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.
Credit investor presentation
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 DHL Group's current credit ratings and the underlying factors.
Current ratings of DHL Group
| Rating | Fitch Ratings |
Moody's Investors Service |
Long-term Short-term Outlook |
A- |
A2 |
Research |
31 July 2024 PDF (472 kB) |
14 February 2024 PDF (1.4 MB) |
| Update | ||
| + Rating factors |
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| - Rating factors |
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| 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
ISIN |
Format | Issuance/ |
Coupon |
Volume |
Documentation |
| Outstanding bonds issued by Deutsche Post AG under the debt issuance programme | |||||
| XS0862952297 | Conventional | Dec. 2012 - Dec. 2024 |
2.875 % |
€700 m |
(2.4 MB) |
| XS1388661735 |
Conventional | Apr. 2016 - Apr. 2026 |
1.250 % | €500 m | (1.7 MB) |
| XS1734533372 |
Conventional | Dec. 2017 - Dec. 2027 |
1.000 % | €500 m | (2.4 MB) |
| XS1917358621 |
Conventional | Dec. 2018 - Dec. 2028 |
1.625% | €750 m | (4.22 MB) |
| XS2177122541 |
Conventional | May 2020 - May 2026 |
0.375% | €750 m | (4 MB) |
| XS2177122624 |
Conventional | May 2020 - May 2029 |
0.750% | €750 m | (4 MB) |
| XS2177122897 |
Conventional | May 2020 - May 2032 |
1.000% | €750 m | (4 MB) |
| XS2644423035 |
Sustainability-Linked | Jul. 2023 - Jul. 2033 |
3.375% | €500 m | (4.9 MB) |
| XS2784415718 | Conventional | Mar. 2024 - Mar. 2036 |
3.500% | €1,000 m | (4.6 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 | 1,855.52861) |
€53.89301) | PDF (307 KB) |
- 1)
- Due to payment of a dividend of €1.85 per no-par value share on May 8, 2024 pursuant to the resolution of the ordinary shareholders’ meeting of Deutsche Post AG on May 3, 2024 the Conversion Ratio is adjusted from 1,837.4978 to 1,855.5286 and the Conversion Price is adjusted from € 54.4218 to € 53.8930 with effect as of May 6, 2024 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 (4.7 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.
