TotalEnergies to redeem €1.5bn subordinated notes in October 2026
- TotalEnergies SE will redeem €1.5 billion in deeply subordinated notes
- Redemption date is set for October 6, 2026
- Price per €100,000 denomination is €103,369 including accrued interest
- Action taken under Optional Redemption clause of the note terms

*this image is generated using AI for illustrative purposes only.
TotalEnergies SE has issued an irrevocable notice to redeem its €1.5 billion deeply subordinated fixed rate resettable notes. The redemption is scheduled for October 6, 2026.
The French energy major elected to redeem the notes under Condition 6.2 (Optional Redemption) of their terms and conditions. The instrument was originally issued on October 6, 2016, under the company's €35 billion Euro Medium Term Note Programme.
Redemption Terms
The redemption price equals the principal amount plus accrued interest from October 6, 2025, up to but excluding the redemption date. This includes any Arrears of Interest and Additional Interest Amounts.
| Instrument Detail | Value |
|---|---|
| Aggregate Principal | €1,500,000,000 |
| Redemption Date | October 6, 2026 |
| Price per €100k | €103,369 |
| ISIN | XS1501166869 |
Upon the redemption date, the notes will be cancelled forthwith. The notice applies to all outstanding notes in this series.
How might TotalEnergies' decision to redeem these notes impact its current credit ratings and future borrowing costs?
What alternative financing strategies is TotalEnergies likely to pursue to replace this €1.5 billion liability before the 2026 redemption date?
Could this redemption signal a shift in TotalEnergies' capital allocation priorities towards renewable energy investments or shareholder returns?

































