for a new product before it hits stores. The issue price helps establish the value of the security at the start of its trading life.

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

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FAQ

What is NRUC's offering size in this pricing supplement?
The offering size is $180,000.00 in principal amount. The pricing supplement lists Principal Amount $180,000.00 and an Issue Price of 100% of Principal Amount for the Medium-Term Notes, Series D.

What are the interest and payment terms for the Series D notes?
The notes bear interest at 4.05% per annum. Interest payments occur semiannually on January 15 and July 15, with record dates of January 1 and July 1, per the supplement.

When do the Series D notes issue and mature?
The original issue date is May 13, 2026, and maturity is November 15, 2027. The trade date and pricing supplement date are May 8, 2026, with issuance shown as of May 13, 2026.

Is there a redemption option or underwriting commission for these notes?
There is no redemption date and no agents commission listed. The pricing supplement explicitly states Redemption Date: None and Agents Commission: None for this Series D issuance.


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 8, 2026
Pricing Supplement No. 10555
Pricing Supplement DateMay 8, 2026
Prospectus Supplement DateOctober 27, 2023
Base Prospectus DateOctober 24, 2023
Principal Amount$180,000.00
Issue Price100% of Principal Amount
Original Issue DateMay 13, 2026
Maturity DateNovember 15, 2027
Interest Rate4.05% 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