Commentary & Deal Flow

Final Books €1.75bn (incl. €450m JLM). Peak book above €1.9bn.

Launched: 6yr: €625m @ MS+33bp - Orderbooks above €1.9bn (incl. €450m JLM interest)
Book Update: Books above €1.5bn (inc. €400m JLM)
Guidance: 6yr: MS+39a

• Issuer: Aareal Bank AG
• Issuer LEI: EZKODONU5TYHW4PP1R34
• Issue Rating: expected Aaa (Moody’s)
• Issuer Ratings: Baa1 stable / A- positive (Moody’s / Fitch)
• 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.
• 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
• Timing: Today’s business
• Books Subject: 11.20 UKT / 12.20 CET