AT&T Issues €-Denominated Floating Rate Notes Due 2028
The telecommunications giant detailed terms for euro-denominated debt securities tied to EURIBOR in its latest regulatory filing.
New Euro Debt Instrument
AT&T Inc. disclosed terms for Floating Rate Global Notes due 2028 in an 8-K filing dated August 17, 2026. The securities are denominated in euros and carry a maturity date of August 17, 2028 (8-K filing, 2026-08-17).
The notes, registered in the name of The Bank of New York Depository (Nominees) Limited as nominee for the common depositary appointed by Euroclear and Clearstream, represent the latest debt offering from the telecommunications company, which carries a market capitalization of approximately $169 billion.
Interest Rate Structure
The notes bear interest at a floating rate equal to "the Applicable EURIBOR Rate, reset quarterly, plus 40 basis points (0.400%)" (8-K filing, 2026-08-17). Interest payments are scheduled quarterly in arrears on February 17, May 17, August 17, and November 17 of each year, commencing November 17, 2026.
The filing specifies that "the Interest Rate shall in no event be lower than zero" (8-K filing, 2026-08-17), establishing a floor for the floating rate structure. Interest will be calculated using the Actual/360 day count convention, a standard methodology for euro-denominated securities.
Benchmark Determination
The Applicable EURIBOR Rate will be determined two T2 business days prior to each quarterly Interest Rate Reset Date. The Bank of New York Mellon Trust Company, N.A. will serve as Calculation Agent, referencing "the rate for deposits in euro having a maturity of three months commencing on the first day of the applicable interest period that appears on the Bloomberg Screen BBAM Page as of 11:00 a.m., Brussels time" (8-K filing, 2026-08-17).
The filing includes detailed fallback provisions should the primary EURIBOR source become unavailable. In such cases, the Calculation Agent would determine rates based on quotations from "four major banks in the euro-zone interbank market" selected by AT&T (8-K filing, 2026-08-17).
Administrative Details
The notes are structured as global securities registered with a depository and "may not be transferred except as a whole by the Depository" unless exchanged for definitive form securities (8-K filing, 2026-08-17). Should definitive notes be issued, payments would be processed through The Bank of New York Mellon, London Branch, currently located at 160 Queen Victoria Street.
The filing absolves the Calculation Agent from various obligations related to benchmark transitions, stating it "shall not be under any obligation to monitor, determine or verify the unavailability or cessation of EURIBOR" or to select replacement benchmarks (8-K filing, 2026-08-17).
Market Context
The euro-denominated issuance comes as AT&T continues to manage its capital structure following years of strategic divestitures and debt reduction efforts. According to MarginX data, the company is expected to report third-quarter 2026 results on October 21, with Federal Reserve policy decisions scheduled for September 16 and October 28 potentially influencing broader rate environments.
Recent MarginX data shows insider activity including awards to executives Marissa Mayer (543.3257 shares), Lori Lee (499.616 shares), and Stephen Luczo (1,715.7077 shares).
This article was generated by MarginX from the 8-K filing on 2026-08-17. It is not investment advice.