NRUC (NRUC) sells $360K medium-term notes at 3.72% interest

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a single series of Medium-Term Notes under its base prospectus. The pricing supplement shows $360,000 principal issued at 100% of principal, with an original issue date of April 15, 2026, a maturity date of February 15, 2027, and a stated interest rate of 3.72% per annum.

The supplement cites counsel opinion on validity and notes standard legal limitations (bankruptcy, equitable principles). Regular interest payment dates are each January 15 and July 15, with no agents’ commission or redemption date disclosed in the excerpt.

Insights

Debt Capital Markets Analyst

Short-term note issuance at a fixed 3.72% interest rate for $360,000.

The pricing supplement documents a medium-term note series with a short residual term to maturity (roughly 10 months from original issue). The issuance size shown is specific and the note pays semiannual interest on fixed dates.

Cash‑flow treatment to the issuer and underwriter mechanics are standard; timing and allocation details beyond the single-series economics are not included in the excerpt.

Securities Lawyer

Counsel issued a customary validity opinion subject to bankruptcy and equitable defenses.

The opinion by Hogan Lovells US LLP confirms the notes will be binding obligations upon specified corporate actions and delivery against payment, subject to insolvency and equity law limitations. The opinion cites the District of Columbia General Cooperative Association Act and New York law.

No special legal contingencies or unusual carveouts appear in the provided clause.

Key Figures

Principal Amount: $360,000 Issue Price: 100% of Principal Amount Interest Rate: 3.72% per annum +3 more

6 metrics

Principal Amount $360,000 Principal amount shown in pricing table

Issue Price 100% of Principal Amount Pricing table states issue price

Interest Rate 3.72% per annum Stated fixed interest rate in pricing table

Original Issue Date April 15, 2026 Original issue date shown in pricing table

Maturity Date February 15, 2027 Maturity date shown in pricing table

Interest Payment Dates Each January 15 and July 15 Regular interest payment schedule in pricing table

Key Terms

Pricing Supplement, Medium-Term Notes, Validity opinion, Regular Record Dates

4 terms

Pricing Supplement regulatory

"Pricing Supplement Date | April 10, 2026 Prospectus Supplement Date"

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.

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.

Validity opinion legal

"In the opinion of Hogan Lovells US LLP, as counsel to the Company"

Regular Record Dates financial

"Regular Record Dates | Each January 1 and July 1"

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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			April 10, 2026
Pricing Supplement No.			10539
Pricing Supplement Date			April 10, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$360,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 15, 2026
Maturity Date			February 15, 2027
Interest Rate			3.72% 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.

FAQ

What securities did NRUC issue in this pricing supplement?

The company issued Medium-Term Notes, Series D totaling $360,000 at 100% of principal. The supplement lists the original issue date as April 15, 2026 and the maturity date as February 15, 2027.

What interest payments and rate apply to NRUC's notes?

The notes carry a fixed interest rate of 3.72% per annum with interest paid semiannually on January 15 and July 15. Regular record dates are each January 1 and July 1 as shown in the supplement.

Does the pricing supplement show any agent commissions or redemption options?

The excerpt states Agents Commission: None and lists Redemption Date: None. The supplement therefore shows no agent commission and no scheduled redemption date in the provided table.

What legal opinion supports the validity of NRUC's notes?

Hogan Lovells US LLP issued an opinion that, upon receipt of consideration and proper issuance, the notes will be valid obligations, subject to bankruptcy, insolvency and equitable defenses and citing District of Columbia and New York law.