Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — FY2017 Earnings Presentation
61 slides from Deutsche Pfandbriefbank's earnings presentation, Mar 7, 2018
Slide 1: Analyst Conference Annual Results 2017
Analyst Conference Annual Results 2017 7 March 2018 Strong full-year result with PBT of EUR 204 mn Increase of pay-out ratio for 2017-2019 Annual Results 2017 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 7 March 2018
Slide 2: Disclaimer
Disclaimer This presentation is not an offer or invitation to subscribe for or purchase any securities in any jurisdiction, including any jurisdiction of the United States. Securities may not be offered or sold in the United States absent registration or pursuant to an available exemption from regis
Slide 3: Agenda
Agenda 1 Highlights 2017 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2018 Appendix Contact details Annual Results 2017 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 7 March 2018 3
Slide 4: Highlights 2017
Highlights 2017 Strong full-year result with PBT of EUR 204 mn – increase of pay-out ratio for 2017-2019 and dividend proposal of EUR 1.07 per share for 2017 Strong PBT of EUR 204 mn (Q4/17: EUR 50 mn) based on good operating performance and above latest guidance (Nov. 2017: EUR 195-200 mn) − NII up
Slide 5: Highlights: Operating and financial overview
Highlights Operating and financial overview New business Q4 Net interest and commission income Q4 General and admin. expenses Q4 EUR billions (commitments, incl. extensions >1 yr) EUR millions (IFRS) Q3 EUR millions (IFRS) Q3 Q3 77% Q2 Q2 CIR Q2 Q1 Q1 Q1 12.0 11.6 440 443 52% 51%2 51% 422 412 10.2 1
Slide 6: CRE market environment remains highly competitive and challenging
Highlights CRE market environment remains highly competitive and challenging – pbb cautious in UK, Nordics and CEE as well as on retail properties Even though CRE market environment remains highly competitive and challenging, fundamentals for most continental European markets remain solid − Investme
Slide 7: Agenda
Agenda 1 Highlights 2017 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2018 Appendix Contact details Annual Results 2017 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 7 March 2018 7
Slide 8: Income statement: NII up 8% y-o-y
Income statement NII up +8% y-o-y, even though less supported by prepayment fees and one-offs as benefiting from reduced funding costs Income from lending business EUR millions Key drivers 2017: Q4/16 Q4/17 2016 2017 NII benefiting from solid underlying drivers Net interest income 112 120 404 435 −
Slide 9: Income statement: Loan-loss provisions on low level
Income statement Loan-loss provisions on low level reflecting overall still favourable market environment Loan-loss provisions Key drivers 2017: EUR millions No major new single LLPs Q4/16 Q4/17 2016 2017 Specific allowances 5 1 6 -3 Additions to portfolio-based allowances in Q4/17 (EUR -5 mn) mainl
Slide 10: Income statement: Operating costs up in line with expectation
Income statement Operating costs up in line with expectation – 2016 benefited from release of provisions; regulatory costs and strategic investments will increasingly weigh on overall cost level General and administrative expenses EUR millions Key drivers 2017: Q4/16 Q4/17 2016 2017 Last year benefi
Slide 11: Income statement: Result from financial instruments
Income statement Result from financial instruments with no major one-off effects Result from financial instruments EUR millions Key drivers 2017: Q4/16 Q4/17 2016 2017 NTI mainly driven by the following negative effects: Net trading income 4 -1 -6 -5 − Pull-to-par effects from positive derivative Ne
Slide 12: Income statement: Other revenues mainly driven by bank levy
Income statement Other revenues mainly driven by bank levy Result from other business activities Key drivers 2017: EUR millions Other operating income/expenses negatively driven by Q4/16 Q4/17 2016 2017 − bank levy (booked in Q1/17) Net other operating -8 -1 -29 -9 − provisioning for litigation cost
Slide 13: Capital: Capitalisation remains strong
Capital Capitalisation remains strong, even after EUR +2 bn RWA increase from ECB harmonisation of risk models in Q3/17 Basel III: RWA Basel III: Capital ratios (fully-loaded) EUR billions (IFRS) % (IFRS) incl. rd. EUR +2 bn RWA from ECB harmonisation Ambition in % 12/16 09/171 12/172 levels 14.7 14
Slide 14: Capital: Adequate buffers for regulatory changes and growth
Capital Adequate buffers for regulatory changes, strategic growth and cyclical risks or strategic measures essential for operational stability and flexibility RWA Finalization of TRIM process expected by end of 2019, Planned growth (2018+) EUR billions (IFRS) Cyclical risk or strategic measures publ
Slide 15: Agenda
Agenda 1 Highlights 2017 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2018 Appendix Contact details Annual Results 2017 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 7 March 2018 15
Slide 16: REF: Strong Q4 and solid level of new business
New business & segment reporting REF: Strong Q4 and solid level of new business – continued focus on conservative risk positioning New business Income statement (IFRS, EUR mn) 2016 2017 EUR billions (commitments, incl. extensions >1 yr) 10.7 Operating income 306 337 10.7 9.5 9.5 thereof: Net interes
Slide 17: PIF: Strong competition weighs on new business volume
New business & segment reporting PIF: Strong competition weighs on new business volume New business Income statement (IFRS, EUR mn) 2016 2017 EUR billions (commitments) Operating income 30 24 1.0 0.9 thereof: Net interest income 35 36 Other operating revenues -5 -12 0.5 0.3 0.1 Loan-loss provisions
Slide 18: VP: Run-down of non-strategic Value Portfolio continued
New business & segment reporting VP: Run-down of non-strategic Value Portfolio continued in line with strategy Value Portfolio Financing volume Income statement (IFRS, EUR mn) 20161 2017 EUR billions (financing volumes) RWA Operating income 165 56 thereof: Net interest income 41 42 -13% Other operat
Slide 19: Agenda
Agenda 1 Highlights 2017 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2018 Appendix Contact details Annual Results 2017 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 7 March 2018 19
Slide 20: Slight increase of strategic portfolio
Portfolio Slight increase of strategic portfolio Total portfolio 12/16 09/17 12/17 EUR billions (Financing volumes) Strategic Non-strategic portfolios portfolios (run-down) 47.3 46.0 45.7 24.1 24.6 24.9 15.8 14.2 13.8 7.4 7.2 7.0 REF PIF VP Total PIF Key drivers 2017 REF Strategic portfolio up; base
Slide 21: Stable and well diversified portfolio with focus on Europe
Portfolio Stable and well diversified portfolio with continued focus on European markets, particularly on Germany 31/12/2017 (EaD, Basel III) Real Estate Finance Public Investment Finance Value Portfolio USA 3% Other 6% Other Other Nordics 6% Nordics 2% 11% Austria by region 19% CEE 7% 33% Spain 49%
Slide 22: Conservative business and risk strategy continued
Portfolio Conservative business and risk strategy continued – stable high portfolio quality with 95% investment grade, avg. LTV of 55%, problem loan ratio on total portfolio down to 0.4% Total portfolio: Internal ratings (EL classes) REF Portfolio: Avg. weighted LTVs EUR billions (EaD, Basel III) %
Slide 23: Agenda
Agenda 1 Highlights 2017 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2018 Appendix Contact details Annual Results 2017 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 7 March 2018 23
Slide 24: Funding: Stable, diversified funding profile
Funding Stable, diversified funding profile – strong year for currency matched Pfandbrief funding - further reduction of funding costs in 2017 Pfandbriefe New long-term funding1 EUR billions Currency matched funding: − Mortgage Pfandbriefe: GBP 750 mn, SEK 3.6 bn; first USD benchmark 2016: EUR 5.5 b
Slide 25: Funding: Senior unsecured spreads converged significantly
Funding Senior unsecured spreads converged significantly Spread development of pbb Senior Unsecured Benchmarks vs peers and iTraxx Bank Senior (Spread vs. 6m Euribor) New long-term funding HyPfe EUR billions1 Öpfe 2.5 Sen. Unsec. 1.2 1.5 1.3 2016 2017 0.2 0.8 140 0.9 1.1 0.5 0.6 0.4 0.1 0.3 130 Q1/1
Slide 26: Agenda
Agenda 1 Highlights 2017 2 Financials 3 New business & segment reporting 4 Portfolio 5 Funding 6 Outlook 2018 Appendix Contact details Annual Results 2017 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 7 March 2018 26
Slide 27: Outlook 2018
Outlook 2018 Macro-economics expected to stay reasonably intact − No economic downturn or significant interest rate changes immediately expected in Eurozone − UK depending on results from Brexit negotiations Markets − US could benefit from new tax reform While CRE transactions are expected to slow d
Slide 28: Outlook 2018: Guidance
Outlook 2018 Operating trends (EUR bn) 2016 2016 2017 Guidance 2018 (excl. HETA) New business volume 10.5 11.6 EUR 10.0-11.0 bn New business avg. gross margin (bp): REF >175 >155 Margins slightly below 2017 levels PIF ~85 >100 Strategic portfolio 31.5 31.9 Moderate increase Value Portfolio 15.8 13.8
Slide 29: Change of dividend strategy for 2017-2019
Outlook 2018 Change of dividend strategy for 2017-2019 - 50% regular dividend + 25% supplementary dividend Dividend strategy Payout 0.43€ DPS 1.05€ DPS 1.07€ DPS 79% 75% 72% 4% 25% 22% 25% 50% 40-50% 50% 50% 50% 2015-2016 2017-2019 2015 2016 2017 New dividend strategy Dividend proposal 2017 50% regu
Slide 30: Appendix
Appendix Annual Results 2017 (IFRS, pbb Group, audited, approval from the Supervisory Board pending), 7 March 2018 30
Slide 31: Key figures pbb Group
Key figures pbb Group Income statement (EUR millions) 2014 2015 20161 2017 Net interest income 421 426 404 435 Net fee and commission income 1 14 8 8 Net trading income -30 15 -6 -5 Net income from financial investments -77 -32 125 -4 Net income from hedging relationships -3 11 6 -1 Net other operat
Slide 32: Key figures pbb Group Q4/16 vs. Q4/17
Key figures pbb Group Q4/16 vs. Q4/17 Income statement (EUR millions) REF PIF VP C&A pbb Group Q4/16 Q4/17 Q4/16 Q4/17 Q4/16 Q4/17 Q4/16 Q4/17 Q4/161 Q4/17 Net interest income 87 95 10 10 12 13 3 2 112 120 Net fee and commission income 4 2 - - -1 - - - 3 2 Net trading income 4 - - -1 - - - - 4 -1 Ne
Slide 33: Key figures pbb Group 2017 vs. 2016
Key figures pbb Group 2017 vs. 2016 Income statement (EUR millions) REF PIF VP C&A pbb Group 2016 2017 2016 2017 2016 2017 2016 2017 20161 2017 Net interest income 321 350 35 36 41 42 7 7 404 435 Net fee and commission income 9 9 - - -1 -1 - - 8 8 Net trading income -2 - -1 -2 -3 -3 - - -6 -5 Net in
Slide 34: Key figures Real Estate Finance (REF)
Key figures Real Estate Finance (REF) Income statement (EUR millions) 2014 2015 Q1/16 Q2/16 Q3/16 Q4/16 2016 Q1/17 Q2/17 Q3/17 Q4/17 2017 Net interest income 294 308 77 75 82 87 321 83 84 88 95 350 Net fee and commission income 2 14 2 1 2 4 9 3 2 2 2 9 Net trading income -13 14 -5 -2 1 4 -2 - 2 -2 -
Slide 35: Key figures Public Investment Finance (PIF)
Key figures Public Investment Finance (PIF) Income statement (EUR millions) 2014 2015 Q1/16 Q2/16 Q3/16 Q4/16 2016 Q1/17 Q2/17 Q3/17 Q4/17 2017 Net interest income 40 44 9 9 7 10 35 9 9 8 10 36 Net fee and commission income - - - - - - - - - - - - Net trading income -4 - - - -1 - -1 -1 - - -1 -2 Net
Slide 36: Key figures Value Portfolio (VP)
Key figures Value Portfolio (VP) Income statement (EUR millions) 20141 20151 Q1/16 Q2/16 Q3/161 Q4/16 20161 Q1/17 Q2/17 Q3/17 Q4/17 2017 Net interest income 79 68 14 8 7 12 41 10 9 10 13 42 Net fee and commission income -1 - - - - -1 -1 - - -1 - -1 Net trading income -13 1 - - -3 - -3 -1 - -2 - -3 N
Slide 37: Balance sheet
Balance sheet Specialist lender with attractive German Pfandbrief as major funding instrument Balance sheet: 31/12/2017 (31/12/2016) IFRS, EUR billions 58.0 (62.6) 58.0 (62.6) Pos. FV of derivatives 3.5 (4.6) 3.8 (5.1) Neg. FV of derivatives 11.6 (13.1) Liabilities to other banks and customers 0.0 (
Slide 38: Portfolio: Total portfolio
Portfolio Total portfolio Regions 31/12/2016 / Total: EUR 60.6 bn1 EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 57.5 bn 25.2 23.1 7.6 7.6 6.8 6.4 5.0 5.3 4.3 3.1 3.3 3.0 2.3 2.1 1.6 1.7 1.4 1.6 1.8 1.6 0.6 0.3 0.4 0.4 0.4 0.4 0.3 0.9 Germany2 France Austria UK Spain Italy Poland Sweden Hung
Slide 39: Portfolio: Problem loans
Portfolio Problem loans Total problem loans VP REF Regions EUR millions (EaD, Basel III) EUR million (EaD, Basel III) 40 No. of individual cases France 34 -36% 32 Netherlands 388 388 Italy 314 83 314 CEE 248 40 248 Spain 115 89 43 Germany 388 314 73 UK3 248 1903 185 131 12/16 09/17 12/17 12/16 09/17
Slide 40: Portfolio: Real Estate Finance (REF)
Portfolio Real Estate Finance (REF) Portfolio: Regions Portfolio: Property types 31/12/2017: EUR 28.3 bn (EaD, Basel III) 31/12/2017: EUR 28.3 bn (EaD, Basel III) Czech Republic 1% USA 3% Mixed use 3% Other 4% Austria 2% Other Europe 5% Hotel/Leisure Hungary 1% Poland 5% 5% Industrial/Logistics Offi
Slide 41: Real Estate Finance (REF): Regions
Portfolio Real Estate Finance (REF) Regions 31/12/2016 / Total: EUR 27.1 bn EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 28.3 bn 13.9 13.1 4.7 4.7 3.3 3.4 1.4 1.4 1.3 1.6 1.2 1.1 0.5 0.5 0.4 0.4 0.3 0.2 0.3 0.9 0.3 0.2 0.2 0.2 0.1 <0.1 Germany UK France Poland Sweden Austria Czech Hungary U
Slide 42: Real Estate Finance (REF): Property types
Portfolio Real Estate Finance (REF) Property types 31/12/2016 / Total: EUR 27.1 bn EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 28.3 bn 10.4 8.9 7.1 6.7 4.4 4.6 3.0 3.1 1.3 1.5 1.2 1.4 1.2 0.8 Office Retail/ Residential Warehouse/ Hotel/ Mixed use Other Shopping Logistics Leisure 31/12/2016
Slide 43: Real Estate Finance (REF): Loan types
Portfolio Real Estate Finance (REF) Loan types 31/12/2016 / Total: EUR 27.1 bn EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 28.3 bn 23.0 23.0 4.9 3.6 0.4 0.2 0.1 0.2 Investment loans Development loans Customer derivatives Other 31/12/2016 31/12/2017 Customer derivatives 1% Other <1% Custome
Slide 44: Real Estate Finance (REF): Internal ratings
Portfolio Real Estate Finance (REF) Internal ratings (EL classes) 31/12/2016 / Total: EUR 27.1 bn EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 28.3 bn Investment grade Non-investment grade 6.2 5.5 5.4 4.9 4.3 3.7 2.8 2.8 2.8 2.2 2.4 2.4 1.6 1.6 1.8 0.8 1.0 0.9 0.8 <0.1 <0.1 0.3 0.1 0.2 0.1
Slide 45: Portfolio: Public Investment Finance (PIF)
Portfolio Public Investment Finance (PIF) Portfolio: Regions Portfolio: Borrower classification1 31/12/2017: EUR 7.9 bn (EaD, Basel III) 31/12/2017: EUR 7.9 bn (EaD, Basel III) Finland 2% Sweden 1% United Kingdom 2% Other Rest of World 2% Corporation 3% Infrastructure Finance 1% Austria 3% Supranati
Slide 46: Public Investment Finance (PIF): Regions
Portfolio Public Investment Finance (PIF) Regions 31/12/2016 / Total: EUR 8.5 bn EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 7.9 bn 3.4 3.5 2.6 1.9 1.5 1.5 0.3 0.3 0.3 0.3 0.2 0.1 0.1 0.2 <0.1 <0.1 <0.1 0.1 France Germany Spain Austria Finland UK Sweden Supra Other Europe 31/12/2016 31/12/
Slide 47: Public Investment Finance (PIF): Borrower classification
Portfolio Public Investment Finance (PIF) Borrower classification1 31/12/2016 / Total: EUR 8.5 bn EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 7.9 bn 3.6 3.4 1.6 1.6 1.5 1.3 0.9 0.8 0.6 0.6 0.3 0.2 <0.1 <0.1 0.0 0.1 Sovereign Sovereign (related) Regional Regional Public Sector Supra Corpora
Slide 48: Public Investment Finance (PIF): Internal ratings
Portfolio Public Investment Finance (PIF) Internal ratings (EL classes) 31/12/2016 / Total: EUR 8.5 bn EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 7.9 bn Investment grade Non-investment grade 4.4 3.7 2.62.4 1.0 1.1 0.10.2 <0.1 0.1 0.3 0.1 <0.1 0.0 0.1 <0.1 0.0 0.0 0.00.0 0.0 0.0 0.00.0 0.0
Slide 49: Portfolio: Value Portfolio (VP)
Portfolio Value Portfolio (VP) Portfolio: Regions Portfolio: Borrower classification1 31/12/2017: EUR 17.0 bn (EaD, Basel III) 31/12/2017: EUR 17.0 bn (EaD, Basel III) Other Europe Finland <1% Supranational 4% Other Rest of World Czech Republic <1% Financial Institution Hungary 1% 6% 4% Poland 1% 7%
Slide 50: Value Portfolio (VP): Regions
Portfolio Value Portfolio (VP) Regions 31/12/2016 / Total: EUR 19.5 bn1 EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 17.0 bn 6.0 5.6 5.7 4.8 2.2 2.0 1.8 1.5 1.2 1.2 1.2 1.1 0.7 0.7 0.2 0.1 0.2 0.2 <0.1 <0.1 <0.1 <0.1 Austria Germany Italy Spain France Hungary Poland Czech Finland Other Euro
Slide 51: Value Portfolio (VP): Borrower classification
Portfolio Value Portfolio (VP) Borrower classification1 31/12/2016 / Total: EUR 19.5 bn2 EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 17.0 bn 8.0 7.6 5.3 4.3 4.6 2.3 1.4 1.3 1.5 1.2 0.4 0.8 0.7 0.4 <0.1 0.0 Sovereign Sovereign (related) Regional Regional Public Sector Financial Institution
Slide 52: Value Portfolio (VP): Internal ratings
Portfolio Value Portfolio (VP) Internal ratings (EL classes) 31/12/2016 / Total: EUR 19.5 bn1 EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 17.0 bn Investment grade Non-investment grade 14.0 12.6 3.5 3.4 <0.01 0.30.0 0.8 0.3 0.6 0.5 0.2 0.2 <0.01 <0.1 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0
Slide 53: Portfolio: Consolidation & Adjustments (C&A)
Portfolio Consolidation & Adjustments (C&A) Portfolio: Regions Portfolio: Borrower classification2 31/12/2017: EUR 4.3 bn (EaD, Basel III) 31/12/2017: EUR 4.3 bn (EaD, Basel III) Other Rest of World Corporation <1% 9% Financial Institution Other Europe 10% 23% USA 1% France 2% Sovereign1 41% Poland
Slide 54: Consolidation & Adjustments (C&A): Regions
Portfolio Consolidation & Adjustments (C&A) Regions 31/12/2016 / Total: EUR 5.5 bn1 EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 4.3 bn 3.6 2.5 0.7 0.6 0.5 0.4 0.4 0.2 0.2 0.1 0.1 0.2 0.1 0.0 0.0 0.1 Germany2 Spain France UK Poland USA Other Europe Rest of World 31/12/20161 31/12/2017 Rest
Slide 55: Consolidation & Adjustments (C&A): Borrower classification
Portfolio Consolidation & Adjustments (C&A) Borrower classification1 31/12/2016 / Total: EUR 5.5 bn2 EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 4.3 bn 2.1 1.7 1.3 1.2 1.0 0.8 0.4 0.4 0.3 0.4 0.2 0.1 <0.1 <0.1 Sovereign3 Sovereign (related) Regional Government Public Sector Supra Financial
Slide 56: Consolidation & Adjustments (C&A): Internal ratings
Portfolio Consolidation & Adjustments (C&A) Internal ratings (EL classes) 31/12/2016 / Total: EUR 5.5 bn1 EUR billions (EaD, Basel III) 31/12/2017 / Total: EUR 4.3 bn Investment grade Non-investment grade 3.9 3.2 1.0 0.4 0.3 <0.1 0.2 0.3 0.2 0.2 <0.1 <0.1 <0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Slide 57: Excursion: Brexit and US-market entry
Excursion: Brexit and US-market entry REF: High portfolio quality in UK and selective new business with low LTVs in US REF Portfolio REF New business 31/12/2017: EUR 28.3 bn (EaD, Basel III) 12/17: EUR 10.7 bn (commitments incl. extensions >1J) Other USA Other Europe 3% High portfolio quality Nordic
Slide 58: Funding: Public benchmark issuances since 2016
Funding Public benchmark issuances since 2016 Type WKN Launch Date Maturity Date Size Spread1 Coupon Issue/Reoffer Price Mortgage Pfandbrief A13SWC 12/01/2016 19/01/2023 EUR 750 mn +8 bp 0.50% 99.221% Senior Unsecured A13SWD 28/01/2016 04/02/2019 EUR 500 mn +140 bp 1.25% 99.816% Mortgage Pfandbrief
Slide 59: Ratings
Ratings Bank ratings S&P DBRS Long-term A- BBB Outlook/Trend Negative Stable Short-term A-2 R-2 (high) Stand-alone rating1 bbb BBB Long Term Debt Ratings “Preferred” senior unsecured Debt2 A- BBB “Non-preferred” senior unsecured Debt3 BBB- BBB Subordinated Debt BB+ BB (high) Pfandbrief ratings Moody
Slide 60: Definition of borrower classifications
Definition of borrower classifications Borrower classification Definition Sovereign Direct and indirect obligations of Central Governments, Central Banks and National Debt Agencies Sovereign (related) Indirect obligations of Non Sovereigns with an explicit first call guarantee by a Sovereign Regiona
Slide 61: Contact details
Contact details Walter Allwicher Head of Communications +49 (0)89 2880 28787 walter.allwicher@pfandbriefbank.com Michael Heuber Head of Investor Relations / Rating Agency Relations +49 (0)89 2880 28778 michael.heuber@pfandbriefbank.com Axel Leupold Investor Relations / Rating Agency Relations +49 (0
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