Commentary & Deal Flow

Aareal Bank AG (ticker: "AARB"), rated Baa1/A- (Moody's/Fitch), has mandated Deutsche Bank, HSBC, Morgan Stanley and UBS Investment Bank as Joint Lead Managers for the issue of its upcoming €300m (no-grow) 5yr Green Senior Non-Preferred Bond transaction.

An expected €300m (no-grow), Reg S, Green Senior Non-Preferred 5yr € offering will follow, subject to market conditions.

• Issuer Ratings: Baa1/A- (Moody's/Fitch)
• Expected Issue Ratings: BBB (Fitch)
• Programme: €25bn Debt Issuance Programme dated 29-May-26, as supplemented
• Use of Proceeds: An amount equal to the net issue proceeds from the notes will be used for the financing or refinancing of Eligible Assets as defined by the Eligible Asset Categories described in Aareal Bank's Green Finance Framework - Liabilities, dated Oct-23, and/or the refinancing of existing debt.
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPS key information document (KID) or UK PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or the UK or elsewhere.
• Stabilization: FCA/ICMA stabilization applies
• Tender Offer: Aareal Bank AG has also announced a tender offer for its outstanding €500,000,000 0.500% Senior Preferred Notes due Apr-27 (ISIN: DE000AAR0264) and €750,000,000 0.250% Senior Preferred Notes due Nov-27 (ISIN: DE000A289LU4) (the “Notes”) today for a Maximum Acceptance Amount of €500,000,000 pursuant to a Tender Offer Memorandum dated 24-Aug-26. Deutsche Bank and UBS Investment Bank are acting as Dealer Managers on the tender offer. This announcement and the Tender Offer Memorandum are not for release, publication or distribution, directly or indirectly, in or into or to any U.S. person or any person located or resident in the United States.
• Website: https://www.aareal-bank.com/en/
• Investor Presentation: https://www.aareal-bank.com/en/investors-portal/publications/presentations
• Debt Issuance Programme: https://www.aareal-bank.com/en/investors-portal/debt-investors/debt-issuance-programme/prospectus
• Ratings: https://www.aareal-bank.com/en/investors-portal/ratings/financial-ratings
• Key Indicators: https://www.aareal-bank.com/en/investors-portal/equity-investors/factsheet
• Green Finance Framework and Second-Party Opinion: https://www.aareal-bank.com/en/responsibility/implementing-solutions/refinancing-business
• Sustainability Documents: https://www.aareal-bank.com/en/responsibility/reporting-on-our-progress/our-most-important-sustainability-documents
• ESG Ratings: https://www.aareal-bank.com/en/responsibility/reporting-on-our-progress/ratings