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

28 September 2017 PDF (398 KB)

11 September 2017 PDF (1.2 MB)

Update 7 December 2017 PDF (42 KB) 11 June 2018 PDF (1.1 MB)
     
+ Rating factors
  • Balanced business risk profile
  • Stable contribution of core mail products 
  • Growth in internet-led parcel volumes
  • Strong position in global time-definite express services with continued growth and margin improvement
  • Fairly stable credit metrics and adequate liquidity
  • Scale and global presence as the world’s largest logistics company
  • Large and robust mail business in Germany
  • Expectations of progressive improvement in profitability through its network investments and restructuring programmes
  • Adequate financial metrics, conservative financial policy and excellent liquidity profile
- Rating factors
  • Structural mail volume decline in the Post - eCommerce - Parcel division due to secular changes in the industry
  • Exposure to global market volatility and competitiveness through the DHL divisions
  • Challenging and competitive market conditions
  • Exposure to global macroeconomic trends in the logistics businesses
  • Structural decline of traditional postal services
  • Ongoing turnaround initiatives for Global Forwarding, Freight
     
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
2016
Fair value
2016

Documentation

H1 2017
Annual
Report
2017

Straight bonds issued under the debt issuance programme                 
2012/
2022
2.950%  €500 m  
DPF1)
€497 m
€572 m

ZIP

(2.0 MB)

PDF
(5.8 MB)
PDF
(13 MB)
2012/
2020
1.875%
€300 m
DPAG
€298 m
€322 m

ZIP

(2.4 MB)

   
2012/
2024
2.875%
€700 m
DPAG   €697 m
€819 m

ZIP

(2.4 MB)

   
2013/
2018
1.500%
€500 m
DPAG
€498 m
€514 m

ZIP

(2.1 MB)

   
2013/
2023
2.750%
€500 m
DPAG
€496 m
€575 m

ZIP

(2.1 MB)

   
2016/
2021
0.375% €750 m
DPAG
€744 m
€760 m

ZIP

(1.7 MB)

   
2016/
2026
1.250% €500 m
DPAG
€496 m €515 m

ZIP

(1.7 MB)

   
2017/
2027
1.000 % €500 m
DPAG
n/a n/a

ZIP

(2.3 MB)

   
1)
Deutsche Post Finance B.V.
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  1,798.12641)
€55.61341) PDF (307 KB)
1)
Due to payment of a dividend of €1.15 per no-par value share on April 27, 2018 pursuant to the resolution of the ordinary shareholders’ meeting of Deutsche Post AG on April 24, 2018 the Conversion Ratio is adjusted from 1,795.6771 to 1,798.1264 and the Conversion Price is adjusted from €55.6893 to €55.6134 with effect as of April 25, 2018 in accordance with the terms and conditions of the Convertible Bonds and as calculated by Conv-Ex Advisors Limited as Calculation Agent.

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 (2 MB)
Supplement PDF (120 kB)