Commentary & Deal Flow

New Size: 3yr: Min size CHF 220m 6yr: Min size CHF 180m
Spread set at: 3yr: MS+100bp - Min size CHF 175m 6yr: MS+125bp - Min size CHF 160m 10yr: MS+150bp
New Size: 3yr: Min CHF 150m 6yr: Min CHF 150m 10yr: Min CHF 100m
IPTs: 3yr: SARON MS+95/105bp 6yr: SARON MS+120/130bp 10yr: SARON MS+140/150bp

• Issuer: Digital Constellation B.V. (Ticker: DLR)
• Guarantor: Digital Realty Trust, Inc.; Digital Realty Trust, L.P.; and Digital Intrepid Holding B.V.
• Guarantor Domicile: United States and The Netherlands
• Format: Fixed Rate Green Public Bonds
• Guarantor Rating: Baa1 (Moody's, stable) / BBB+ (S&P, stable) / BBB (Fitch, stable)
• Instrument Rating (exp): Baa1 (Moody's) / BBB+ (S&P) / BBB (Fitch)
• Status: Senior, unsecured and unsubordinated obligations of the Issuer ranking pari passu
• Tranche:
  • 3yr: 2029 new Fixed rate Green public bonds
  • 6yr: 2032 new Fixed rate Green public bonds
  • 10yr: 2036 new Fixed rate Green public bonds
• Issue Size (in mm):
  • 3yr: New min size CHF 220m
  • 6yr: New min size CHF 180m
  • 10yr: Min CHF 100m
• Coupon:
  • 3yr: 1.6378% p.a. (indicative), long 1st. coupon
  • 6yr: 2.0175% p.a. (indicative)
  • 10yr: 2.3225% p.a. (indicative)
• Maturity:
  • 3yr: 3 years 2 days (06-Oct-26 until 08-Oct-29)
  • 6yr: 6 years (06-Oct-26 until 06-Oct-32)
  • 10yr: 10 years (06-Oct-26 until 06-Oct-36)
• Spread/Yield:
  • 3yr: SARON MS +95.0 /+105.0 // YTM 1.638% /1.738% // Govt.+111 /+121
  • 6yr: SARON MS +120.0 /+130.0 // YTM 2.018% /2.118% // Govt.+142 /+152
  • 10yr: SARON MS +140.0 /+150.0 // YTM 2.323% /2.423% // Govt.+164 /+174
• Lead Manager(s): DB / UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Standalone CHF documentation
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51 (2) FinSa
• Governing Law: New York Law / the federal and state courts in the Borough of Manhattan, State of New York
• Covenants: PP
• SIX Listing: 02-Oct-26
• Denomination: CHF 5000
• Use of Proceeds: The proceeds of the Bonds will be used to finance or refinance, in whole or in part, recently completed or future Eligible Green Projects (as defined in the Preliminary Prospectus), including the development and redevelopment of such projects. The Bonds will be issued in alignment with Digital Realty’s October 2022 Green Bond Framework. The framework and accompanying independent second-party opinion will be made available at https://www.digitalrealty.com/about/sustainability/green-bond. Further details regarding use of proceeds can be found in the “Use of Proceeds” section of the Preliminary Prospectus
• Sales Restrictions: The Bonds are subject to restrictions on the offering, sale, and delivery both generally and specifically in the United States of America and to US persons, the European Economic Area (the “EEA”), and United Kingdom (the “UK”)
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.
• Timing: Today's business
• Books Subject: 11.50 CET