Creditor Relations

Finance strategy

Building on the principles and objectives of financial management and in light of the Group's strong financial position, the Corporate Board updated the finance strategy in January 2022.

The finance strategy takes into account the shareholders’ interests and the lenders’ requirements, focusing on value creation through a transparent and effective allocation of capital. It also aims to maintain financial flexibility and a low cost of capital for the Group with a high degree of continuity and predictability for investors, and to support the Group's ESG roadmap presented last year.

One key component of the strategy is a stand-alone target rating between "Baa1" and "A3" and "BBB+" and "A-", respectively. The strategy also sets clear priorities on how available liquidity is allocated. It will first be used to fund business operations, finance organic investments and regular dividend payments. Thereafter, additional dividend payments or share buybacks as well as inorganic growth could be considered.

Finance strategy , Deutsche Post DHL Group

Credit rating

Credit ratings represent an independent and current assessment of a company’s credit standing. In addition to a quantitative analysis of the annual report and appropriate planning data, they also take into account qualitative factors such as industry-specific features and the company’s market position and range of products and services. The following table shows Deutsche Post DHL Group`s current credit ratings and the underlying factors.

Current ratings of Deutsche Post DHL Group

Rating	Fitch Ratings	Moody's Investors Service
Long-term Short-term Outlook	BBB+ F2 positive	A3 P-2 stable

Research	6 March 2020 PDF (538 kB)	20 May 2021 PDF (1.4 MB)
Update	27 April 2022 PDF (205 kB)

+ Rating factors	Balanced business risk profile Growth in parcel and express business fuelled by e-commerce Dynamic volume growth in Time Definite International and Time Definite Domestic products Solid credit metrics and good liquidity	Large scale and strong business profile, supported by global leadership positions in express and logistics, and by the large German mail business Support that is built into the rating because of the German government’s indirect shareholding and the importance of the company’s services to the German economy Solid financial profile Good earnings momentum, supported by solid e-commerce growth
- Rating factors	Structural mail volume decline in the Post & Parcel Germany division and challenges in managing the cost structure in the division Exposure to global market volatility and competitiveness through the DHL divisions	Challenges faced in domestic letter mail business which result from the structural decrease in conventional letter mail Exposure to highly competitive mature markets and volatile market conditions in the logistics business Increasing capital spending, which hamper cash generation

Rating definitions	PDF (372 KB)	PDF (1.2 MB)
Homepage Rating agency	www.fitchratings.com	www.moodys.com

Bonds and instruments

The following overview provides you with the most important information about the major bonds issued by our company. The bond issued by Deutsche Post Finance B.V. is fully guaranteed by Deutsche Post AG.

Overview of major bonds

Bond	Interest rate	Volume	Issuer	Carrying amount 2021	Fair value 2021	Documentation	H1 2021	Annual Report 2021
Straight bonds issued under the debt issuance programme
2012/ 2022	2.950%	€500 m	DPF¹⁾	€500 m	€508 m	ZIP (2.0 MB)	PDF (289 kB)	PDF (11 MB)
2012/ 2024	2.875%	€700 m	DPAG	€699 m	€764 m	ZIP (2.4 MB)
2013/ 2023	2.750%	€500 m	DPAG	€499 m	€527 m	ZIP (2.1 MB)
2016/ 2026	1.250%	€500 m	DPAG	€498 m	€525 m	ZIP (1.7 MB)
2017/ 2027	1.000 %	€500 m	DPAG	€497 m	€526 m	ZIP (2.3 MB)
2018/ 2028	1.625%	€750 m	DPAG	€743 m	€818 m	ZIP (4.22 MB)
2020/ 2026	0.375%	€750 m	DPAG	€746 m	€759 m	ZIP (4 MB)
2020/ 2029	0.750%	€750 m	DPAG	€748 m	€776 m	ZIP (4 MB)
2020/ 2032	1.000%	€750 m	DPAG	€747 m	€793 m	ZIP (4 MB)

1): Deutsche Post Finance B.V.

: Paying Agent: Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main

Bond	Interest rate	Outstanding Volume	Issuer	Current conversion ratio	Current conversion price	Terms and conditions
Convertible bond
2017/ 2025	0.050%	€1,000 m	DPAG	1,818.3021¹⁾	€54.9964¹⁾	PDF (307 KB)

1): Due to payment of a dividend of €1.80 per no-par value share on May 11, 2022 pursuant to the resolution of the ordinary shareholders’ meeting of Deutsche Post AG on May 6, 2022 the Conversion Ratio is adjusted from 1,796.7641 to 1,818.3021 and the Conversion Price is adjusted from €55.6556 to €54.9964 with effect as of May 9, 2022 in accordance with the terms and conditions of the Convertible Bonds and as calculated by Conv-Ex Advisors Limited as Calculation Agent.

: Paying Agent: Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main

Debt Issuance Programme (DIP)

In 2012, we established a Debt Issuance Programme with a volume of up to €8 billion. This offers us the possibility of issuing bonds in customised tranches up to a stipulated total amount and enables us to react flexibly to changing market conditions. For details about the different bonds issued under the programme please refer to the table above.

Issuer	Deutsche Post AG; Deutsche Post Finance B.V.
Programme Amount	€8,000,000,000
Arranger	Deutsche Bank
Dealers:	Commerzbank Deutsche Bank HSBC Morgan Stanley Bank of America
Prospectus	PDF (3.7 MB)

Reporting Hub

In our Reporting Hub you will find all relevant documents, key figures, videos and dates related to the financial and non-financial reporting of Deutsche Post DHL Group.

Reporting Hub