Commentary & Deal Flow

Reoffer:
4yr: MS+65bp / 99.824 / 3.648%
8yr: MS+110bp / 99.726 / 4.191%
12yr: MS+135bp / 99.864 / 4.565%
19yr: MS+175bp / 99.76 / 5.07%
26yr: UKT+140bp / 99.823 / 7.065%

Benchmark:
4yr: OBL 2.400% 18-Apr-30 @ 98.505 / B+82.1bp / HR 106%
8yr: DBR 2.200% 15-Feb-34 @ 94.605 / B+118.3bp / HR 103%
12yr: DBR 1.000% 15-May-38 @ 77.97 / B+128.2bp / HR 108%
19yr: DBR 2.500% 04-Jul-44 @ 86.7 / B+155.8bp / HR 99%
26yr: UKT 3.750% 22-Jul-52 @ 74.110 / HR 108%

Tranche 1 (4yr): Final Books €2.5bn+. Peak book €3bn+ (pre-rec)
Tranche 2 (8yr): Final Books €2.7bn+. Peak book €3.2bn+ (pre-rec)
Tranche 3 (12yr): Final Books €2.2bn+. Peak book €2.5bn+ (pre-rec)
Tranche 4 (19yr): Final Books €1.8bn+. Peak book €2.3bn+ (pre-rec)
Tranche 5 (26yr): Final Books £1bn+. Peak book £1.1bn+ (pre-rec)

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
• Settlement: 03-Aug-26 (T+5)
• Size:
• • 4yr: €1bn
  • 8yr: €1.25bn
  • 12yr: €1bn
  • 19yr: €850m
  • 26yr: £550m
• Maturity:
• • 4yr: 03-Aug-30
  • 8yr: 03-Aug-34
  • 12yr: 03-Aug-38
  • 19yr: 03-Aug-45
  • 26yr: 03-Aug-52
• Re-offer:
• • 4yr: MS+65bp / 99.824 / 3.648%
  • 8yr: MS+110bp / 99.726 / 4.191%
  • 12yr: MS+135bp / 99.864 / 4.565%
  • 19yr: MS+175bp / 99.76 / 5.07%
  • 26yr: UKT+140bp / 99.823 / 7.065%
• Coupon:
• • 4yr: 3.600% Fixed, Annual, ACT/ACT (ICMA)
  • 8yr: 4.150% Fixed, Annual, ACT/ACT (ICMA)
  • 12yr: 4.550% Fixed, Annual, ACT/ACT (ICMA)
  • 19yr: 5.050% Fixed, Annual, ACT/ACT (ICMA)
  • 26yr: 7.050% Fixed, Semi-Annual, ACT/ACT (ICMA)
• Make-whole calls:
• • 4yr: B+15
  • 8yr: B+20
  • 12yr: B+20
  • 19yr: B+25
  • 26yr: G+25
• Par Call:
• • 4yr: Yes, 1-month
  • 8yr: Yes, 3-month
  • 12yr: Yes, 3-month
  • 19yr: Yes, 6-month
  • 26yr: Yes, 6-month
• Docs: SEC Registered / New York Stock Exchange Listing / New York Law
• Denominations:
• • EUR tranches: €100k+1k
  • GBP tranche: £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
• ISIN:
• • 4yr: XS3458960823
  • 8yr: XS3458961045
  • 12yr: XS3458961128
  • 19yr: XS3458961391
  • 26yr: XS3458961474
• Time of Execution:
• • 4yr: 16h22 UKT
  • 8yr: 16h21 UKT
  • 12yr: 16h20 UKT
  • 19yr: 16h19 UKT
  • 26yr: 16h23 UKT
• FTT: Subject to the Final Term Sheet (TBD)