Commentary & Deal Flow

Launched: 8.5yr: €750m @ MS+118bp - Books above €2bn (pre-rec)
IPTs: 8.5yr: MS+145/150bp

• Issuer: Telefonica Emisiones, S.A.U.
• Guarantor: Telefonica, S.A.
• Guarantor Ratings: Baa3/BBB-/BBB (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa3/BBB-/BBB (Moody's/S&P/Fitch)
• Issuer/Guarantor LEI: 549300Y5MFC4SW5Z3K71 / 549300EEJH4FEPDBBR25
• Format: Senior, Unsecured, Reg S, Bearer, New Global Note, Cat 2, TEFRA D. As per the Base Prospectus, no communications with or into the US or Canada (excluding Ontario)
• Settlement: 27-May-26 (T+6)
• Maturity: 27-Nov-34 (8.5-yr)
• Size: €750m
• Coupon: Fixed (Annual, Act/Act), long first coupon from 27-May-26 to 27-Nov-27
• ISIN: XS3388349188
• Documentation: EUR 40,000,000,000 EMTN Programme for the Issuance of Debt Instruments dated 10-Apr-26.
• Governing Law: English law, except for the status of the Instruments and of the Guarantee, which are governed by Spanish law
• Listing: Irish Stock Exchange (Regulated)
• Put/Call Options: MWC / Clean-up call at 75% / 3m par call
• Denominations: €100k+100k
• UoP: General Corporate Purposes
• Advertisement: The Base Prospectus dated 10-Apr-26 and final terms when published – will be available via Euronext Dublin at www.ise.ie and on the website of Telefonica (https://www.telefonica.com/en/shareholders-investors/rating/debt-programs/)
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Bookrunners: Barclays (B&D), BBVA, Commerzbank, IMI – Intesa Sanpaolo, Mediobanca, Natixis, UniCredit
• Books Subject: Books to go subject at 12:30 UKT / 13:30 CET
• Timing: Today's business