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Commentary & Deal Flow

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Deutsche Telekom AG

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Deutsche Telekom AG

by Anastasiia Zaika

May 20, 2026 7:31 AM ET

PRICED: Deutsche Telekom CHF 320m 8yr & 12yr Sr Unsec; SARON MS+70 & SARON MS+78

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD	ISIN
Deutsche Telekom	8yr	1.3625%	02-Jun-34	CHF 200m	Sr Unsec	Fixed	100	1.3625%	SARON MS+70	2.5	CH1568283811
Deutsche Telekom	12yr	1.630%	02-Jun-38	CHF 120m	Sr Unsec	Fixed	100	1.630%	SARON MS+78	0.5	CH1568283829

Reoffer: 8yr: SARON MS+70 / 100 / 1.3625% 12yr: SARON MS+78 / 100 / 1.630%
Benchmark: 8yr: Govt + 84.0 12yr: Govt + 101.1

Launched: 8yr: CHF 200m @ SARON MS+70bp 12yr: CHF 120m @ SARON MS+78bp
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)
Tranche 1 (2034):
- Issue Size: CHF 200m
- Coupon: 1.3625% p.a. (30/360, following unadj.)
- Maturity: 8 years (02-Jun-26 to 02-Jun-34)
- Spread/Yield: SARON MS +70.0 // YTM 1.3625% // Govt + 84.0
- Issue Price: 100.000%
- ISIN / Valor: CH1568283811 / 156 828 381
Tranche 2 (2038):
- Issue Size: CHF 120m
- Coupon: 1.630% p.a. (30/360, following unadj.)
- Maturity: 12 years (02-Jun-26 to 02-Jun-38)
- Spread/Yield: SARON MS +78.0 // YTM 1.630% // Govt + 101.1
- Issue Price: 100.000%
- ISIN / Valor: CH1568283829 / 156 828 382
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.