Commentary & Deal Flow

IPTs: Long 4yr: MS+70/75bp 8yr: MS+100/105bp 12yr: MS+120/125bp

• Issuer: Deutsche Telekom AG
• LEI: 549300V9QSIG4WX4GJ96
• Issuer Rating: A3 (stable) by Moody's / A- (stable) by S&P / A- (stable) by Fitch
• Format: Senior, unsecured, Reg S Bearer, New Global Notes
• Ranking: Senior Unsecured
• Settlement Date: 06-Oct-26 (T+5)
• Maturity Date:
  • Long 4-year: 06-Feb-31
  • 8-year: 06-Oct-34
  • 12-year: 06-Oct-38
• Tenor:
  • Long 4-year: Long 4-year
  • 8-year: 8-year
  • 12-year: 12-year
• Size:
  • Long 4-year: €500m exp.
  • 8-year: €500m exp.
  • 12-year: €500m exp.
• Coupon:
  • Long 4-year: Fixed, Annual, Act/Act (ICMA), short first
  • 8-year: Fixed, Annual, Act/Act (ICMA)
  • 12-year: Fixed, Annual, Act/Act (ICMA)
• Par Call:
  • Long 4-year: 1 month
  • 8-year: 3 months
  • 12-year: 3 months
• Early Redemption: Tax Call
• Documentation: Under Deutsche Telekom’s Debt Issuance Programme Base Prospectus dated 10-Apr-26 and supplemented on 19-May-26 and 07-Aug-26
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Law: German Law
• Denomination: €1k + €1k
• Use of Proceeds: General corporate purposes
• Active Bookrunners: BNP Paribas, Societe Generale (B&D), UniCredit
• Selling restrictions: As per the Base Prospectus
• Target Market: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties and professional clients and also retail clients (all distribution channels). No EEA or UK PRIIPS KID has been prepared. The targeted investors are expected to have (1) basic knowledge of and/or experience with financial products, (2) a medium term investment horizon, (3) general capital formation/asset optimization as investment objective, (4) no or only minor loss bearing capacity, and (5) a low
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus (together with the supplement thereto) is available, and the Final Terms when published will be available, at: https://www.luxse.com/programme/Programme-DeutscheTelekom/11993
• Timing: Books open, Today's business