McDonald's taps debt market for $1.2B at higher coupons
What's the deal? McDonald's raised $1.2 billion on November 9, 2026, through two senior unsecured, fixed-rate notes. The deal splits into $600 million due 2031 at a 5.20% coupon and $600 million due 2036 at 5.60%.
The details: The 2031 notes priced at 99.844% of par; the 2036 notes at 99.758%. Citigroup, Morgan Stanley, Truist Bank, U.S. Bancorp, Wells Fargo, PNC Bank, RBC Capital MarketsDealroom has a profile for this one. Try Dealroom →, TD SecuritiesDealroom has a profile for this one. Try Dealroom →, and Westpac Banking ran the books.
Why now? The maturities mirror McDonald's August 2025 issuance of $1.3 billion in notes due 2031 and 2036. But the new coupons are higher — the earlier notes carried 4.40% and 5.00% — reflecting a more expensive borrowing environment.
Context: The raise follows a March 2026 euro bond sale, showing continued use of debt markets across currencies and maturities. The scale is ordinary for McDonald's established medium-term note program, which dates back to 1984.
The signal: At $1.2 billion, the deal ranks in the 91st percentile of post-IPO debt rounds in the food sector all-time, out of 741 comparable deals. The notable shift is not the size but the cost: locking in long-term funding now means paying more than it did just over a year ago.
Read more: cbonds.com
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