Offers under our domestic programmes comprise the following types of bearer bonds:
- plain-vanilla and structured fixed income products
- derivative products (i.e. products referring to some underlying)
We may issue such products in both large and small denominations.
We issue fixed income products in the following formats:
- covered bonds (Pfandbriefe)
- bonds in standard format
- bonds in the eligible liabilities format
- subordinated bonds in the format for Tier 2 capital instruments
As regards our fixed income products, apart from covered bonds and subordinated Tier 2 bonds we distinguish between bonds in “standard format” and bonds in the “eligible liabilities format”.
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 either format as preferred senior bonds or as non-preferred senior bonds.
Derivative products referring to an underlying are issued as preferred senior bonds, only. The terms and conditions of our derivative products do not reflect the eligibility criteria of subsection 2 of Article 72b of the CRR.
Approval and notification
The base prospectuses relating to our domestic programmes are approved by the Bundesanstalt für Finanzdienstleistungsaufsicht in Germany and notified to Austria and Luxembourg.
The Final Terms for each product determine whether the product is publicly offered in Germany, Austria, or Luxembourg.
If we offer a product publicly, the final Terms also determine the offer period. Where such offer period exceeds the period of the validity of the underlying base prospectus, the offer will be con-tinued on the basis of one ore more successor base prospectuses, provided that the relevant suc-cessor base prospectus provides for the continuation of the public offer.
Financial intermediaries may use the underlying base prospectus for their own public offers, sub-ject to and in accordance with the Final Terms of the relevant product.
For fixed income products, the Final Terms determine whether and on which stock exchange, if any, the relevant issue of bonds is intended to be listed.
Derivative products are intended to be traded on an unregulated marked (Freiverkehr), if so provided for in the Final Terms.
Several base prospectuses form the basis for our issues under our domestic programmes. Fixed income products are issued under our “Basisprospekt für Pfandbriefe und Standardschuldverschreibungen” (Base Prospectus for Covered Bonds and Standard Notes). The base prospectuses for our derivative products bear other titles varying from time to time, depending on the types of products for which the base prospectus has been drawn up and subject to relevant legal provisions.
The base prospectuses relating to our domestic programmes are updated regularly. You will find those base prospectuses on our prospectus sites, sorted by vintages. To access the prospectus sites, please click “Investor Relations” and “Refinanzierung und Emissionen” on our German webpages.
To view the Final Terms (Endgültige Bedingungen) of any issue under one of our domestic programmes, please click here .