Business development

Financial management system

Financial instruments (€ billion)

Volume as of

Jun 302021

thereof

utilized

Volume as of

Dec 31, 2020

thereof

utilized

 European debt issuance program

35.0

25.1

30.0

23.3

Australian debt issuance program

3.2

0.9

3.1

0.9

Multi-currency commercial paper program

3.0

1.1

3.0

Guaranteed unutilized credit facilities

4.9

2.9

5.0

2.9

In addition to sustainably increasing the enterprise value, the financial management of DB Group also aims to maintain a capital structure that is appropriate for ensuring a very good credit rating.

  • For long-term debt financing, we have a European debt issuance program (EDIP), the volume thereof was increased from € 30 billion to € 35 billion. Under the EDIP, six senior bonds (total volume: € 2.7 billion) were issued and three senior bonds (total volume: € 0.9 billion) were repaid in the first half of 2021. As of June 30, 2021, the utilization rate decreased to about 72% (as of December 31, 2020: about 78%).
  • We also have an Australian debt issuance program (Kangaroo Program) at our disposal, which was not further utilized by new issues in the first half of 2021. As a result, the degree of utilization as of June 30, 2021 remained unchanged at about 28%.
  • In terms of short-term external financing, a multi-currency commercial paper program remains available. As of June 30, 2021, the program had 16 issues in euros and US dollars with remaining maturities of a few weeks. As a result, the degree of utilization increased to 37% (as of December 31, 2020: –).
  • In addition, as of June 30, 2021, we had contractually promised credit facilities in the amount of € 4.9 billion, which are also used for the interim financing of the measures proposed by the Federal Government for the partial compensation of Covid-19 losses.
  • As of June 30, 2021, we were also able to draw on credit lines, unchanged from before, of € 2.6 billion for the operating business. These credit lines are made available to our subsidiaries around the world and include both working capital financing and the provision of guarantees.

The leasing volume fell slightly due to repayments.

Bond issues

Senior bonds

Bond issues H 1 2020/ISINIssuer

Currency

Volume (million)Volume (€ million)Coupon (%)MaturityTerm (years)
 CH0581947808

DB
Finance

CHF

4003700.100Jan 203615.0
XS2295280411

DB
Finance

GP

300

339

0.375

Dec 2026

5.8

XS2299091186

DB
Finance

SEK

5,000

494

0.478

Feb 2026

5.0

XS2331271242

DB
Finance

EUR

1,000

1,000

0.625

Apr 2036

15.0

CH0522158887

DB
Finance

CHF

325

296

0.200

May 2033

12.0

XS2343565698

DB
Finance

AUD

260

168

3.100

May 2041

20.0

In the first half of 2021, we issued six new senior bonds through the DB Group financing company Deutsche Bahn Finance GmbH (DB Finance) (equivalent to about € 2.7 billion). The funds were raised to refinance liabilities falling due and for ongoing general Group financing. All funds from senior bonds not issued in euros were converted into euros. Demand for the six public issues under the EDIP came primarily from institutional investors from Europe and Asia.

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