Commentary & Deal Flow

Launched:
4yr: €1bn @ MS+65bp - Books €2.8bn+ (pre-rec)
8yr: €1.25bn @ MS+110bp - Books €3.1bn+ (pre-rec)
12yr: €1bn @ MS+135bp - Books €2.5bn+ (pre-rec)
19yr: €850m @ MS+175bp - Books €2.3bn+ (pre-rec)
26yr: £550m @ UKT+140bp - Books £1.1bn+ (pre-rec)

Spread set at:
4yr: MS+65bp - Books €3bn+ (pre-rec)
8yr: MS+110bp - Books €3.2bn+ (pre-rec)
12yr: MS+135bp - Books €2.5bn+ (pre-rec)
19yr: MS+175bp - Books €2.3bn+ (pre-rec)
26yr: UKT+140bp - Books £1.1bn+ (pre-rec)

IPTs: 4yr: MS+95a 8yr: MS+135/140bp 12yr: MS+160/165bp 19yr: MS+200a 26yr: UKT+150a

• Issuer: AT&T Inc. (Ticker: T; Country: US)
• Issuer LEI: 549300Z40J86GGSTL398
• Current Issuer Ratings: Baa2 (Stable) / BBB (Stable) / BBB+ (Negative Outlook) (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2 / BBB / BBB+ (Moody's/S&P/Fitch)
• Format: SEC Registered, Senior Unsecured
• Size:
• • 4yr: €1bn
  • 8yr: €1.25bn
  • 12yr: €1bn
  • 19yr: €850m
  • 26yr: £550m
• Settlement: 03-Aug-26 (T+5)
• Maturity:
• • EUR 4-year: 03-Aug-30
  • EUR 8-year: 03-Aug-34
  • EUR 12-year: 03-Aug-38
  • EUR 19-year: 03-Aug-45
  • GBP 26-year: 03-Aug-52
• Spreads:
• • EUR 4-year: MS+65
  • EUR 8-year: MS+110
  • EUR 12-year: MS+135
  • EUR 19-year: MS+175
  • GBP 26-year: UKT+140
• Benchmark:
• • EUR 4-year: OBL 2.400% 18-Apr-30
  • EUR 8-year: DBR 2.200% 15-Feb-34
  • EUR 12-year: DBR 1.000% 15-May-38
  • EUR 19-year: DBR 2.500% 04-Jul-44
  • GBP 26-year: UKT 3.750% 22-Jul-52
• Coupon:
• • EUR 4-year: Fixed, Annual, ACT/ACT (ICMA)
  • EUR 8-year: Fixed, Annual, ACT/ACT (ICMA)
  • EUR 12-year: Fixed, Annual, ACT/ACT (ICMA)
  • EUR 19-year: Fixed, Annual, ACT/ACT (ICMA)
  • GBP 26-year: Fixed, Semi-Annual, ACT/ACT (ICMA)
• Make-whole calls: Yes
• Par Call:
• • EUR 4-year: Yes, 1-month
  • EUR 8-year: Yes, 3-month
  • EUR 12-year: Yes, 3-month
  • EUR 19-year: Yes, 6-month
  • GBP 26-year: Yes, 6-month
• Docs: SEC Registered / New York Stock Exchange Listing / New York Law
• Denominations:
• • EUR 4-year: €100k+1k
  • EUR 8-year: €100k+1k
  • EUR 12-year: €100k+1k
  • EUR 19-year: €100k+1k
  • GBP 26-year: £100k+1k
• Clearing: Euroclear and Clearstream
• UoP: The Issuer intends to use the net proceeds from this offering for general corporate purposes.
• Sales into Canada: Yes, via exemption
• Sales into Japan: Yes, via exemption
• Selling Restrictions: As per the Issuer's prospectus supplement
• Stabilization: FCA/ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Joint Actives: Barclays / Citigroup (B&D) / Goldman Sachs & Co. LLC / Wells Fargo Securities
• Timing: Allocations and pricing to follow