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Deutsche Telekom AG
Deutsche Telekom AG

Deutsche Telekom AG (DT)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
COMM
PRCD
DT
Deutsche Telekom AG€1,900
3EMEA
Sep 29, 2026
currency
EUR
size (m)
750.000
maturity
Feb 6, 2031
type
Fixed
tenor
4.250
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A-
fitch
A-
size description
Expected
re-open/tap
No
ipt
MS+70-75
ipt-pxd
-29.5
guidance
STL
spread
43
coupon
4.00%
spread set
-
price
99.83400
yield
4.047%
book size (m)
1,800
peak book (m)
2,100
x-covered
2.4
book attrition
-14.29%
nic
3
billing & delivering
SOC
active leads
BNP,SOC,UNI
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,800
peak book (m)
2,100
x-covered
2.4
book attrition
-14.29%
nic
3
billing & delivering
SOC
active leads
BNP,SOC,UNI
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
650.000
maturity
Oct 6, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A-
fitch
A-
size description
Expected
re-open/tap
No
ipt
MS+100-105
ipt-pxd
-27.5
guidance
STL
spread
75
coupon
4.375%
spread set
-
price
99.89400
yield
4.391%
book size (m)
1,500
peak book (m)
1,600
x-covered
2.31
book attrition
-6.25%
nic
5
billing & delivering
SOC
active leads
BNP,SOC,UNI
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,500
peak book (m)
1,600
x-covered
2.31
book attrition
-6.25%
nic
5
billing & delivering
SOC
active leads
BNP,SOC,UNI
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Oct 6, 2038
type
Fixed
tenor
12.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A-
fitch
A-
size description
Expected
re-open/tap
No
ipt
MS+120-125
ipt-pxd
-27.5
guidance
STL
spread
95
coupon
4.625%
spread set
-
price
99.72000
yield
4.656%
book size (m)
1,150
peak book (m)
1,350
x-covered
2.3
book attrition
-14.81%
nic
0
billing & delivering
SOC
active leads
BNP,SOC,UNI
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,150
peak book (m)
1,350
x-covered
2.3
book attrition
-14.81%
nic
0
billing & delivering
SOC
active leads
BNP,SOC,UNI
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1800; Registration: Reg S Only; Comments: +69.3 vs DBR 0 02/15/31 @ 86.56 (HR 106%). Tax Call: Yes. LEI: 549300V9QSIG4WX4GJ96; Book size: 1500; Registration: Reg S Only; Comments: +86.7 vs DBR 2.6 08/15/34 @ 93.74 (HR 102%). Tax Call: Yes. LEI: 549300V9QSIG4WX4GJ96; Book size: 1150; Registration: Reg S Only; Comments: +94.1 vs DBR 1 05/15/38 @ 74.75 (HR 115%). Tax Call: Yes. LEI: 549300V9QSIG4WX4GJ96;
Deal Comments
4.25y: This deal was upsized from EUR500m to EUR750m. 8y: This deal was upsized from EUR500m to EUR650m
Use of Proceeds
General Сorporate Purposes
Relative Value

L4yr (Feb 2031) @ MS+70-75
Implied Spread for fresh L4yr @ MS+40
Priced at MS+43
NIC of +3

8yr (Oct 2034) @ MS+100-105
Implied Spread for fresh 8yr @ MS+70
Priced at MS+75
NIC of +5

12yr (Oct 2038) @ MS+120-125
Implied Spread for fresh 12yr @ MS+95
Priced at MS+95
NIC of 0


COMPS

Ticker

Ratings

Coupon

Amount

Maturity

Term

I sprd

Issue Date

DT

A3/A-/A-

2.63%

750

04-Dec-29

3.2yr

20

04-Dec-25

DT

A3/A-/A-

4.50%

300

28-Oct-30

4.1yr

12

28-Oct-10

DT

A3/A-/A-

1.75%

1,000

25-Mar-31

4.5yr

19

25-Mar-19

DT

A3/A-/A-

3.00%

500

03-Feb-32

5.3yr

37

03-Feb-25

DT

A3/A-/A-

7.50%

500

24-Jan-33

6.3yr

71

24-Jan-03

DT

A3/A-/A-

3.38%

750

28-Apr-33

6.6yr

57

28-Apr-26

DT

A3/A-/A-

1.38%

850

05-Jul-34

7.8yr

51

05-Jul-19

DT

A3/A-/A-

3.25%

850

04-Jun-35

8.7yr

64

04-Dec-24

DT

A3/A-/A-

3.25%

750

20-Mar-36

9.5yr

70

20-Mar-24

DT

A3/A-/A-

3.88%

750

28-Apr-38

11.6yr

82

28-Apr-26

DT

A3/A-/A-

2.25%

500

29-Mar-39

12.5yr

79

29-Mar-19

Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)Sep 29, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED: Deutsche Telekom AG €1.9bn Long 4yr, 8yr & 12yr Sr Unsec; MS+43bp, MS+75bp & MS+95bpSep 29, 2026
ALLOCATIONS OUT: Deutsche Telekom AG €1.9bn Long 4yr, 8yr & 12yr Sr Unsec; MS+43bp / MS+75bp / MS+95bpSep 29, 2026
LAUNCHED: Deutsche Telekom AG €1.9bn Long 4yr, 8yr & 12yr Sr Unsec; MS+43bp, MS+75bp & MS+95bpSep 29, 2026
NEW ISSUE: Deutsche Telekom AG €1.5bn exp. Long 4yr, 8yr & 12yr Sr Unsec; MS+70/75bp, MS+100/105bp & MS+120/125bpSep 29, 2026
1 to 4 of 4
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About
Careers
Contact
Solutions
API Overview
API Documentation
Global Issuers List
Global Parents List
Pricing
OpenMarket Profiles
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
Evercall
More
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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