Deutsche Telekom also offers its institutional investors promissory notes as another long-term financing instrument. This instrument entails significantly less documentation and lower transaction costs. Due to the limited investor base, the nominal amounts of the individual transaction are much lower than for traditional corporate bonds. Investors in this German financing instrument are generally banks and insurance companies.
As a core component of our liquidity reserve, we maintain bilateral credit lines with the "Who's who" of the German and international world of banking.