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FICC Research

Credit Research

16 July 2026

PayPal (PYPL)

The reported offer by Stripe/Advent appears to be an LBO-

style takeout and is a worse outcome than prior reports of an

acquisition by Stripe or asset sales. Bonds should be higher Remy Neuhaus +1 212 526 6840

on CoC potential, but we are hesitant to underwrite a remy.neuhaus@barclays.com

full $101 in the wake of EA/WBA. BCI, US

Andrew Keches, CFA

+1 212 412 5248

andrew.keches@barclays.com

BCI, US Barclays’ fundamental credit research team does not provide formal, continuous

coverage of this issuer and has not assigned a rating to the issuer or its debt securities.

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debt securities is valid only as of the publication date of this report and there should be

no expectation that additional reports relating to the not covered issuer or its debt

securities will be published thereafter.

The opinions expressed in this report are a one-time assessment on this issuer or its

bonds, which is not covered by Barclays Research. Barclays Credit Research does not

provide a rating on this issuer or its bonds.

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Takeover speculation around PayPal has intensified following reports of a joint

Stripe/Advent bid at $60.50/share alongside ~$50bn in committed financing. Our

base case assumes new debt will sit at PYPL, driving leverage to levels inconsistent

with IG and likely triggering CoC. The structure raises meaningful risks around