AT&T Inc (T)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	COMM	PRCD	T	AT&T Inc	-		5	USOA	Jul 27, 2026

Tranche #1AT&T Inc

currency

EUR

size (m)

1,000.000

maturity

Aug 3, 2030

type

Fixed

tenor

4.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB+

size description

re-open/tap

ipt

MS+95 area

ipt-pxd

-30

guidance

Set at MS+65

spread

coupon

3.60%

spread set

price

99.82400

yield

3.648%

book size (m)

2,500

peak book (m)

3,000

x-covered

2.5

book attrition

-16.67%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

2,500

peak book (m)

3,000

x-covered

2.5

book attrition

-16.67%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #2AT&T Inc

currency

EUR

size (m)

1,250.000

maturity

Aug 3, 2034

type

Fixed

tenor

8.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB+

size description

re-open/tap

ipt

MS+135-140

ipt-pxd

-27.5

guidance

Set at MS+110

spread

110

coupon

4.15%

spread set

price

99.72600

yield

4.191%

book size (m)

2,700

peak book (m)

3,200

x-covered

2.16

book attrition

-15.63%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

2,700

peak book (m)

3,200

x-covered

2.16

book attrition

-15.63%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #3AT&T Inc

currency

EUR

size (m)

1,000.000

maturity

Aug 3, 2038

type

Fixed

tenor

12.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB+

size description

re-open/tap

ipt

MS+160-165

ipt-pxd

-27.5

guidance

Set at MS+135

spread

135

coupon

4.55%

spread set

price

99.86400

yield

4.565%

book size (m)

2,200

peak book (m)

2,500

x-covered

2.2

book attrition

-12.00%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

2,200

peak book (m)

2,500

x-covered

2.2

book attrition

-12.00%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #4AT&T Inc

currency

EUR

size (m)

850.000

maturity

Aug 3, 2045

type

Fixed

tenor

19.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB+

size description

re-open/tap

ipt

MS+200 area

ipt-pxd

-25

guidance

Set at MS+175

spread

175

coupon

5.05%

spread set

price

99.76000

yield

5.07%

book size (m)

1,800

peak book (m)

2,300

x-covered

2.12

book attrition

-21.74%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

1,800

peak book (m)

2,300

x-covered

2.12

book attrition

-21.74%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #5AT&T Inc

currency

GBP

size (m)

550.000

maturity

Aug 3, 2052

type

Fixed

tenor

26.000

call

registration

SEC Registered

benchmark

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB+

size description

re-open/tap

ipt

G+150 area

ipt-pxd

-10

guidance

Set at G+140

spread

140

coupon

7.05%

spread set

price

99.82300

yield

7.065%

book size (m)

1,000

peak book (m)

1,100

x-covered

1.82

book attrition

-9.09%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

1,000

peak book (m)

1,100

x-covered

1.82

book attrition

-9.09%

nic

billing & delivering

active leads

,,,

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 2500; First Pay: 2027-08-03; Registration: SEC Registered; Comments: OBL 2.400% 04/18/30 (98.505 bid) + 82.1bps | HR 106%. MWC: B+15. LEI: 549300Z40J86GGSTL398; Book size: 2700; First Pay: 2027-08-03; Registration: SEC Registered; Comments: DBR 2.200% 02/15/34 (94.605 bid) + 118.3bps | HR 103%. MWC: B+20. LEI: 549300Z40J86GGSTL398; Book size: 2200; First Pay: 2027-08-03; Registration: SEC Registered; Comments: DBR 1.000% 05/15/38 (77.97 bid) + 128.2bps | HR 108%. MWC: B+20. LEI: 549300Z40J86GGSTL398; Book size: 1800; First Pay: 2027-08-03; Registration: SEC Registered; Comments: DBR 2.500% 07/04/44 (86.7 bid) + 155.8bps | HR 99%. MWC: B+25. LEI: 549300Z40J86GGSTL398; Book size: 1000; First Pay: 2027-02-03; Registration: SEC Registered; Comments: UKT 3.750% 07/22/52 (Mid: 74.110 / Bid: 74.070) | HR 108%. MWC: G+20. LEI: 549300Z40J86GGSTL398;

Deal Comments

This deal was upsized 8yr: from EUR1.0bn to EUR1.25bn; 19yr: from EUR750m to EUR850m; 26yr: from GBP500m to GBP550m

Use of Proceeds

The Issuer intends to use the net proceeds from this offering for general corporate purposes

Relative Value

4yr (Aug 2030) @ MS+95a
Implied Spread for fresh 4yr @ MS+60
Priced at MS+65
NIC of +5

8yr (Aug 2034) @ MS+135/140
Implied Spread for fresh 8yr @ MS+100
Priced at MS+110
NIC of +10

12yr (Aug 2038) @ MS+160/165
Implied Spread for fresh 4yr @ MS+120
Priced at MS+135
NIC of +15

19yr (Aug 2044) @ MS+200a
Implied Spread for fresh 4yr @ MS+150
Priced at MS+175
NIC of +25

26yr (Aug 2052) @ UKT+150a
Implied Spread for fresh 4yr @ UKT+120
Priced at UKT+140
NIC of +20

COMPS
EUR
Issuer	Coupon	Maturity	Rating (M/S/F)	Iss Date	Amount	Tenor	I-Spread
T	3.15%	Jun-30	Baa2/BBB/BBB+	Mar-25	€1,000mm	3.8yr	MS+56bp
T	3.95%	Apr-31	Baa2/BBB/BBB+	May-23	€1,000mm	4.8yr	MS+64bp
T	2.05%	May-32	Baa2/BBB/BBB+	May-20	€750mm	5.8yr	MS+81bp
T	3.55%	Dec-32	Baa2/BBB/BBB+	Dec-12	€1,400mm	6.4yr	MS+83bp
T	3.60%	Jun-33	Baa2/BBB/BBB+	Mar-25	€1,000mm	6.9yr	MS+91bp
T	3.38%	Mar-34	Baa2/BBB/BBB+	Jun-14	€500mm	7.6yr	MS+94bp
T	4.30%	Nov-34	Baa2/BBB/BBB+	May-23	€1,250mm	8.3yr	MS+101bp
T	2.45%	Mar-35	Baa2/BBB/BBB+	Mar-15	€1,250mm	8.6yr	MS+101bp
T	3.15%	Sep-36	Baa2/BBB/BBB+	Jun-17	€1,750mm	10.1yr	MS+113bp
T	4.05%	Jun-37	Baa2/BBB/BBB+	Mar-25	€750mm	10.9yr	MS+115bp
T	2.60%	May-38	Baa2/BBB/BBB+	May-20	€500mm	11.8yr	MS+119bp
T	1.80%	Sep-39	Baa2/BBB/BBB+	Sep-19	€750mm	13.1yr	MS+119bp
GBP
Issuer	Coupon	Maturity	Rating (M/S/F)	Iss Date	Amount	Tenor	Spread
T	7.00%	Apr-40	Baa2/BBB/BBB+	Apr-09	£1,100mm	13.8yr	UKT+117bp
T	4.25%	Jun-43	Baa2/BBB/BBB+	May-13	£1,000mm	16.9yr	UKT+116bp
T	4.88%	Jun-44	Baa2/BBB/BBB+	May-12	£1,250mm	17.9yr	UKT+116bp
BRITEL	5.75%	Feb-41	Baa2/BBB/BBB	Feb-23	£450mm	14.6yr	UKT+103bp
BRITEL	5.63%	Dec-41	Baa2/BBB/BBB	Sep-24	£350mm	15.4yr	UKT+99bp
BRITEL	3.63%	Nov-47	Baa2/BBB/BBB	Nov-17	£250mm	21.3yr	UKT+91bp
ORAFP	5.38%	Nov-50	Baa1/BBB+/BBB+	Nov-10	£500mm	24.3yr	UKT+84bp
VOD	6.38%	Jul-50	Baa2/BBB/BBB	Jul-25	£500mm	24.0yr	UKT+104bp
VOD	5.13%	Dec-52	Baa2/BBB/BBB	Dec-22	£600mm	26.4yr	UKT+106bp
VOD	3.00%	Aug-56	Baa2/BBB/BBB	Aug-16	£315mm	30.1yr	UKT+93bp
VZ	1.88%	Nov-38	Baa1/BBB+/A-	Nov-20	£600mm	12.3yr	UKT+92bp

Hide Details

CreditFlow: End of Day (Europe IG)	Jul 27, 2026

Jul 27, 2026

1 to 1 of 1

	PRICED: AT&T Inc. €4.1bn & £550m 5-part Sr Unsec; MS+65 / MS+110 / MS+135 / MS+175 & UKT+140	Jul 27, 2026
	ALLOCATIONS OUT: AT&T Inc. €4.1bn & £550m 5-part Sr Unsec; MS+65 / MS+110 / MS+135 / MS+175 & UKT+140	Jul 27, 2026
	LAUNCHED: AT&T €4.1bn & £550m 5-part Sr Unsec; MS+65 / MS+110 / MS+135 / MS+175 & UKT+140	Jul 27, 2026
	UPDATE: AT&T Inc. €/£ 5-part Sr Unsec; Spread set at MS+65 / MS+110 / MS+135 / MS+175 & UKT+140	Jul 27, 2026
	NEW ISSUE: AT&T € bmk 4yr, 8yr, 12yr, 19yr & £ bmk 26yr Sr Unsec; MS+95a, MS+135/140, MS+160/165, MS+200a & UKT+150a	Jul 27, 2026

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AT&T Inc (T)

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