Barcelona issues 105 million in bonds and completes 210 million Espai Barça financing plan

FC Barcelona announced on Friday the completion of a new bond issue, known as Media Notes, with a nominal value of 105 million euros and a maturity set for October 2036. The transaction completes the 210 million planned across two issues that were authorized by the General Assembly of Compromising Members held on 19 September.

What the 105 million bond issue means for FC Barcelona

• Barcelona completes the 210 million euros in bonds approved at the September Assembly.
• The new notes mature in October 2036 and were fully placed in under 24 hours.
• The spread remains at 202 basis points, the same level as in the July issue.
• The BBB credit rating with stable outlook from Morningstar DBRS remains unchanged.
• The bonds hold priority claim over the club's television broadcasting income.

Why Barcelona has turned to a new bond issue

The decision to access the market stems from the impact on cash flow caused by the timing gap between the start of financial cost payments linked to Espai Barça and the moment when the Spotify Camp Nou is fully completed and operational. While construction advances, the club needs additional liquidity to bridge that period.

This issue adds to those Barcelona had already placed in 2021 and 2024, consolidating the club as a regular issuer in international debt markets. The multibillion-euro stadium project requires staggered financing across several phases to avoid compromising the entity's day-to-day operations.

Market response: fully placed in under 24 hours

Barcelona highlighted the speed with which international investors took on the entire issue. In less than a day, demand covered the full amount of 105 million euros, a sign of confidence in the project's strength and in the club's ability to generate long-term revenue.

The agreed spread of 202 basis points is identical to that of the July 2026 issue, when half of the Media Notes were placed at an interest rate of 5.14% amid strong demand. The club notes that the proposals received during the marketing process allowed the operation to be brought forward from the initially planned schedule.

Collateral and credit rating behind the issue

The new Media Notes retain priority claim over income from television broadcasting rights. That structure gives investors a first-ranking guarantee over the account where the club receives those payments, a mechanism that strengthens the security of the operation and explains the appetite shown by the markets.

After this closing, FC Barcelona maintains the BBB credit rating with a stable outlook granted by Morningstar DBRS. That level of solvency was an essential requirement for Goldman Sachs to lead the expansion of Espai Barça financing by 300 million euros, a measure that also received approval at the Assembly held last month.

What is at stake for Barcelona with Espai Barça financing

Espai Barça represents the largest asset transformation in the club's history, and its financial success determines Barcelona's ability to compete in the coming years. Completing the Spotify Camp Nou will open new revenue streams through stadium operations, sponsorships and events, which must offset the debt taken on during construction.

Maintaining the BBB rating allows the club to access financing on competitive terms and avoids making the existing debt more expensive. Each successful issue strengthens the project's credibility with investors and facilitates future operations to complete the stadium remodeling.

The speed of the placement and the maintenance of the spread highlight the market's support for FC Barcelona and investor confidence in its ability to generate income and develop its long-term project.

Frequently asked questions about FC Barcelona's bond issue