Issue Type: Green Mortgage Pfandbrief / Grüner Hypothekenpfandbrief (vdp) / European Covered Bond (Premium)
Format: Reg S, Bearer
Size: €625,000,000
Pricing Date: 20-May-26
Settlement Date: 28-May-26 (T+5)
Maturity Date: 28-May-32
Coupon: [•]% p.a.
Guidance: MS+39a
Interest Payment Dates: 28 May in each year, commencing on 28-May-27
Business Days: T2
Day Count Fraction: Actual / Actual (ICMA 251)
Business Day Conventions: Unadjusted, following
Joint Lead Managers: Barclays, Crédit Agricole CIB, Deutsche Bank, DZ BANK, Helaba, LBBW, Société Générale
Denomination: €1,000 + €1,000
Listing: Düsseldorf, regulated market
ISIN: DE000AAR0496
WKN: AAR049
Clearing: Clearstream Europe AG
ECB-eligibility: Expected
Governing Law: German Law
Selling restrictions: As per Aareal Bank’s Debt Issuance Programme
Documentation: As per Aareal Bank’s €25bn Debt Issuance Programme, dated 13-Jun-25, and any subsequent supplements thereto
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 Oct-23
Target market: Eligible counterparties, professional clients and retail clients, each as defined in MiFID II / UK MiFIR
Distribution strategy: Investment Advice, Non-advised services, Execution only