Commentary & Deal Flow

Spread set at: 8yr: SARON MS+70bp 12yr: SARON MS+78bp - Books are now closed
Guidance: 8yr: SARON MS+68/70bp 12yr: SARON MS+78/80bp
IPTs: 8yr: SARON MS+65/70bp 12yr: SARON MS+75/80bp

• Issuer: Deutsche Telekom AG (Ticker: DT)
• Issuer Domicile: Germany
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Issuer Rating: A3/A-/BBB+ (Moody's/S&P/Fitch)
• Instrument Rating (exp): A3/A-/BBB+ (Moody's/S&P/Fitch)
• Issue Size:
• • 8yr: Min. CHF 175m
  • 12yr: Min. CHF 115m
• Coupon:
• • 8yr: 1.320% p.a. (indicative) (30/360, following unadj.)
  • 12yr: 1.610% p.a. (indicative) (30/360, following unadj.)
• Maturity:
• • 8yr: 02-Jun-34 (from 02-Jun-26)
  • 12yr: 02-Jun-38 (from 02-Jun-26)
• Lead Manager(s): Deutsche Bank, Commerzbank, Goldman Sachs Bank Europe SE
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under Deutsche Telekom's Debt Issuance Programme
• FinSA Prospectus: Base Prospectus is deposited with and recognized by the Swiss Prospectus Office pursuant to Art. 54(2) FinSA. Final Terms available in accordance with Art. 45 (3) FinSA.
• Governing Law: German law
• Covenants: Pari Passu, Negative Pledge, Cross Default as per the Issuer's Debt Issuance Programme
• SIX Listing: 01-Jun-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: USA / US Persons, EEA, UK and general selling restrictions (as per the Issuer's Debt Issuance Programme).
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Timing: Books are now closed, pricing to follow thereafter