Bond Issuance

apoBank is the largest primary cooperative bank in Germany. As such the bank has been issuing securities to institutional investors and the capital market since the late 1970s.

Today apoBank is an established issuer in the German financial sector. apoBank and its issues are rated by the two well-known rating agencies Standard & Poor’s and Fitch (rating for the cooperative banking group).

The range of apoBank’s issuances generally comprises

• money market products
• promissory note bonds
• (un-)secured registered and bearer bonds
• capital products

In addition to its money market activities in the interbank market, apoBank issues commerical papers under its European Commercial Paper Programme. This mainly is used for fine-tuning the banks short-term liquidity.

apoBank issues promissory note bonds, unsecured bonds and - since June 2008 - Mortgage Pfandbriefe with short-term to long-term maturities. Therewith the bank focusses on mid-term and long-term registered bonds.

apoBank places the majority of its mid-term and long-term issues with occupational pension funds and banks that belong to the cooperative banking sector. In addidtion, constant issues, the so called apoObligationen, are placed with private clients.

The bank uses its Debt Issuance Programme (DIP) with a maximum volume of EUR 15.0 bn to issue bearer bonds.

As apoBank is an established market participant the bank may fund its equity demands by issuing capital products. This includes subordinated debt, profit participation certificates and silent participations. Currently, apoBank has issued cooperative shares, profit participation certificates and subordinated debt.

As at 30 June 2024 the main characteristics of apoBank‘s core capital and supplementary capital instruments issued are shown in the following tables (accord. to Article 437 (1b) CRR):

Full terms

The full terms and conditions of the core capital and supplementary capital instruments issued are as follows (accord. Article 437 (1c) CRR):