Commentary & Deal Flow

IPTs: 7yr: MS+85a 12yr: MS+115a

• Issuer: Deutsche Telekom AG
• Ticker: DT
• Country: DE
• Issuer LEI: 549300V9QSIG4WX4GJ96
• Issuer Ratings: A3/BBB+/BBB+ (Moody's/S&P/Fitch)
• Status/Format: Senior, Unsecured, Reg S Bearer, NGN
• Settlement Date: 28-Apr-26 (T+6)
• Size and Currency: € Benchmark (each tranche)
• Maturity Date:
• • 7yr: 28-Apr-33
  • 12yr: 28-Apr-38
• Coupon:
• • 7yr: Fixed, Annual, ACT/ACT (ICMA)
  • 12yr: Fixed, Annual, ACT/ACT (ICMA)
• Issuer Calls:
• • 7yr: 3m Par Call; Tax Call
  • 12yr: 3m Par Call; Tax Call
• Use of Proceeds: General Corporate Purposes
• Documentation: DIP / Lux. Listing (regulated market) / German Law / €1k
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties, professional clients and retail clients (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) will be prepared.
• Selling Restrictions: As set out in the Issuer’s Debt Issuance Programme dated 10-Apr-26 (no communications with the U.S., no sales into Canada)
• Passporting: Germany, Austria, The Netherlands, and Ireland
• Joint Bookrunners: Barclays, CACIB, Santander (B&D)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus, Prospectus Supplements and the Final Terms when published, will be available at https://www.luxse.com/
• Timing: Books open, today’s business