Stellantis Announces Pricing of Hybrid Bonds Offering

Stellantis (NYSE: STLA) priced a subordinated perpetual hybrid bonds offering executed March 10, 2026, with settlement expected March 16, 2026.

Rhea-AI Summary

Stellantis (NYSE: STLA) priced a subordinated perpetual hybrid bonds offering executed March 10, 2026, with settlement expected March 16, 2026. The issuance consists of €2.2 billion (6.250% coupon, 5.25-year non-call), €1.8 billion (6.875% coupon, 8-year non-call) and £865 million (8.250% coupon, 6.5-year non-call) tranches.

The offering fully uses the Board authorization to issue up to €5 billion of subordinated perpetual hybrid bonds and is described as strengthening Stellantis’ capital structure and liquidity.

Positive

• Issued three tranches totaling €4.0 billion and £865 million in principal
• Fully utilizes Board authorization of up to €5 billion for subordinated hybrids
• Settlement expected on March 16, 2026, providing near-term liquidity

Negative

• High coupon rates ranging from 6.250% to 8.250% increase financing cost
• Perpetual structure with multi-year non-call periods delays refinancing flexibility
• Securities are subordinated, maintaining lower claim priority in capital structure

Argus Mar 11 session

-0.14% close to close Open Argus

Details

News Market Reaction – STLA

In the Mar 11 session, STLA declined 0.14%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details the pricing of several tranches of subordinated perpetual hybrid bonds tot...

Analysis

This announcement details the pricing of several tranches of subordinated perpetual hybrid bonds totaling up to €5 billion, with coupons ranging from 6.250% to 8.250% and first reset dates between 2031 and 2034. Coming after disclosure of a large 2025 net loss and suspended dividend, the offering aims to strengthen the capital structure and liquidity. Investors may track how this additional hybrid capital interacts with future profitability, industrial free cash flow trends, and strategic updates expected at the 2026 Investor Day.

Key Figures

Hybrid tranche size: €2.2 billion Annual coupon: 6.250% Hybrid tranche size: €1.8 billion +5 more

Hybrid tranche size

€2.2 billion

Perpetual Fixed Rate Resettable Capital Securities, 5.25-year non-call

Annual coupon

6.250%

First tranche until June 16, 2031 reset date

Hybrid tranche size

€1.8 billion

Perpetual Fixed Rate Resettable Capital Securities, 8-year non-call

Annual coupon

6.875%

Second tranche until March 16, 2034 reset date

Hybrid tranche size

£865 million

Perpetual Fixed Rate Resettable Capital Securities, 6.5-year non-call

Annual coupon

8.250%

Sterling tranche until September 16, 2032 reset date

Hybrid authorization

€5 billion

Board authorization for subordinated perpetual hybrid bonds fully utilized

Settlement date

March 16, 2026

Expected settlement of hybrid bonds offering

Historical Context

5 past events · Latest: Mar 09

5 events

1. Mar 09

   Product launch news

   24h Move

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   Dodge detailed AWD 2026 Charger and Durango features and performance targets.

2. Mar 09

   Product expansion

   24h Move

   -1.1%

   SIXPACK-powered 2026 Charger R/T expanded the multi-energy lineup with 420 hp.

3. Mar 05

   Brand anniversary

   24h Move

   -2.7%

   Jeep marked its 85th anniversary with special editions and future EV preview.

4. Mar 03

   Marketing campaign

   24h Move

   -1.8%

   Retail "Declaration of Deals" campaign and America250 limited editions launched.

5. Mar 02

   AGM agenda

   24h Move

   -5.7%

   Publication of 2026 AGM agenda and proposed director reappointments and appointment.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

subordinated perpetual hybrid bonds, perpetual fixed rate resettable capital securities, non-call period, perpetual maturity, +1 more

5 terms

subordinated perpetual hybrid bonds financial

"Stellantis N.V. today announced the pricing of its offering of subordinated perpetual hybrid bonds,"

A subordinated perpetual hybrid bond is a long‑term debt-like security that sits low in the repayment line (it gets paid after most other creditors) and has no fixed maturity date, combining features of both bonds and equity. Investors get higher yield in exchange for greater risk: these instruments can absorb losses or be skipped by the issuer more easily than regular bonds, so they matter to investors as a source of higher income but with greater credit and capital-treatment uncertainty.

perpetual fixed rate resettable capital securities financial

"€2.2 billion Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 5.25 years,"

A perpetual fixed rate resettable capital security is a long‑term hybrid investment that pays a regular fixed interest-like return with no scheduled maturity date, and at predetermined reset dates the payment rate can be adjusted (usually to a new fixed rate tied to market conditions). Think of it as a forever savings account whose interest is periodically re‑priced; it matters to investors because it offers higher income than plain bonds but carries higher credit, interest‑rate and call or loss-absorption risk, and is often treated as regulatory capital for issuers.

non-call period financial

"having a non-call period of 5.25 years, perpetual maturity and an annual coupon of 6.250%"

A non-call period is a set span of time after a bond or preferred stock is issued during which the issuer is legally barred from redeeming or repurchasing the security early. For investors, it guarantees that the promised interest or dividend payments will continue for that duration, reducing the risk of losing a high-yielding investment when rates fall—similar to a fixed-length lease that prevents the landlord from ending the tenancy early.

perpetual maturity financial

"having a non-call period of 8 years, perpetual maturity and an annual coupon of 6.875%"

Perpetual maturity describes a financial instrument, like a bond or preferred share, that has no set date to return the original amount invested and can pay interest or dividends indefinitely. For investors it matters because the value depends entirely on ongoing payments and issuer creditworthiness—think of it like owning a rental property with no planned sale date: income can continue but market value fluctuates with interest rates and the issuer’s ability to pay.

annual coupon financial

"perpetual maturity and an annual coupon of 8.250% until the first reset date"

The annual coupon is the interest payment a bondholder receives each year, calculated as a percentage of the bond’s face (principal) value. Think of it like the yearly interest on a loan you hold: it provides predictable income and helps determine a bond’s market value, so investors watch it to compare income streams and gauge how sensitive the bond’s price will be to changes in market interest rates.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Stellantis Announces Pricing of Hybrid Bonds Offering

AMSTERDAM, March 11, 2026 – Stellantis N.V. today announced the pricing of its offering of subordinated perpetual hybrid bonds, executed on March 10.

The issuance will be structured in the following tranches:

• €2.2 billion Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 5.25 years, perpetual maturity and an annual coupon of 6.250% until the first reset date of June 16, 2031;
  
  
• €1.8 billion Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 8 years, perpetual maturity and an annual coupon of 6.875% until the first reset date of March 16, 2034; and
  
  
• £865 million Perpetual Fixed Rate Resettable Capital Securities, having a non-call period of 6.5 years, perpetual maturity and an annual coupon of 8.250% until the first reset date of September 16, 2032.
  
  

The settlement of the offering is expected to occur on March 16, 2026. The offering fully utilizes the authorization granted by the Company’s Board of Directors to issue up to €5 billion subordinated perpetual hybrid bonds, as previously communicated.

This issuance will further strengthen Stellantis’ capital structure and liquidity position.

# # # 

About Stellantis

Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep_®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit www.stellantis.com

	@Stellantis		Stellantis		Stellantis		Stellantis
For more information, contact: Fernão SILVEIRA +31 6 43 25 43 41 – fernao.silveira@stellantis.com Nathalie ROUSSEL +33 6 87 77 41 82 – nathalie.roussel@stellantis.com communications@stellantis.com www.stellantis.com

Attachment

• EN-20260311-Stellantis-Announces-Pricing-Hybrid-Bonds-Offering

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Stellantis (STLA) announce about the March 2026 hybrid bond offering?

Stellantis priced three subordinated perpetual hybrid tranches executed March 10, 2026. According to the company, tranches include €2.2 billion (6.250%), €1.8 billion (6.875%) and £865 million (8.250%), with settlement expected March 16, 2026.

How much capital did Stellantis (STLA) raise with the hybrid bonds offering?

The offering comprised €2.2 billion and €1.8 billion tranches plus a £865 million tranche. According to the company, that equals €4.0 billion in euro tranches plus the £865 million sterling tranche.

When do the Stellantis (STLA) hybrid bonds become callable and what are the first reset dates?

Each tranche has a specified non-call period and first reset date tied to that period. According to the company, first reset dates are June 16, 2031; March 16, 2034; and September 16, 2032, respectively.

What does the issuance mean for Stellantis (STLA) capital authorization limits?

The issuance fully utilizes the Board authorization to issue up to €5 billion of subordinated perpetual hybrids. According to the company, this offering falls within that previously granted limit.

How might the coupon levels on Stellantis (STLA) hybrid bonds affect investors or the company?

Coupons are set at 6.250%–8.250% until initial reset dates, reflecting higher yield on subordinated perpetual securities. According to the company, these rates apply until the first reset dates in 2031–2034, affecting interest cost until any refinancing.