Aareal opens secret club with public five year

By Tom Porter
31 Jan 2014

German lender Aareal Bank brought a very private deal to the public markets this week, launching a five year senior unsecured club deal after foregoing the usual indications of interest and price guidance processes and opening books with the spread already set.

Lead managers Deka Bank and DZ Bank ultimately printed a €350m transaction on Wednesday, after gathering what they said was a well oversubscribed book. Aareal kept things simple for investors by opening the book with the spread already set at 55bp over mid-swaps. A banker involved said the ...

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