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    How U.S. Bancorp’s (USB) Long-Dated Bond Issuance and Leadership Moves Are Recasting Its Investment Story

    Simply Wall St·02/15/2026 17:25:07
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    • In early February 2026, U.S. Bancorp issued and completed multiple callable senior unsecured and unsubordinated fixed-rate notes maturing between 2031 and 2046, including individual tranches such as US$12.67 million of 5.05% notes due 2037 and US$10.56 million of 5.60% notes due 2046, alongside bringing in Raj Gazula as Chief Administrative Officer for its PMI unit.
    • These frequent long-dated bond offerings, combined with concentrated insider share sales and new leadership in payments and strategy, highlight how U.S. Bancorp is simultaneously funding its balance sheet, reshaping its capital structure, and refining its payments-focused direction.
    • With U.S. Bancorp ramping up long-dated bond issuance, we’ll now explore how this funding push reframes the company’s investment narrative.

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    U.S. Bancorp Investment Narrative Recap

    To own U.S. Bancorp, you need to be comfortable with a large, slower growing bank that leans heavily on payments, fee income and a reliable dividend. The near term catalyst is how effectively it can keep earnings expanding while managing funding costs, and the recent burst of long dated, fixed rate bond issuance does not appear to materially change that trajectory or the key risk of margin and credit pressure from a changing banking and payments ecosystem.

    The most relevant recent move is the appointment of Raj Gazula as Chief Administrative Officer for the PMI unit, bringing deep payments and wholesale banking experience into the core of U.S. Bancorp’s strategy. When set alongside the new bond offerings, it underlines how the bank is pairing balance sheet funding with payments centric leadership at a time when competition from fintechs and non bank players is intensifying.

    Yet for investors, the growing threat from faster moving digital and fintech competitors is something you need to be aware of, because...

    Read the full narrative on U.S. Bancorp (it's free!)

    U.S. Bancorp's narrative projects $32.6 billion revenue and $7.4 billion earnings by 2028.

    Uncover how U.S. Bancorp's forecasts yield a $62.70 fair value, a 9% upside to its current price.

    Exploring Other Perspectives

    USB 1-Year Stock Price Chart
    USB 1-Year Stock Price Chart

    Nine fair value estimates from the Simply Wall St Community span roughly US$39 to US$97 per share, showing just how far apart individual views can be. Against that backdrop, U.S. Bancorp’s ongoing push to issue long dated senior notes and refresh payments leadership could have important consequences for margins and competitive position that different investors will assess in very different ways.

    Explore 9 other fair value estimates on U.S. Bancorp - why the stock might be worth 32% less than the current price!

    Build Your Own U.S. Bancorp Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.