National Rural Utilities CFC (NRUC) prices $500K note due Dec 15, 2027 at 3.98%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $500,000 of Medium-Term Notes, Series D. The pricing supplement shows an issue price of 100%, an interest rate of 3.98% per annum, an original issue date of April 30, 2026 and a maturity date of December 15, 2027. Interest is payable each January 15 and July 15 with record dates each January 1 and July 1. The supplement includes counsel opinion on validity under District of Columbia and New York law.

Insights

Fixed Income Analyst

Pricing shows a straightforward short‑term note issuance at a fixed coupon.

The supplement documents a $500,000 note issued at par with a 3.98% fixed coupon maturing on December 15, 2027. Payment dates and record dates are standard semiannual schedules.

Cash‑flow treatment is issuer receipts for a primary note issuance; timing and distribution mechanics align with a standard medium‑term note program. Subsequent offering details and investor allocations are not provided in the excerpt; review the underwriting or agency agreement for distribution specifics.

Key Figures

Principal Amount: $500,000 Issue Price: 100% of Principal Amount Interest Rate: 3.98% per annum +3 more

6 metrics

Principal Amount $500,000 Principal Amount as listed in pricing supplement

Issue Price 100% of Principal Amount Pricing Supplement shows issue price at par

Interest Rate 3.98% per annum Fixed coupon stated in pricing supplement

Original Issue Date April 30, 2026 Original issue date listed in supplement

Maturity Date December 15, 2027 Maturity date for the Series D notes

Interest Payment Dates January 15 and July 15 Semiannual interest payment schedule

Key Terms

Medium‑Term Notes, Pricing Supplement, Indenture, Prospectus Supplement

4 terms

Medium‑Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More"

Pricing Supplement regulatory

"Pricing Supplement No. | 10553 Pricing Supplement Date | April 27, 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.

Prospectus Supplement regulatory

"Prospectus Supplement Date | October 27, 2023"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

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 27, 2026
Pricing Supplement No.			10553
Pricing Supplement Date			April 27, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 30, 2026
Maturity Date			December 15, 2027
Interest Rate			3.98% 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 did NRUC sell in this pricing supplement?

NRUC sold $500,000 of Medium‑Term Notes, Series D at an issue price of 100%. The notes carry a fixed coupon of 3.98% per annum and mature on December 15, 2027 with semiannual interest payments.

When are interest payments and record dates for the NRUC notes?

Interest is payable each January 15 and July 15. Regular record dates are each January 1 and July 1, which determine holders entitled to the semiannual interest payments.

What is the effective yield or coupon on the notes?

The notes carry a fixed coupon of 3.98% per annum as shown in the pricing supplement. The issue price is 100% of principal, indicating the coupon equals the stated yield at issuance.

Who provided the legal opinion on note validity for NRUC?

Legal validity was opined by Hogan Lovells US LLP. The opinion relies on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York as currently in effect.