Debt Issuance Programme
BayernLB

Funding & Issues

Debt Issuance Programme

BayernLB’s Debt Issuance Programme currently has a maximum issuance amount of EUR 60 billions. We use it for general funding in the European capital markets and for the continuous issue of bearer bonds in German-speaking markets.

Product structures

The product spectrum of our Debt Issuance Programme comprises fixed and floating rate notes and notes with straightforward interest rate structures, with fixed maturity dates in each case. On a case-by-case basis products may embed early redemption rights.

Our Debt Issuance Programme allows us to issue notes in both large and small denominations

Asset classes

Our Debt Issuance Programme facilitates the issue of:

  • covered bonds (Pfandbriefe)
  • bonds in standard format
  • bonds in the eligible liabilities format
  • subordinated bonds in the format for Tier 2 capital instruments

Apart from covered bonds and subordinated Tier 2 bonds, we distinguish between bonds in “standard format” and bonds in the “eligible liabilities format” in our Debt Issuance Programme.

Each of those formats constitutes unsecured and unsubordinated bearer bonds. However, bonds in the eligible liabilities format are intended to count towards our minimum requirement for own funds and eligible liabilities. To that end, the terms and conditions of bonds in the eligible liabilities format reflect the eligibility criteria of subsection 2 of Article 72b of the CRR (Regulation (EU) No 575/2013). This is not the case for bonds in standard format.

We may issue bonds in the eligible liabilities format as preferred senior bonds or as non-preferred senior bonds. Bonds in standard format will always be issued as preferred senior bonds.

Approval and notification

The base prospectus relating to our Debt Issuance Programme is approved by the Commission de Surveillance du Secteur Financier in Luxembourg and notified to Germany.

Offers and listings

The base prospectus relating to our Debt Issuance Programme can be used for public offers in Germany and for admissions to trading on any regulated or exchange-regulated stock exchange in the Grand Duchy of Luxembourg or the Federal Republic of Germany, subject to and in accordance with the Final Terms for each issue.

Prospectuses

The base prospectus relating to our Debt Issuance Programme is updated annually. Prospectuses published in 2019 or later are displayed on our prospectus sites, sorted by vintage. To access the prospectus sites, please click “Investor Relations” and “Refinanzierung und Emissionen” on our German webpages. If you require a prospectus of earlier date, we are happy to provide it to you upon request.

Final Terms

The Final Terms of any bonds issued under our Debt Issuance Programme between 25 July 2005 and 18 May 2020 and listed on the Luxembourg Stock Exchange are published on the website of the Luxembourg Stock Exchange. The Final Terms of any other issues issued in this period and the Final Terms of any and all issues issued after 18 May 2020 (in each case other than private placements falling outside the scope of the obligation to publish a prospectus) are displayed here . In case issue specific summaries are required, they will also be displayed there.