Capital One Financial Closes €1.5B Dual-Tranche Senior Notes Offering

Capital One Financial Corp (€1.5B Senior Notes Offering)

Overview

On September 15, 2026, Capital One Financial Corporation announced the closing of a €1.5 billion public debt offering comprised of two tranches of Euro-denominated fixed-to-floating rate senior notes:

1. €750,000,000 4.326% Fixed-to-Floating Rate Senior Notes due 2032
2. €750,000,000 4.832% Fixed-to-Floating Rate Senior Notes due 2037

Underwriting & Agreement Details

• Underwriters: Barclays Bank PLC, Deutsche Bank AG (London Branch), Goldman Sachs & Co. LLC, Morgan Stanley & Co. International plc, and Capital One Securities, Inc. acted as representatives of the underwriting syndicate.
• Pricing & Fees: Underwriters purchased both tranches at 100% of principal value. Underwriting commissions were 0.35% for the 2032 notes and 0.45% for the 2037 notes.
• Indenture & Paying Agency: Issued under the Senior Indenture dated November 1, 1996, as supplemented by the First Supplemental Indenture dated November 2, 2021, with The Bank of New York Mellon Trust Company, N.A. as Trustee and The Bank of New York Mellon, London Branch as paying agent.

Strategic Context & Impact

• Capital Structure: The issuance strengthens Capital One's long-term liquidity and funding diversification via the European debt capital markets following its merger integration activities.
• Trading Significance: Routine institutional debt financing. While large in nominal terms (€1.5B), it is an ordinary course capital management transaction with low immediate impact on equity share price.