Issuer Free Writing Prospectus

Filed pursuant to Rule 433

Registration No. 333-204959

Issuer Free Writing Prospectus dated November 23, 2015

Relating to Preliminary Prospectus Supplement dated November 23, 2015

MasterCard Incorporated


€700,000,000 1.100% Notes due 2022

€800,000,000 2.100% Notes due 2027

€150,000,000 2.500% Notes due 2030

Pricing Term Sheet

November 23, 2015



   MasterCard Incorporated      


   1.100% Notes due 2022    2.100% Notes due 2027    2.500% Notes due 2030


   SEC Registered      

Expected Ratings*:

   Moody’s: A2 (Stable) / S&P: A (Stable)   


   €700,000,000    €800,000,000    €150,000,000

Maturity Date:

   December 1, 2022    December 1, 2027    December 1, 2030


   1.100%    2.100%    2.500%

Interest Payment Dates:

   Annually on December 1 of each year, commencing December 1, 2016    Annually on December 1 of each year, commencing December 1, 2016    Annually on December 1 of each year, commencing December 1, 2016

Price to Public:

   99.459%    99.622%    99.740%

Benchmark Bund:

   1.500% due September 4, 2022    1.000% due August 15, 2025    6.250% due January 4, 2030

Benchmark Bund Price and Yield:

   109.63 / 0.075%    104.30 / 0.545%    172.49 / 0.797%

Spread to Benchmark Bund:

   +110.6 basis points    +159.1 basis points    +172.4 basis points

Yield to Maturity:

   1.181%    2.136%    2.521%

Spread to Mid Swaps:

   +70 basis points    +107 basis points    +125 basis points

Mid Swaps Yield:

   0.481%    1.066%    1.271%

Net Proceeds (after discount but before expenses):

   692,888,000    792,576,000    148,822,500

Optional Redemption:


Make-Whole Call:

   +20 bp prior to September 1, 2022    +25 bp prior to September 1, 2027    +30 bp prior to September 1, 2030

Par Call:

   On or after September 1, 2022    On or after September 1, 2027    On or after September 1, 2030

ISIN / Common Code:

   XS1327027998 / 132702799    XS1327028459 / 132702845    XS1327055932 / 132705593


   €100,000 and integral multiples of €1,000 in excess thereof   

Day Count Convention:

   Actual / Actual (ICMA)      

Trade Date:

   November 23, 2015      

Expected Settlement Date:

   December 1, 2015 (T+6)      


   Application will be made to list the notes on the New York Stock Exchange



Joint Book-Runners:    Barclays Bank PLC, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, Merrill Lynch International, Goldman, Sachs & Co., J.P. Morgan Securities plc, Lloyds Bank plc, Mitsubishi UFJ Securities International plc, Mizuho International plc, The Royal Bank of Scotland plc and U.S. Bancorp Investments, Inc.
Senior Co-Managers:    Banco Santander, S.A., Bank of Montreal, London Branch, Commerzbank Aktiengesellschaft, HSBC Bank plc, Loop Capital Markets LLC, PNC Capital Markets LLC and Standard Chartered Bank
Co-Managers:    Academy Securities, Inc., Blaylock Beal Van, LLC, Cabrera Capital Markets, LLC, Great Pacific Securities and Siebert Brandford Shank & Co., L.L.C.


* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Bank PLC toll-free at 1-888-603-5847, Citigroup Global Markets Limited toll-free at 1-800-831-9146, Deutsche Bank AG, London Branch toll free at 1-800-503-4611 and Merrill Lynch International at 1-800-294-1322 or

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