A mix of German and English, this is a half translation of the phrase 'good bye', intended to be said in a mischievous and sadistic tone, implying a veiled thread as if something bad were to happen to the recipient of the message.
Popularized by villians, war criminals and also an autistic boy at an English grammar school (ironically), the phrase never really caught on - but it is enjoyable to say, perhaps only in the midst of a temporary Tourette's episode.
Teacher: Do your homework or you'll get detention
High schooler: I think not, fair Wench. Guten BYE BYE! Muahahaah *disappears in a flash*
Teacher: How the fuck did I end up teaching these idiots