Aareal Bank AG (AARB)

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Aareal Bank AG (AARB)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	AARB	Aareal Bank AG	€625		1	EMEA	May 20, 2026

Tranche #1Aareal Bank AG

currency

EUR

size (m)

625.000

maturity

May 28, 2032

type

Fixed

tenor

6.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Covered Bond

moody's

Aaa

s&p

fitch

size description

Will Not Grow

re-open/tap

ipt

ipt-pxd

-6

guidance

MS+39 area

spread

coupon

3.25%

spread set

price

99.45900

yield

3.351%

book size (m)

1,750

peak book (m)

1,900

x-covered

2.8

book attrition

-7.89%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

1,750

peak book (m)

1,900

x-covered

2.8

book attrition

-7.89%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 1750; First Pay: 2027-05-28; Registration: Reg S Only; Comments: DBR 0% Feb-32 (84.97 bid) + 47.1bps | HR 113%. LEI: EZKODONU5TYHW4PP1R34;

Deal Comments

UPDATE: Spread Set MS+33

Use of Proceeds

An amount equal to the net proceeds from the Notes will be used for the refinancing of Eligible Assets as defined by the Eligible Asset Categories described in Aareal Bank's Green Finance Framework - Liabilities, dated October 2023

Relative Value

COMPS
Issue Date	Ticker	Rating	CCY	Size	Coupon	Maturity Date	I Spread (mid)
Jan 26	AARB	Aaa/-/-	EUR	750	3	Feb 33	35
Jan 26	CMZB	Aaa/-/-	EUR	1250	2.625	Jan 31	17
Apr 26	CMZB	Aaa/-/-	EUR	1000	3.125	Jan 33	22
May 26	HVB	Aaa/-/-	EUR	1250	3	Aug 31	21

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CreditFlow: End of Day (Europe IG)	May 20, 2026

May 20, 2026

1 to 1 of 1

	PRICED: Aareal Bank €625m 6yr Green CB; MS+33bp	May 20, 2026
	ALLOCATIONS OUT: Aareal Bank €625m 6yr Green CB; MS+33bp	May 20, 2026
	LAUNCHED: Aareal Bank €625m 6yr Green CB; MS+33bp	May 20, 2026
	UPDATE (BOOKS): Aareal Bank €625m (WNG) 6yr Green Mortgage CB; MS+39a	May 20, 2026
	NEW ISSUE: Aareal Bank €625m (WNG) 6yr Green Mortgage CB; MS+39a	May 20, 2026
	MANDATE: Aareal Bank Inv Calls; Reg S €625m (WNG) 6yr Green Mortgage CB Offering May Follow	May 19, 2026

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Aareal Bank AG (AARB)

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