Debt Investor Relations

Deutsche Pfandbriefbank AG refinances itself on the capital market through various debt instruments such as Pfandbriefe, unsecured bonds and subordinated capital instruments as well as through retail deposits. The securities are usually listed on the Munich Stock Exchange and, depending on the structure and risk class, can also be issued in denominations of € 1,000 with the possibility of distribution to retail clients. Subject to regulatory, market (e.g. remaining term, interest rate level, liquidity in the respective security) and other conditions, repurchases of securities could be considered.

Planned capital market activities in 2025

Mortgage Pfandbriefe are the bank’s main funding instrument, which we will continue to issue on an ongoing basis in various formats (syndicated benchmarks and private placements as bearer or registered bonds with maturities of up to 30 years) in EUR, USD, GBP and SEK. To reflect the maturity profile of our assets, the focus will be on bonds with maturities between 2028 and 2030. Given the moderate funding requirement of approx. € 2 bn in 2025, we expect 2 – 3 Euro-Benchmarks.  

In conjunction with the reduction of our non-core portfolio, repurchases of Public Sector Pfandbriefe could be considered, subject to regulatory prerequisites, pricing terms and other conditions. 

The need for senior preferred and senior non-preferred issuances has been largely covered by pre-funding in 2024. Consequently, we have not planned a benchmark transaction in 2025.