Commercial Paper

Notice: The information on this and the following web pages is not an offer for sale of securities in the United States.  Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended.  Neither Deutsche Telekom AG nor Deutsche Telekom International Finance B.V. has registered or intends to register any part of the offering in the United States, or has conducted or intends to conduct a public offering of debt securities in the United States.

In addition to long-term debt capital financing through bonds, we ensure our short-term debt capital financing by issuing commercial papers (CPs). Deutsche Telekom does not use CPs in any way to provide liquidity or as an instrument to safeguard liquidity. We use CPs to optimize finance costs, since the interest cost of CPs is generally much lower than the burden of our existing credit lines. The CP Program therefore serves to optimize the interest expense and is not part of the presented liquidity reserve. Our global CP Program enables both issues in the European CP market (ECP) and in the U.S. CP market (USCP). The maximum volume is limited to USD 20 billion; the term can vary between 1 and 365 days. As of June 30, 2026, Deutsche Telekom had not issued any CPs.