Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — Q3 2017 Earnings Presentation
60 slides from Deutsche Pfandbriefbank's earnings presentation, Nov 13, 2017
Slide 1: Results Q3/9M 2017 Analyst Conference Call
Full-year guidance raised after good Q3 results – PBT of EUR 51 mn in Q3/17 Results Q3/9M 2017 Analyst Conference Call Andreas Arndt, CEO/CFO Unterschleissheim, 13 November 2017 Results Q3/9M 2017 (IFRS, pbb Group, unaudited), 13 November 2017
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 2 Financials 3 Segment reporting & New business 4 Portfolio 5 Funding 6 Summary & Outlook Appendix Contact details Results Q3/9M 2017 (IFRS, pbb Group, unaudited), 13 November 2017 3
Slide 4: Highlights: continued good performance, PBT guidance raised
Highlights pbb shows continued good operating and financial performance – PBT full-year guidance raised to EUR 195-200 mn Pre-tax profit of EUR 51 mn in Q3/17 and EUR 154 mn in 9M/17 (Q3/16: EUR 159 mn; 9M/16: EUR 246 mn) – Q3/9M 2016 included extraordinary HETA gain of EUR 132 mn − NII of EUR 109 m
Slide 5: 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 12.0 422 440 52% 51%2 50% 412 10.2 10.5 3.1 1
Slide 6: Market environment remains highly competitive and challenging
Highlights Market environment remains highly competitive and challenging – strategic initiatives well underway to support profitability Heterogeneous picture in Europe – however, fundamentals for most continental European markets remain solid − Germany: Overall stable market conditions; demand still
Slide 7: Capital ratios significantly impacted by regulation
Highlights Capital ratios significantly impacted by regulation Basel III: RWA Strategic growth or RWA increase of EUR ~2 bn in Q3/17 from ECB EUR billions (IFRS) substitution opportunities (2017+) harmonisation of risk models Basel IV (2021-2027) − only REF affected incl. rd. EUR +2 bn RWA ECB − hig
Slide 8: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting & New business 4 Portfolio 5 Funding 6 Summary & Outlook Appendix Contact details Results Q3/9M 2017 (IFRS, pbb Group, unaudited), 13 November 2017 8
Slide 9: Income statement: Underlying NII with positive development
Income statement Underlying NII with positive development over the last quarters Income from lending business EUR millions Q3/16 Q3/17 9M/16 9M/17 Key drivers Q3/9M 2017: Net interest income 97 109 292 315 NII up y-o-y, less supported by positive one-off effects thereof: Prepayment fees 8 5 22 21 bu
Slide 10: Income statement: LLPs stay low
Income statement LLPs stay low, benefiting from portfolio quality and continued supportive market environment Loan-loss provisions EUR millions Q3/16 Q3/17 9M/16 9M/17 Key drivers Q3/9M 2017: Specific allowances 2 - 1 -4 No new major single cases Additions -9 -1 -11 -6 Releases 11 1 12 2 Coverage ra
Slide 11: Income statement: Operating costs up in line with expectations
Income statement Operating costs up in line with expectations – 2016 benefited from release of provisions; regulatory costs and strategic investments will increasingly weigh on overall cost level General and administrative expenses EUR millions Q3/16 Q3/17 9M/16 9M/17 Key drivers Q3/9M 2017: General
Slide 12: Result from financial instruments
Income statement Result from financial instruments: No major one-off effects in Q3/17 Result from financial instruments EUR millions Q3/16 Q3/17 9M/16 9M/17 Key drivers Q3/9M 2017: Net trading income -3 -4 -10 -4 NTI mainly driven by derivative valuation in Q3/17 Net income from financial 123 -1 128
Slide 13: Result from other business activities
Income statement Result from other business activities: No major one-off effects in Q3/17 Result from other business activities EUR millions Q3/16 Q3/17 9M/16 9M/17 Key drivers Q3/9M 2017: Net other operating -6 2 -21 -8 Other operating income/expenses mainly driven by income/expenses bank levy book
Slide 14: Capitalisation: RWA increase from ECB harmonisation
Capitalisation RWA increase from ECB harmonisation of risk models in Q3/17 – capitalisation remains strong, providing buffer for further RWA challenges, cyclical risk and business growth Basel III: RWA ECB harmonisation of risk models Basel III: Capital ratios (fully loaded) EUR billions (IFRS)1 % (
Slide 15: Capitalisation: RWA increase and SREP reduction
Capitalisation RWA increase from ECB harmonisation of risk models driven by recalibration of PD and LGD parameters; reduction of SREP requirements by -0.5%-pts through improvement of risk profile RWA relief 2014-2017 mainly driven by REF 35.0% re-/prepayments and rating changes, which were risk-weig
Slide 16: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting & New business 4 Portfolio 5 Funding 6 Summary & Outlook Appendix Contact details Results Q3/9M 2017 (IFRS, pbb Group, unaudited), 13 November 2017 16
Slide 17: Segment reporting: Real Estate Finance (REF)
Segment reporting: Real Estate Finance (REF) New business on solid level – continued focus on conservative risk positioning New business Extensions >1 year Income statement (IFRS, EUR mn) Q3/16 Q3/17 9M/16 9M/17 EUR billions (commitments, incl. extensions >1 yr) New commitments Operating income 83 8
Slide 18: Segment reporting: Public Investment Finance (PIF)
Segment reporting: Public Investment Finance (PIF) New business mainly driven by demand in Spain and UK in Q1/17 New business Income statement (IFRS, EUR mn) Q3/16 Q3/17 9M/16 9M/17 EUR billions (commitments) Operating income 5 8 23 22 thereof: Net interest income 7 8 25 26 0.6 0.4 Loan-loss provisi
Slide 19: Segment reporting: Value Portfolio (VP)
Segment reporting: Value Portfolio (VP) Run-down of non-strategic Value Portfolio continued in line with strategy Value Portfolio Financing volume Income statement (IFRS, EUR mn) Q3/16 Q3/17 9M/16 9M/17 EUR billions (financing volumes) RWA Operating income 125 9 144 37 thereof: Net interest income 7
Slide 20: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting & New business 4 Portfolio 5 Funding 6 Summary & Outlook Appendix Contact details Results Q3/9M 2017 (IFRS, pbb Group, unaudited), 13 November 2017 20
Slide 21: Avg. strategic portfolio slightly up to EUR 31.8 bn
Portfolio Avg. strategic portfolio slightly up y-o-y to EUR 31.8 bn in 9M/17 Total portfolio 09/16 12/16 06/17 09/17 EUR billions (financing volumes) Strategic Non-strategic portfolios portfolios (run-down) 47.8 47.3 46.6 46.0 24.0 24.1 24.4 24.6 16.6 15.8 14.6 14.2 7.2 7.4 7.6 7.2 REF PIF VP Total
Slide 22: Stable and well diversified portfolio
Portfolio Stable and well diversified portfolio with continued focus on European markets, particularly on Germany – continued cautious growth of US business 30/09/2017 (EaD, Basel III) Real Estate Finance Public Investment Finance Value Portfolio USA 3% Other 7% Nordics 2% Other Other Nordics 6% 9%
Slide 23: Conservative risk strategy, 95% investment-grade
Portfolio Conservative business and risk strategy to continue – high portfolio quality with 95% investment-grade, avg. LTV of 56% Total portfolio: Internal ratings (EL classes) REF Portfolio: Avg. weighted LTVs EUR billions (EaD, Basel III) % (commitments)2 27.1 27.5 8.5 8.0 19.5 17.3 5.5 4.1 60.6 5
Slide 24: Problem loans further down
Portfolio Problem loans further down – problem loan ratio of total portfolio at 0.6% Total problem loans Workout1 Problem loan ratio Total portfolio EUR millions (EaD, Basel III) Restructuring2 % (EaD, Basel III) Real Estate Finance 388 1.4% 3 322 314 1.2% 1.1% 2 2 385 0.6% 0.5% 0.6% 320 312 2016 06
Slide 25: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting & New business 4 Portfolio 5 Funding 6 Summary & Outlook Appendix Contact details Results Q3/9M 2017 (IFRS, pbb Group, unaudited), 13 November 2017 25
Slide 26: Funding: funding costs further reduced
Funding Holistic management of capital and funding – funding costs further reduced Pfandbriefe New long-term funding EUR billions1 Currency matched funding: − Mortgage Pfandbriefe: GBP 300 mn, SEK 2.6 bn; first 9M/16: EUR 4.8 bn 9M/17: EUR 5.3 bn2 USD benchmark USD 600 mn, tapped by USD 100 mn in Au
Slide 27: 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 Öpfe Sen. Unsec. EUR billions1 pbb Senior Unsecured Benchmark issuances/taps 2.7 1.2 1.4 1.1 1.3 140 0.8
Slide 28: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting & New business 4 Portfolio 5 Funding 6 Summary & Outlook Appendix Contact details Results Q3/9M 2017 (IFRS, pbb Group, unaudited), 13 November 2017 28
Slide 29: Outlook 2017/2018
Outlook 2017/2018 PBT guidance 2017 raised to EUR 195-200 mn – planning/PBT guidance for 2018 will again be conservative, especially with regards to risk costs PBT guidance 2017 raised to EUR 195-200 mn after good results in Q3/17 and anticipated stable development in Q4/17 − NII and low risk costs
Slide 30: Appendix
Appendix Results Q3/9M 2017 (IFRS, pbb Group, unaudited), 13 November 2017 30
Slide 31: Key figures pbb Group
Key figures pbb Group Income statement (EUR millions) 2014 2015 20161 9M/17 Net interest income 421 426 404 315 Net fee and commission income 1 14 8 6 Net trading income -30 15 -6 -4 Net income from financial investments -77 -32 125 - Net income from hedging relationships -3 11 6 - Net other operati
Slide 32: Key figures pbb Group Q3/16 vs. Q3/17
Key figures pbb Group Q3/16 vs. Q3/17 Income statement (EUR millions) REF PIF VP C&A pbb Group Q3/16 Q3/17 Q3/16 Q3/17 Q3/161 Q3/17 Q3/16 Q3/17 Q3/161 Q3/17 Net interest income 82 88 7 8 7 10 1 3 97 109 Net fee and commission income 2 2 - - - -1 - - 2 1 Net trading income 1 -2 -1 - -3 -2 - - -3 -4 N
Slide 33: Key figures pbb Group 9M/16 vs. 9M/17
Key figures pbb Group 9M/16 vs. 9M/17 Income statement (EUR millions) REF PIF VP C&A pbb Group 9M/16 9M/17 9M/16 9M/17 9M/161 9M/17 9M/16 9M/17 9M/161 9M/17 Net interest income 234 255 25 26 29 29 4 5 292 315 Net fee and commission income 5 7 - - - -1 - - 5 6 Net trading income -6 - -1 -1 -3 -3 - -
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 9M/16 Q4/16 2016 Q1/17 Q2/17 Q3/17 9M/17 Net interest income 294 308 77 75 82 234 87 321 83 84 88 255 Net fee and commission income 2 14 2 1 2 5 4 9 3 2 2 7 Net trading income -13 14 -5 -2 1 -6 4 -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 9M/16 Q4/16 2016 Q1/17 Q2/17 Q3/17 9M/17 Net interest income 40 44 9 9 7 25 10 35 9 9 8 26 Net fee and commission income - - - - - - - - - - - - Net trading income -4 - - - -1 -1 - -1 -1 - - -1 Ne
Slide 36: Key figures Value Portfolio (VP)
Key figures Value Portfolio (VP) Income statement (EUR millions) 20141 20151 Q1/16 Q2/16 Q3/161 9M/161 Q4/16 20161 Q1/17 Q2/17 Q3/17 9M/17 Net interest income 79 68 14 8 7 25 12 41 10 9 10 29 Net fee and commission income -1 - - - - - -1 -1 - - -1 -1 Net trading income -13 1 - - -3 -1 - -3 -1 - -2 -
Slide 37: Balance sheet
Balance sheet Specialist lender with attractive German Pfandbrief as major funding instrument Balance sheet: 30/09/2017 (31/12/2016) IFRS, EUR billions 57.9 (62.6) 57.9 (62.6) Pos. FV of derivatives 3.6 (4.6) 4.0 (5.1) Neg. FV of derivatives 11.8 (13.1) Liabilities to other banks and customers 0.0 (
Slide 38: Portfolio: Total portfolio
Portfolio Total portfolio Regions 31/12/2016 / Total: EUR 60.7 bn EUR billions (EaD, Basel III) 30/09/2017 / Total: EUR 56.9 bn 25.2 22.0 7.6 7.6 6.8 6.3 5.0 5.4 4.3 3.5 3.3 3.1 2.3 2.2 1.6 1.8 1.4 1.4 1.8 1.5 0.6 0.4 0.4 0.4 0.4 0.4 0.3 0.8 Germany1 France Austria UK Spain Italy Poland Sweden Hunga
Slide 39: Portfolio: Problem loans
Portfolio Problem loans Total problem loans (only REF) Regions EUR millions (EaD, Basel III) EUR million (EaD, Basel III) No. of individual cases 40 36 34 388 388 322 314 83 322 314 France 46 40 Finland 115 91 89 Italy CEE Spain 190 185 185 Germany UK3 12/16 06/17 09/17 12/16 06/17 09/17 Total probl
Slide 40: Portfolio: Real Estate Finance (REF)
Portfolio Real Estate Finance (REF) Portfolio: Regions Portfolio: Property types 30/09/2017: EUR 27.5 bn (EaD, Basel III) 30/09/2017: EUR 27.5 bn (EaD, Basel III) Hungary 1% Finland 1% Czech Republic 1% Spain 1% Austria 2% Italy <1% Mixed Use 3% Other United States Hotel/Leisure Other Europe 5% Swed
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) 30/09/2017 / Total: EUR 27.5 bn 13.1 12.8 4.7 4.8 3.3 3.4 1.4 1.5 1.3 1.4 1.2 1.2 0.5 0.5 0.4 0.4 0.3 0.3 0.8 0.3 0.3 0.2 0.2 0.2 0.1 0.1 Germany UK France Poland Sweden Austria Czech Hungary US
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) 30/09/2017 / Total: EUR 27.5 bn 9.5 8.9 7.1 7.1 4.4 4.4 3.0 2.9 1.3 1.4 1.2 1.4 1.3 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) 30/09/2017 / Total: EUR 27.5 bn 23.0 23.0 3.6 4.2 0.4 0.2 0.1 <0.1 Investment loans Development loans Customer derivatives Other 31/12/2016 30/09/2017 Customer derivatives 1% Other <1% Custom
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) 30/09/2017 / Total: EUR 27.5 bn Investment grade Non-investment grade 6.2 5.5 5.4 4.0 4.1 3.7 2.8 2.8 2.9 2.3 2.5 2.5 1.6 1.6 1.8 0.8 1.0 0.8 0.7 0.3 0.1 0.2 <0.1 0.2 0.0 0
Slide 45: Portfolio: Public Investment Finance (PIF)
Portfolio Public Investment Finance (PIF) Portfolio: Regions Portfolio: Borrower classification1 30/09/2017: EUR 8.0 bn (EaD, Basel III) 30/09/2017 : EUR 8.0 bn (EaD, Basel III) Sweden 1% UK 2% Supra <1% Corporation 3% Infrastructure Finance <1% Finland 2% Other Europe 4% Supra <1% Sovereign Austria
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) 30/09/2017 / Total: EUR 8.0 bn 3.4 3.4 2.6 2.1 1.5 1.6 0.3 0.3 0.3 0.3 0.2 0.1 0.1 0.1 <0.1 <0.1 <0.1 <0.1 Germany France Spain Austria Finland UK Sweden Supra Other Europe 31/12/2016 30/09
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) 30/09/2017 / Total: EUR 8.0 bn 3.6 3.5 1.6 1.6 1.5 1.3 0.9 0.8 0.6 0.5 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) 30/09/2017 / Total: EUR 8.0 bn Investment grade Non-investment grade 4.4 3.9 2.6 2.3 1.01.2 0.10.2 <0.1 <0.1 0.30.2 <0.1 <0.1 0.10.0 0.00.0 0.00.2 0.00.0 0.00.0 0.00.0
Slide 49: Portfolio: Value Portfolio (VP)
Portfolio Value Portfolio (VP) Portfolio: Regions Portfolio: Borrower classification1 30/09/2017: EUR 17.3 bn (EaD, Basel III) 30/09/2017 : EUR 17.3 bn (EaD, Basel III) Other Europe Other Rest of World Supranational Corporation <1% Czech Republic <1% Financial Institution Hungary 1% 6% 4% 7% PSE 2%
Slide 50: Value Portfolio (VP): Regions
Portfolio Value Portfolio (VP) Regions 31/12/2016 / Total: EUR 19.6 bn EUR billions (EaD, Basel III) 30/09/2017 / Total: EUR 17.3 bn 5.9 6.0 5.6 5.1 2.2 2.1 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 Germany Austria Italy Spain France Hungary Poland Czech Finland Other Europ
Slide 51: Value Portfolio (VP): Borrower classification
Portfolio Value Portfolio (VP) Borrower classification1 31/12/2016 / Total: EUR 19.6 bn EUR billions (EaD, Basel III) 30/09/2017 / Total: EUR 17.3 bn 8.0 7.6 5.3 4.6 2.3 1.5 1.3 1.5 1.2 1.1 0.8 0.8 0.4 0.4 0.0 0.0 <0.1 <0.1 0.0 0.0 Sovereign Sovereign Regional Regional Public Sector Public Sector Su
Slide 52: Value Portfolio (VP): Internal ratings
Portfolio Value Portfolio (VP) Internal ratings (EL classes) 31/12/2016 / Total: EUR 19.6 bn EUR billions (EaD, Basel III) 30/09/2017 / Total: EUR 17.3 bn Investment grade Non-investment grade 14.1 12.9 3.5 2.8 0.3 0.3 0.8 0.6 0.6 0.5 <0.1 <0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Slide 53: Consolidation & Adjustments (C&A)
Portfolio Consolidation & Adjustments (C&A) Portfolio: Regions Portfolio: Borrower classification2 30/09/2017: EUR 4.1 bn (EaD, Basel III) 30/09/2017 : EUR 4.1 bn (EaD, Basel III) Rest of World Corporation <1% 11% Financial Institution Other Europe 27% Sovereign1 13% 34% 1 47% Germany France 5% 9% 1
Slide 54: Consolidation & Adjustments (C&A): Regions
Portfolio Consolidation & Adjustments (C&A) Regions 31/12/2016 / Total: EUR 5.5 bn EUR billions (EaD, Basel III) 30/09/2017 / Total: EUR 4.1 bn 3.6 1.9 0.7 0.6 0.5 0.5 0.5 0.4 0.2 0.2 0.1 0.2 0.0 <0.1 Germany2 Spain France UK Sweden Other Europe Rest of World 31/12/2016 30/09/2017 Rest of World Rest
Slide 55: Consolidation & Adjustments (C&A): Borrower classification
Portfolio Consolidation & Adjustments (C&A) Borrower classification1 31/12/2016 / Total: EUR 5.5 bn EUR billions (EaD, Basel III) 30/09/2017 / Total: EUR 4.1 bn 2.1 1.4 1.3 1.2 1.1 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 bn EUR billions (EaD, Basel III) 30/09/2017 / Total: EUR 4.1 bn Investment grade Non-investment grade 3.9 2.5 1.0 1.0 <0.1 0.2 0.3 0.2 0.2 <0.1 0.1 <0.1 <0.1 <0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Slide 57: Funding: Public benchmark issuances since 2015
Funding Public benchmark issuances since 2015 Type WKN Launch Date Maturity Date Size Spread1 Coupon Issue/Reoffer Price Senior Unsecured A12UA6 13/01/2015 20/01/2017 EUR 500 mn +78 bp 0.875% 99.874% Senior Unsecured (1st Tap) A12UAR 19/01/2015 17/09/2019 EUR 200 mn +100 bp 1.50% 100.918% Mortgage P
Slide 58: Ratings: Mandated ratings as of November 2017
Ratings Mandated ratings as of 10 November 2017 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 Deb
Slide 59: 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 60: 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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