BAT updates £25bn euro note programme with new FCA-approved prospectus

British American Tobacco ( (GB:BATS) ) has issued an update.

British American Tobacco has published an FCA-approved base prospectus for a £25 billion Euro Medium Term Note Programme involving B.A.T. International Finance, B.A.T. Capital Corporation and B.A.T. Netherlands Finance as issuers of senior notes, with British American Tobacco p.l.c. acting as guarantor for those notes and as issuer of subordinated notes. The documentation, which will also be available via the UK National Storage Mechanism, underpins the group’s ability to issue debt securities flexibly in the euro markets, signalling continued reliance on capital markets funding and providing a framework for future note offerings to institutional investors.

The programme’s large size highlights the scale of British American Tobacco’s financing platform and its intent to maintain broad access to bond investors. By refreshing the prospectus and securing regulatory approval, the company ensures it can tap the market efficiently as funding needs arise, a move that may be closely watched by credit investors assessing its leverage profile and refinancing strategy.

The most recent analyst rating on (GB:BATS) stock is a Hold with a £41.50 price target. To see the full list of analyst forecasts on British American Tobacco stock, see the GB:BATS Stock Forecast page.

Spark’s Take on BATS Stock

According to Spark, TipRanks’ AI Analyst, BATS is a Outperform.

The score is driven primarily by solid-but-not-clean financial performance (profitability strength offset by leverage and a notable 2025 cash-flow decline). Valuation is supportive due to the high dividend yield and moderate P/E, while technicals are broadly neutral. Earnings-call guidance and capital-return plans help, but are tempered by vapor/illicit pressures and regional weakness.

To see Spark’s full report on BATS stock, click here.

More about British American Tobacco

British American Tobacco is a global tobacco group headquartered in London, operating through entities such as B.A.T. International Finance p.l.c., B.A.T Capital Corporation and B.A.T. Netherlands Finance B.V. The group typically uses capital markets funding programmes, including euro medium term note structures, to support its financing needs across senior and subordinated debt instruments.

Average Trading Volume: 4,610,483

Technical Sentiment Signal: Buy

Current Market Cap: £92.45B

For an in-depth examination of BATS stock, go to TipRanks’ Overview page.