11 hours ago
Deutsche PBB Returns to Subordinated Bonds to Replace Old Debt
German commercial property lender Deutsche Pfandbriefbank AG is selling its first subordinated bond in seven years to fund the buyback of some of its old junior debt.
The bank is offering €300 million ($349 million) of Tier 2 bonds on Wednesday at initial price thoughts of around 7.75%. The debt will be callable in 2030 and mature in 2035, according to a person familiar with the matter who asked not to be identified. The issue will finance a partial buyback of two Tier 2 bonds that mature in 2027.
