Commentary & Deal Flow

Tranche 1 (10yr Green): Final Books above €3.9bn. Peak book over €5bn (pre rec)

Reference Benchmark: DBR 3 15-Aug-36 (HR: 95%)
Hedge Deadline: 14.25 CET

Launched: 10yr: €1bn @ MS+165bp - Books over €4.9bn (at guidance, pre rec), Books closed
Guidance: 10yr: MS+170a - Books over €5bn (pre rec)
IPTs: 10yr: MS+200a

• Issuer: Digital Euro Finco, LLC
• Guarantors: Fully and unconditionally guaranteed by Digital Realty Trust, Inc. (Ticker: DLR / Country: US) and Digital Realty Trust, LP.
• LEI: 635400OUEAPTXSW3SC91
• Current Issuer Ratings: Baa1/BBB+/BBB (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/BBB+/BBB (Moody's/S&P/Fitch)
• Format: Senior Unsecured Notes; Reg S
• Size: €1bn
• Ranking: Senior Unsecured
• Active Bookrunners: BBVA / BNPP / DB (B&D)
• Maturity: 09-Oct-36
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• MWC: Yes
• Par Call: Yes, 3-months
• Docs: Reg S Standalone / New York Law
• Denominations: €100,000 x €1,000
• Covenants:
  • Total Indebtedness to Total Assets ≤ 60%
  • Secured Indebtedness to Total Assets ≤ 40%
  • Consolidated EBITDA to Interest Expense ≥ 1.50x
  • Unencumbered Assets to Unsecured Indebtedness ≥ 150%
• Listings: Irish Stock Exchange, as Euronext Dublin (GEM) Expected
• Clearing: Euroclear and Clearstream, Luxembourg
• UoP: Eligible Green Projects
• Marketing: Link: https://dealroadshow.finsight.com | Entry Code: DLREUR2026
• Sales into Canada: Yes, via exemption
• Timing: Today's business
• Settlement: 09-Oct-26 (T+3)
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Books Subject: 12.10 UKT
• Hedges vs: DBR 3 15-Aug-36 (HR: 95%)
• Hedge Deadline: 14.25 CET
• ISIN: XS3535900149