Skip to content

Issuance of Senior Debt

Since 2012, DLR has issued senior secured bonds (SSBs) in order to provide supplementary collateral for DLR’s SDOs in Capital Centre B, including for rating purposes. In addition, DLR issues loss-absorbing senior bonds to meet the debt buffer requirement, which, when fully phased in, will amount to 2% of the unweighted loan portfolio.

SSBs are issued under DLR’s base prospectus for SDOs, ROs and SSBs dated 18 November 2019.

From mid-2018, DLR has issued Senior Non-Preferred Notes (SNPs) to cover the debt buffer requirement instead of SRNs. SNPs are issued pursuant to new legislation on creditor hierarchy, which entered into force on 1 July 2018:

Senior Non-Preferred Note Programme, September 2021

Addendum no. 1, March 2022

Addendum no. 2, February 2021

SRNs and SNPs are both loss-absorbing senior bonds which can be written down or converted into share capital if DLR should become distressed.

DLR’s outstanding senior debt issues are shown in the table below. The final terms for the specific issues are shown below.

Swipe to the side on the table for more information.
Issue dateMaturity dateMaturity
Benchmark rateSpread
DK0006349808SSB1.00001-10-201901-10-202233M CIBOR0,94%
DK0006348248SNP75013-04-201901-07-202343M CIBOR1,15%
DK0006348404SNP25012-04-201901-07-20234Fixed rate1,07%
DK0006352273SNP1.00003-11-202001-07-20243M CIBOR0,85%
DK0006352943SNP1.00008-06-202101-07-202543M CIBOR0,67%
DK0006356266SNP70015-06-202202-07-202643M CIBOR1,25%
DK0006356340SNP30015-06-202202-07-20264Fixed rate2,99%
Total Senior Debt.5.000

Current Base Prospectuses SSB

Current Base Prospectuses SNP

Previous Base Prospectuses SSB

Previous Base Prospectuses SRN

Final Bond Terms, senior debt