Hogan Lovells advises banks on the placement of an EUR 300 million subordinated Tier 2 bond issued by Deutsche Pfandbriefbank AG

Press releases | 08 July 2025

Led by Frankfurt partner Dr. Jochen Seitz, global law firm Hogan Lovells advised a banking syndicate consisting of Goldman Sachs Bank Europe SE, Jefferies GmbH and UBS AG London Branch on the placement of a subordinated Tier 2 bond of Deutsche Pfandbriefbank AG with an issue volume of EUR 300 million.

On 4 July 2025, the bond was successfully placed and admitted to trading on the regulated market of the Munich Stock Exchange. The bond has a term of 10.25 years and an initial coupon of 7.125 percent that is equipped with a reset mechanism. S&P assigned a B+ rating. The subordinated bond serves to strengthen the total capital ratio and is to be classified as Tier 2 capital in accordance with Regulation (EU) 575/2013 (CRR).

Deutsche Pfandbriefbank AG had previously offered to partially repurchase in a public tender Tier 2 bonds due February resp. June 2027 in a total volume of up to EUR 300 million. Goldman Sachs Bank Europe SE, Jefferies GmbH and UBS AG London Branch AG also acted as Dealer Managers on the repurchase of the Tier 2 bonds. This repurchase was subject to a successful issuance of the new Tier 2 bond.

This is one of numerous transactions of Deutsche Pfandbriefbank AG that the Hogan Lovells team regularly advises on.

Hogan Lovells team for the banks

Dr. Jochen Seitz (Partner), Dr. Stefan Schrewe (Counsel), Anna Hersener (Associate) (all Capital Markets, Frankfurt)