(Bloomberg) -- German real estate lender Deutsche Pfandbriefbank AG’s bid to buy back some of its bonds fell short as investors opted to hold on to them. 

The bank repurchased about €58 million ($62 million) of notes across three instruments, after offering last week to accept as much as €300 million, according to corporate filings. The price offered for one of the notes was 96.75 cents on the euro, while for the other two the pricing was still to be determined, based on market terms and a repurchase spread. 

For those two bonds, the amount put up for sale by investors was €5 million combined. 

A buyback at a discount versus face value is usually a way for a borrower to slash some of its debt while saving some money; it also gives reassurance to the market that it has some extra cash on the side to carry out an optional exercise to address its debt. 

Earlier this year Deutsche PBB became one of the most prominent examples of European banks hit by fears that troubles in the US commercial property markets are spreading to Europe. The lender saw its shares and bonds plunge, before recouping some of the losses. 

However, this buyback was limited in size and scope; the maximum amount Deutsche PBB was willing to buy back was €300 million, a small portion of its total debt of more than €20 billion, according to data compiled by Bloomberg. 

Looking ahead, the European Central Bank is expected to push several German lenders to build up higher reserves against property loan defaults, cutting into their profits, Bloomberg News reported last week. Banks like Deutsche PBB - with a large portfolio of commercial real estate loans - are one focus of the central bank’s effort. 

--With assistance from Hannah Benjamin-Cook and Stephan Kahl.

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