COVERED BONDS

摘要

AAREAL BANK stirred the US dollar covered bond market last Wednesday, pulling in US$1.25bn of orders to a US$750m four-year Pfandbrief in spite of the deal's untested tenor and the issuer's recent profit warning. The trade was the German lender's first dollar covered deal since April 2019. The issuer has a natural need for funding in the currency as it has a sizeable portfolio of North American assets.