Capital One Announces €1.5B Fixed-to-Floating Senior Note Offering

What Happened
Capital One Financial Corporation announced on September 15, 2026 that it closed a public offering of €750,000,000 aggregate principal amount of 4.326% Fixed-to-Floating Rate Senior Notes due 2032 and €750,000,000 aggregate principal amount of 4.832% Fixed-to-Floating Rate Senior Notes due 2037 (total €1.5 billion). The offering was conducted under an underwriting agreement dated September 9, 2026, and the notes were issued under the company’s Senior Indenture and registered under its Form S-3 registration statement.

Key Details

• Total size: €1,500,000,000 (two tranches of €750M each).
• Coupon/rates: 4.326% fixed-to-floating for 2032 notes; 4.832% fixed-to-floating for 2037 notes.
• Dates: Underwriting agreement dated Sept 9, 2026; offering closed Sept 15, 2026.
• Transaction mechanics: Underwriters included Barclays, Deutsche Bank (London), Goldman Sachs, Morgan Stanley and Capital One Securities; The Bank of New York Mellon, London Branch, is the paying agent. Notes issued under the company’s Senior Indenture (base indenture dated Nov 1, 1996, with a supplemental indenture dated Nov 2, 2021).

Why It Matters
This transaction raises €1.5 billion of senior debt financing for Capital One, providing additional liquidity or capital for balance-sheet and funding needs. The securities are fixed-to-floating notes (initial fixed interest rates then convert to a floating rate), which affects future interest expense once the notes move to floating rates. Because the notes are denominated in euros, the issuance also has currency exposure implications for the company. Documents related to the offering are filed as exhibits to the 8-K for investors who want the full legal details.