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FIGCovered Bonds

Aareal secures greater non-German interest

Aareal on Tuesday priced its second Eu500m deal of this year, opting for a five year maturity. Buyer interest was not as forthcoming as for previous Aareal trades, but the final allocation was more diverse and with a larger proportion of non-German investors. This could be an indication that Aareal, as with other small core names, knows its usual lines are nearing exhaustion and the bank has no choice but to diversify its funding base.

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