In Barcelona, where the rebuilding of Spotify Camp Nou remains the great financial and sporting horizon, the club has completed the second half of a €210 million Media Notes programme designed to bridge a demanding period in the Espai Barça project.
FC Barcelona confirmed on Friday that it had placed a further €105 million in bonds, due to mature in October 2036. The transaction completes the two authorised issues worth €210 million in total, approved by the club’s General Assembly of Delegate Members on 19 September.
The need for the additional financing stems from the timing of the stadium redevelopment. Barcelona has begun meeting financial costs connected to Espai Barça before the fully completed Spotify Camp Nou can be operated at full capacity and generate its anticipated revenue. The new notes sit alongside bond issues already made in 2021 and 2024.
International investors took up the entire €105 million offering in under 24 hours. It was issued at a spread of 202 basis points, matching the terms achieved when the first €105 million tranche was placed in July 2026. That earlier operation carried an interest rate of 5.14% and also attracted strong demand.
The club said the level of interest during the marketing process allowed it to bring the latest placement forward from its intended timetable. Barcelona views both the pace of the sale and the unchanged spread as evidence that investors remain confident in the club’s capacity to grow revenues and deliver its longer-term plans.
Television income remains the security
The Media Notes retain first-ranking repayment rights over Barcelona’s broadcast income. In practical terms, the television revenue account serves as the senior security backing the instruments.
Following the new issue, Barcelona keeps its BBB credit rating with a stable outlook from Morningstar DBRS. That rating was required for Goldman Sachs to lead a separate €300 million expansion of Espai Barça financing, an arrangement also approved by the September assembly.
