Commentary & Deal Flow

Spread set at: 6NC5: MS+98bp 11NC10: MS+138bp
Book update: Combined Books > €4bn (small skew to the 11nc10)
IPTs: 6NC5: MS+125a 11NC10: MS+165a

• Issuer: Capital One Financial Corporation (“COF”)
• Issuer LEI: ZUE8T73ROZOF6FLBAR73
• Expected Ratings: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Format: SEC Registered
• Ranking: Senior Unsecured Notes
• Total Size: € Benchmark
• Expected Tranche Size:
  • 6NC5: €500-750m max
  • 11NC10: €500-750m max
• Coupon Type:
  • 6NC5: Fixed-to-Floating
  • 11NC10: Fixed-to-Floating
• Coupon Reset Benchmark:
  • 6NC5: 3-month EURIBOR
  • 11NC10: 3-month EURIBOR
• Maturity Date:
  • 6NC5: 15-Sep-32
  • 11NC10: 15-Sep-37
• Settlement Date: 15-Sep-26 (T+4)
• Optional Redemption:
  • 6NC5: 1-year Par Call Tax Call at Par
  • 11NC10: 1-year Par Call Tax Call at Par
• Bookrunner(s): Active: Barc, DB, GS (B&D), MS / Passive: CapOne
• Use of Proceeds: General Corporate Purposes
• Denominations: €100,000 x €1,000
• Marketing: Link: https://dealroadshow.finsight.com / Entry Code: COF2026
• Expected Listing: NYSE
• Documentation: Base Prospectus, Prospectus Supplement, Pricing Term Sheet
• Selling Restrictions: As set out in the Preliminary Prospectus Supplement
• MiFID II Target Market and PRIIPs Regulation: MiFID II professionals / ECPs-only / No PRIIPs KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the EEA.
• UK MiFIR and FCA Product Disclosure Sourcebook (DISC): UK MiFIR professionals / ECPs-only / No CCI disclosure document – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No CCI disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the UK.
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• ISIN / Common Code / CUSIP:
  • 6NC5: XS3486716775 / 348671677 / 14040H DR3
  • 11NC10: XS3486716858 / 348671685 / 14040H DS1
• Books Subject Deadline: 12:45 UKT / 13:45 CET
• Schedule: Books open, today’s business