These are the details of the selected bond:
- Issuer: Aareal Bank AG
- Covered bond rating(s) at launch: Aaa (Moody's)
- Amount: EUR750m
- Maturity date: 1 February 2033
- Re-offer price: 99.267
- Coupon: 3.00%
- Swap spread: 39bp
- Government spread: 47.6bp
- Pricing date: 23 January 2026
- Settlement date: 30 January 2026
- Bookrunners: BBVA, Commerzbank, Danske, Erste, Natixis, UBS
- Country: Germany
- ISIN: DE000AAR0488
- Collateral type: Mortgage
- The CBR bond ID: 3290
- Green, social, sustainability description: unlabelled
- Notes: Final book EUR2.15bn (inc. EUR252m JLMs) with over 70 accounts. Bnaks 38%, asset managers 36%, central banks/official institutions 16%, insurance companies/pension funds 8%, other 2%. Germany/Austria/Switzerland 56%, Nordics 20%, southern Europe 9%, UK/Ireland 8%, Benelux 4%, Asia 3%.
