Deutsche Börse launches €600M convertible bond due 2031
What's the deal? Deutsche Börse GroupDealroom has a profile for this one. Try Dealroom → has launched an offering of unsubordinated, unsecured convertible bonds totalling €600 million, due in 2031. The bonds carry a 0.50% annual interest rate and were issued at 100% of principal. They will convert into new or existing shares, or be repaid in cash.
The terms: The bonds will be redeemed by 2031 at 105.84% to 108.53% of principal, implying a yield to maturity of 1.625% to 2.125%. The initial conversion price reflects a 30% to 35% premium over the reference share price on Xetra.
What's the endgame? Deutsche Börse plans to use proceeds for general corporate purposes, including debt refinancing. Its Supervisory Board approved the launch, which excludes shareholder pre-emptive rights.
Why now? Settlement is anticipated on September 16, 2026, with the bonds expected to list on the Frankfurt Stock Exchange.
The signal: At €600 million, the raise ranks in the 91st percentile among post-IPO convertible rounds in German fintech over the trailing 48 months, based on a sample of 201 deals. That places it among the larger convertible offerings in the sector, signalling continued appetite for low-coupon debt tied to equity upside.
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