Bulging book for BNP, yield-hungry internationals driven into Aareal T2 debut

The tier two market sprung back to life this week, with veteran credit BNP Paribas pulling in as big an order book as the market has come to expect. But at the other end of the spectrum, German real estate lender Aareal Bank pulled in a smaller but equally impressive amount of orders for its debut tier two benchmark, with international investors piling in on top of the issuer’s domestic fan base.