News & Deep Analysis
VZ

Verizon Issues €2.25bn & £600m Subordinated Bonds

Published: February 23, 2026
VERIZON COMMUNICATIONS INC

Direct News

  • Verizon Communications Inc. (VZ) has issued €2.25 billion in subordinated bonds maturing in 2056.
  • Verizon also issued £600 million in subordinated bonds maturing in 2056.
  • No use of proceeds or additional issuance terms were disclosed in the provided materials.

Historical Context

This February 2026 subordinated bond issuance follows Verizon activity in late 2025. On 10 November 2025 Verizon issued substantial junior subordinated notes due 2056 with fixed rates, according to the provided history. Earlier, on 29 October 2025 Verizon disclosed a pending acquisition of Frontier Communications and announced a dividend increase. The new EUR and GBP subordinated issues add to the company’s long-term debt profile and are part of a recent pattern of long-dated financings recorded in the provided materials.

Deal details and scope

On 23 February 2026 Verizon completed subordinated bond offerings in two currencies: €2.25 billion (euros) and £600 million (pounds sterling), both carrying a final maturity in 2056. The issuance increases Verizon's long-term subordinated debt outstanding in those currencies. The provided information does not include coupon, pricing, underwriters, or stated use of proceeds.

Investor context and company positioning

Verizon operates two reportable segments: Consumer (wireless, FWA, wireline including Verizon Fios) and Business (wireless and wireline services, IoT, enterprise solutions). For the 2025 full year the Business segment accounted for $29.1 billion, or 21% of consolidated revenues; the Consumer segment comprised the remaining 79% of revenues. The issuance is denominated in euros and pounds while Verizon's operations and primary revenue base are U.S.-focused per its filings. The provided materials do not state an explicit strategic purpose for the issuance, nor do they disclose how the proceeds will be allocated across operations or capital uses.

Risk and disclosure considerations for investors

The offering is a long-dated subordinated obligation maturing in 2056. The company’s filings note ongoing legal and regulatory risks and a competitive U.S. market; full risk factors are set out in Item 1A of the 10-K. The provided information for this transaction does not include details on covenants, credit support, or ranking within Verizon’s capital structure beyond the subordinated label. Investors seeking to assess credit implications should consult Verizon’s filings and offering documentation for complete terms and any related disclosures.

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