Commentary & Deal Flow

Reoffer: 7yr: MS+55bp / 99.755 / 3.415% 12yr: MS+85bp / 99.238 / 3.956%
Benchmark: 7yr: DBR 2.3 15-Feb-33 TWIN @ 97.04 / B+63.3bp / HR 102% 12yr: DBR 4 04-Jan-37 @ 108.55 / B+90.6bp / HR 99%

7yr: Final Books >€1.39bn. Peak book c.€2.40bn (pre-rec)
12yr: Final Books >€1.35bn. Peak book >€2.30bn (pre-rec)

Launched:
7yr: €750m @ MS+55bp - Books €1.60bn
12yr: €750m @ MS+85bp - Books €1.70bn
Spread set at: 7yr: MS+55bp - Books c.€2.40bn (pre-rec) 12yr: MS+85bp - Books >€2.30bn (pre-rec)
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:
• • 7yr: €750m
  • 12yr: €750m
• Maturity Date:
• • 7yr: 28-Apr-33
  • 12yr: 28-Apr-38
• Reoffer:
• • 7yr: MS+55bp / 3.415% / 99.755
  • 12yr: MS+85bp / 3.956% / 99.238
• Coupon:
• • 7yr: 3.375% Fixed, Annual, ACT/ACT (ICMA)
  • 12yr: 3.875% Fixed, Annual, ACT/ACT (ICMA)
• Benchmark:
• • 7yr: DBR 2.3 15-Feb-33 TWIN + 63.3bps (@ 97.04) / HR 102%
  • 12yr: DBR 4 04-Jan-37 + 90.6bps (@ 108.55) / HR 99%
• ISIN:
• • 7yr: XS3356130073
  • 12yr: XS3356130826
• Issuer Calls:
• • 7yr: 3m Par Call; Tax Call
  • 12yr: 3m Par Call; Tax Call
• Use of Proceeds: General Corporate Purposes
• Documentation: DIP, Luxembourg Listing (regulated market), German Law, €1k denominations
• 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:
• • PRICED: 15.27 UKT / 16:27 CET
  • FTT: 15.55 UKT / 16.55 CET