In addition to the main funding instrument, the German Pfandbrief, pbb Deutsche Pfandbriefbank is a frequent issuer of both unsecured and subordinated notes. They are used to refinance the non-Pfandbrief-eligible loan portions as well as the over-collateralisation of the cover pools. We offer these notes both in form of liquid, listed Benchmark issuances and as private placements.
When arranging private placements we can meet the investors’ individual demands and ideas regarding maturity, currency and structure. Private placements are issued in form of promissory notes as well as registered and bearer bonds.
Given pbbs´good capital ratios and high stock of “Senior non-Preferred” currently we are focusing on BBB- rated “Senior Preferred” issuances.
Own Funds and Eligible Liabilities exceed regulatory requirements
(in € bn as of 31/12/2025)
1. incl. annual result for 2025
2. As of 31 Dec. 2025, MREL capacity (subordinated only) amounts to ~29.7% TREA / ~14.0% LRE
3. MREL eligible Senior Non-Preferred Debt or Senior Preferred Debt > 1Y according to legal maturities
4. Nominal amount of Tier 2 instruments
5. Senior Preferred, structured unsecured and corporate deposits (excl. protected deposits)
6. CET1 assumed to be constant
7. highest MREL requirement in relation to TREA or LRE
