Aareal enjoys stellar sterling demand
Aareal Bank managed to attract orders of more than £550m for its £250m Pfandbrief, reflecting the fact that the bonds offer tremendous value relative to senior unsecured and corporate debt. The deal followed a tap of similar size issued by Swedbank.
Aareal Bank opened order books for a triple A rated Hypothekenpfandbrief due June 2020 with guidance of 65bp area over Gilts on Tuesday.
The deal was priced at 62bp, marginally wider than the 57bp paid by Swedbank on Monday when it issued a €250m tap of its December
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