Aareal reopens senior market with first benchmark

By Tyler Davies
30 Sep 2020

Aareal Bank sold the first bank bond in euros for a week on Wednesday, offering encouragement to other issuers who have remained stuck in the pipeline.

The German lender was able to launch €500m 6.5 year senior deal at 95bp over mid-swaps. 

Bookrunners BayernLB, DekaBank, DZ Bank, HSBC and Natixis had started out with initial price thoughts in the 115bp area. 

But a €1.2bn order book helped them set the spread 20bp ...

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