Blue Owl Launches €5 Billion Global Note Program

The new initiative enables Blue Owl to issue unsecured notes in various currencies and formats, broadening its funding reach.

April 09, 2025

Blue Owl builds global note framework with €5B ceiling

Blue Owl Credit Income Corp. has rolled out a new global medium term note program that opens the door to issuing up to €5 billion in unsecured notes. The program gives Blue Owl the flexibility to tap into capital markets on its terms—whether that means choosing the right currency, setting interest rates that match the moment, or tailoring maturity profiles to fit its funding strategy.

This isn’t a one-size-fits-all issuance. Under the program, Blue Owl can structure notes as needed, working with one or more managers to define the right approach. That flexibility is backed by a framework: a formal agency agreement is now in place with Deutsche Bank AG, London Branch and Deutsche Bank Trust Company Americas. They’ll handle the key roles—from issuance to payments to transfer processing.

Issuance terms and eligibility

Blue Owl’s notes will be issued in registered form and will only be available under specific conditions:

• Outside the U.S. to non-U.S. persons in compliance with Regulation S


• To qualified institutional buyers under Rule 144A of the U.S. Securities Act


• Not registered under the Securities Act


• Offered only under exemption if sold in the U.S.

That’s a deliberate setup designed to keep the offering streamlined while staying fully compliant.

Next steps and broader strategy

As part of the launch, Blue Owl is applying for a listing on The International Stock Exchange. While that listing isn’t guaranteed, it could create additional visibility and access if approved.

This program gives Blue Owl more control over how, when, and where it raises capital. In a market that moves fast, having a structure like this in place means the company can respond to investor demand and shifting conditions without delay. It’s another step in building a flexible, global funding strategy designed to support long-term goals.