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. It 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.

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	A2 P-1 stable

Research	20 July 2022 PDF (316 kB)	30 May 2022 PDF (1.3 MB)
Update		30 June 2022 PDF (1.3 MB)

+ Rating factors	Company size and geographic diversification Broad portfolio of services and customers Market leadership Excellent results, driven by a clear rise in global trade and the continuation of strong e-commerce Balanced business risk profile between the parcel and express segments, which are growing due to online retail, contract logistics business and the cyclical freight forwarding business Solid credit metrics and liquidity	Large scale and global presence as the world`s biggest logistics company, supported by leading market positions in express and logistics, and by the large German mail business Indirect shareholding of the German government Solid financial profile Good earnings momentum
- Rating factors	Structural volume decline in letter mail business Increased capital expenditure and dividends to shareholders	Cost inflation, in particular for fuel Challenges faced in domestic letter mail business which result from the structural decrease in conventional letter mail business Exposure to highly competitive mature markets and volatile market conditions in the logistics segment Increasing capital spending, which hampers cash generation

Rating definitions	PDF (491 KB)	PDF (823 KB)
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.

Overview of major bonds

Bond	Interest rate	Volume	Issuer	Carrying amount 2022	Fair value 2022	Documentation	H1 2021	Annual Report 2021
Straight bonds issued under the debt issuance programme
2012/ 2024	2.875%	€700 m	DPAG	€699 m	€699 m	ZIP (2.4 MB)
2013/ 2023	2.750%	€500 m	DPAG	€500 m	€502 m	ZIP (2.1 MB)
2016/ 2026	1.250%	€500 m	DPAG	€499 m	€427 m	ZIP (1.7 MB)
2017/ 2027	1.000 %	€500 m	DPAG	€497 m	€452 m	ZIP (2.3 MB)
2018/ 2028	1.625%	€750 m	DPAG	€744 m	€690 m	ZIP (4.22 MB)
2020/ 2026	0.375%	€750 m	DPAG	€747 m	€688 m	ZIP (4 MB)
2020/ 2029	0.750%	€750 m	DPAG	€748 m	€649 m	ZIP (4 MB)
2020/ 2032	1.000%	€750 m	DPAG	€747 m	€610 m	ZIP (4 MB)

: 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
Programme Amount	€8,000,000,000
Arranger	Deutsche Bank
Dealers:	Bank of America BNP PARIBAS Commerzbank Deutsche Bank HSBC Morgan Stanley
Prospectus	PDF (4.3 MB)

Sustainability-linked Finance Framework (SLF Framework)

To support our commitment towards our sustainability agenda, we have established an SLF Framework which enables us to issue sustainable financial instruments. The Framework follows the Sustainability-Linked Bond Principles of the International Capital Markets Association and provides an overview of our activities and initiatives aimed at achieving our ambitious ESG targets along with an overview of the potential structure of a sustainable financial instrument.

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