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	6 March 2020 PDF (538 kB)	18 May 2020 PDF (1.6 MB)
Update	11 May 2020 PDF (262 kB)	9 March 2021 PDF (1.1 MB)

+ 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 The government-related issuer 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
- 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 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 2020	Fair value 2020	Documentation	H1 2020	Annual Report 2020
Straight bonds issued under the debt issuance programme
2012/ 2022	2.950%	€500 m	DPF¹⁾	€499 m	€525 m	ZIP (2.0 MB)	PDF (297 kB)	PDF (733 kB)
2012/ 2020	1.875%	€300 m	DPAG			ZIP (2.4 MB)
2012/ 2024	2.875%	€700 m	DPAG	€699 m	€786 m	ZIP (2.4 MB)
2013/ 2023	2.750%	€500 m	DPAG	€498 m	€542 m	ZIP (2.1 MB)
2016/ 2021	0.375%	€750 m	DPAG	€750 m	€750 m	ZIP (1.7 MB)
2016/ 2026	1.250%	€500 m	DPAG	€498 m	€536 m	ZIP (1.7 MB)
2017/ 2027	1.000 %	€500 m	DPAG	€496 m	€534 m	ZIP (2.3 MB)
2018/ 2028	1.625%	€750 m	DPAG	€743 m	€846 m	ZIP (4.22 MB)
2020/ 2026	0.375%	€750 m	DPAG			ZIP (4 MB)
2020/ 2029	0.750%	€750 m	DPAG			ZIP (4 MB)
2020/ 2032	1.000%	€750 m	DPAG			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	1,794.1916¹⁾	€55.7354¹⁾	PDF (307 KB)

1): Due to payment of a dividend of €1.15 per no-par value share on September 01, 2020 pursuant to the resolution of the ordinary shareholders’ meeting of Deutsche Post AG on August 27, 2020 the Conversion Ratio is adjusted from 1,797.4721 to 1,797.1916 and the Conversion Price is adjusted from € 55.6337 to € 55.7354 with effect as of August 28, 2020 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 (3.4 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