pbb decides not to call Tier 2 bond

Deutsche Pfandbriefbank AG (pbb) has decided not to call its €300m 2.875% Tier 2 callable bond (ISIN: XS1637926137) (the "Bond").

The decision not to refinance the Bond with a new Tier 2 instrument has been taken after careful evaluation of various factors, including market conditions, economic costs, and the recognition of the Bond in terms of Tier 2 capital as well as MREL. Further, the decision does not change the overall approach towards pbb's fixed income stakeholders.

pbb would like to thank all investors for their engagement and feedback during recent days.

The Bond will reset to a new fixed coupon being the equivalent of 5-year Euro Mid Swaps plus 275 basis points from 28 June 2022 (as per the terms and conditions of the Bond), until the final maturity date on 28 June 2027.