Financial management system
|Financial instruments (€ billion)|
Volume as of
Jun 30, 2021
Volume as of
Dec 31, 2020
|European debt issuance program|
|Australian debt issuance program|
|Multi-currency commercial paper program|
|Guaranteed unutilized credit facilities|
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 H 1 2020/ISIN||Issuer|
|Volume (million)||Volume (€ million)||Coupon (%)||Maturity||Term (years)|
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.