The Procter & Gamble Company filed a free writing prospectus on October 27, 2026, disclosing pricing terms for a €3,250,000,000 euro-denominated note offering across four tranches with maturities ranging from 2030 to 2046.

Key Highlights

  • Total offering size: €3,250,000,000 across four tranches, all with a trade date of October 27, 2026 and a settlement date of November 3, 2026 (T+5).
  • Four tranches priced: €750,000,000 of 3.750% Notes due 2030 at 99.865%; €1,000,000,000 of 4.100% Notes due 2034 at 99.859%; €750,000,000 of 4.250% Notes due 2038 at 98.870%; and €750,000,000 of 4.625% Notes due 2046 at 99.564%.
  • Yields to maturity: 3.787% (2030), 4.121% (2034), 4.373% (2038), and 4.659% (2046), according to the filing.
  • Long-term debt ratings: Moody's Aa3 (Positive) and S&P AA- (Stable) for all four tranches, as disclosed in the filing.
  • Concurrent U.S. dollar offering: The filing notes a separate concurrent offering of $750,000,000 of 5.125% Notes due 2031, $750,000,000 of 5.300% Notes due 2033, $1,250,000,000 of 5.450% Notes due 2036, and $1,250,000,000 of 5.900% Notes due 2056, expected to be issued October 30, 2026; the closing of the euro offering is not contingent on that transaction.
  • Listing: Application will be made for listing on the New York Stock Exchange, according to the filing.
  • Registration: The offering is SEC registered under Registration No. 333-299472, filed pursuant to Rule 433.

Pricing Terms and Structure of Procter & Gamble's October 2026 Euro Note Offering

According to the free writing prospectus, The Procter & Gamble Company priced four tranches of euro-denominated notes on October 27, 2026. The 2030 tranche carries a 3.750% coupon on €750,000,000 in aggregate principal, priced at 99.865% of principal amount, at a spread of +38 basis points to the mid-swap rate and +65.9 basis points to the reference government security. The 2034 tranche is the largest at €1,000,000,000 with a 4.100% coupon, priced at 99.859%, at spreads of +70 basis points and +85.3 basis points to the mid-swap and reference government security, respectively.

The 2038 tranche comprises €750,000,000 of 4.250% Notes priced at 98.870% of principal amount, reflecting spreads of +90 basis points to the mid-swap rate and +90.7 basis points to the reference government security. The longest tranche, €750,000,000 of 4.625% Notes due 2046, was priced at 99.564%, with spreads of +120 basis points to the mid-swap rate and +99.0 basis points to the reference government security, the filing disclosed. All four tranches share a first interest payment date of November 3, 2027, with an ACT/ACT day count convention.

Each tranche is denominated in minimum increments of €100,000 x €1,000. Joint book-running managers include Citigroup Global Markets Limited, Deutsche Bank AG London Branch, Goldman Sachs & Co. LLC, HSBC Bank plc, and Morgan Stanley & Co. International plc. The filing lists nine co-managers, including Barclays Bank PLC, BNP PARIBAS, and PNC Capital Markets LLC, among others. The filing notes that make-whole redemption is available at any time at the greater of 100% or a discount rate of the Comparable Government Bond Rate plus the applicable basis points for each tranche, and that tax redemption is available "if certain events occur involving United States taxation as described in the Prospectus Supplement."

What Was Disclosed

The filing is a pricing term sheet for a €3,250,000,000 four-tranche euro note offering by The Procter & Gamble Company, setting out coupon rates, issue prices, yields, spreads, settlement terms, identifiers, and manager details for each tranche, with a trade date of October 27, 2026.