Financial management system
Financial instruments / € billion | Volume as of Jun 30, 2023 | thereof utilized | Utilization rate | Volume as of Dec 31, 2022 | thereof utilized | Utilization rate |
European debt issuance program | 35.0 | 28.8 | 82% | 35.0 | 27.9 | 80% |
Australian debt issuance program (AUD 5 billion) | 3.1 1) | 0.9 | 29% | 3.2 | 0.9 | 28% |
Multi-currency commercial paper program | 3.0 | – | – | 3.0 | – | – |
Guaranteed credit facilities (back-up lines) | 2.1 | – | – | 2.0 | – | – |
Guaranteed credit facilities (bridge loan facilities) | 1.0 | 1.0 | 100% | – | – | – |
1) Deviation from the value as of December 31, 2022, is due to exchange rate effects.
In addition to aiming for a sustained rise in enterprise value, DB Group’s financial management focuses on maintaining a capital structure that will ensure very good credit ratings. The maturity profile is a particularly important part of this management.
Bond issues
DB Group has a European debt issuance program (EDIP) and an Australian debt issuance program (Kangaroo Program) available for long-term debt financing. Under the EDIP, two senior bonds were issued in the first half of 2023 (total volume: € 1.4 billion) and one senior bond (total volume: € 0.4 billion) was repaid. The funds were raised to refinance liabilities falling due and ongoing general Group financing. In the first half of 2023, demand for our bonds came primarily from institutional investors in Europe.
ISIN | Issuer | Currency | Volume (million) | Volume (€ million) | Coupon (%) | Maturity | Term (years) |
XS2577042893 | DB Finance | EUR | 750 | 750 | 3.625 | Dec 2037 | 14.9 |
XS2624017070 | DB Finance | EUR | 600 | 600 | 3.250 | May 2033 | 10.0 |
Other financing instruments
- In the area of short-term debt financing, we still have a multi-currency commercial paper program (CP Program) available to us.
- As of June 30, 2023, we also had guaranteed credit facilities with a residual term of up to three years. These include:
- back-up lines for the CP Program, and
- bridge loan facilities for the advance financing of infrastructure measures.
- In addition, as of June 30, 2023, we were able to rely on credit lines of € 2.6 billion for the operating business (as of December 31, 2022: € 2.6 billion). These credit lines are made available to our subsidiaries around the world and include provisions for financing working capital as well as sureties for payment.
Vehicle financing
Sale-and-leaseback contracts are also concluded for the financing of vehicles in regional rail passenger transport. In the first half of 2023, as part of the second stage of commissioning, the eastern electric network went into full operation (three electric traction units). This transport contract is based on a sale-and-leaseback contract.