Creditor Relations

Finance strategy

Building on the principles and aims of financial management, the Supervisory Board approved a financial strategy in March of 2010. In addition to the interests of shareholders, the strategy also takes lender requirements into account. The goal is for the Group to maintain its financial flexibility and low cost of capital by ensuring a high degree of continuity and predictability for investors.

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
stable

A3
P-2
stable

     

Research

25 February 2019 PDF (1 MB)

11 September 2019 PDF (2 MB)

Update   1 October 2019 PDF (1.1 MB)
     
+ Rating factors
  • Balanced business risk profile 
  • Growth in internet-led parcel volumes
  • Strong position in global time-definite express services with continued growth and margin improvement
  • 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
  • The government-related issuer support that is built into the rating because of the German government's 21% indirect ownership and the importance of the company's services to the German economy
  • Solid credit metrics
- Rating factors
  • Structural mail volume decline in the Post - eCommerce - Parcel division and challenges in managing the cost structure in the division
  • Exposure to global market volatility and competitiveness through the DHL divisions
  • Challenges in the domestic postal division, stemming from the structural decline in the traditional mail business
  • 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
2018
Fair value
2018

Documentation

H1 2019
Annual
Report
2018

Straight bonds issued under the debt issuance programme                 
2012/
2022
2.950%  €500 m  
DPF1)
€498 m
€546 m

ZIP

(2.0 MB)

PDF
(3 MB)
PDF
(13 MB)
2012/
2020
1.875%
€300 m
DPAG
€299 m
€311 m

ZIP

(2.4 MB)

   
2012/
2024
2.875%
€700 m
DPAG   €698 m
€784 m

ZIP

(2.4 MB)

   
2013/
2023
2.750%
€500 m
DPAG
€497 m
€553 m

ZIP

(2.1 MB)

   
2016/
2021
0.375% €750 m
DPAG
€747 m
€755 m

ZIP

(1.7 MB)

   
2016/
2026
1.250% €500 m
DPAG
€497 m €506 m

ZIP

(1.7 MB)

   
2017/
2027
1.000 % €500 m
DPAG
€495 m €483 m

ZIP

(2.3 MB)

   
2018/
2028
1.625% €750 m
DPAG
€741 m €757 m

ZIP

(4.22 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  1,797.47211)
€55.63371) PDF (307 KB)
1)
Due to payment of a dividend of €1.15 per no-par value share on May 20, 2019 pursuant to the resolution of the ordinary shareholders’ meeting of Deutsche Post AG on May 15, 2019 the Conversion Ratio is adjusted from 1,798.1264 to 1,797.4721 and the Conversion Price is adjusted from €55.6134 to € 55.6337 with effect as of May 16, 2019 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
BofA Merrill Lynch
Prospectus PDF (4 MB)
Supplement PDF (1 MB)