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Commentary & Deal Flow

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Capital One Financial Corp

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Capital One Financial Corp

by Oleksandr Vynychuk

Sep 09, 2026 7:57 AM ET

LAUNCHED: Capital One Financial Corporation €1.5bn 6NC5 & 11NC10 Sr Unsec FXD/FRN; MS+98bp & MS+138bp

IGC European Market: Deal Flow - General

Issuer	Term	Call	Maturity	Size	Ranking	Type	IPT	Spread Set	ISIN	CUSIP
Capital One Financial Corporation	6NC5	5y	15-Sep-32	€750m	Sr Unsec	Fixed to Floating	MS+125a	MS+98	XS3486716775	14040H DR3
Capital One Financial Corporation	11NC10	10y	15-Sep-37	€750m	Sr Unsec	Fixed to Floating	MS+165a	MS+138	XS3486716858	14040H DS1

Launched:
6NC5: €750m @ MS+98bp - Books €1.9bn
11NC10: €750m @ MS+138bp - Books €2.0bn
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: €1.5bn
Size:
- 6NC5: €750m
- 11NC10: €750m
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