Obligation Aareal 0% ( XS0752045236 ) en EUR

Société émettrice Aareal
Prix sur le marché 103.48 %  ▲ 
Pays  Allemagne
Code ISIN  XS0752045236 ( en EUR )
Coupon 0%
Echéance 29/06/2020 - Obligation échue



Prospectus brochure de l'obligation Aareal XS0752045236 en EUR 0%, échue


Montant Minimal 100 000 EUR
Montant de l'émission 80 000 000 EUR
Description détaillée L'Obligation émise par Aareal ( Allemagne ) , en EUR, avec le code ISIN XS0752045236, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 29/06/2020







This document constitutes two base prospectuses of COREALCREDIT BANK AG: (i) the base prospectus in
respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No
809/2004 of 29 April 2004, as amended (the "Commission Regulation") and (ii) the base prospectus in
respect of Pfandbriefe (together, the "Prospectus").
Prospectus dated 30 May 2014
COREALCREDIT BANK AG
Frankfurt am Main, Federal Republic of Germany
EUR 5,000,000,000 Debt Issuance Programme
(the "Programme")
Application has been made in order for bearer notes in form of senior unsecured notes as well as Mortgage
Pfandbriefe (Hypothekenpfandbriefe), Public Pfandbriefe (Öffentliche Pfandbriefe) and Jumbo Pfandbriefe
(the "Pfandbriefe" and, together with the bearer notes, the "Notes", which expression shall, if the context so
admits, include the Global Notes (in temporary or permanent form)) to be issued within twelve months of the
date of this Prospectus under the Programme to be listed on the official list of the Luxembourg Stock
Exchange (the "Official List") and to be traded on the regulated market of the Luxembourg Stock Exchange,
which is a regulated market within the meaning of Directive 2004/39/EC and appears on the list of regulated
markets issued by the European Commission (the "Regulated Market Bourse de Luxembourg"). Notes
issued under the Programme may also be listed on an alternative stock exchange or may not be listed at all.
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier of the Grand
Duchy of Luxembourg (the "CSSF") in its capacity as competent authority under the Luxembourg law relating
to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) which implements
Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 as amended by
Directive 2010/73/EU of the European Parliament and the Council of 24 November 2010 (the "Prospectus
Directive") into Luxembourg law and the Issuer has requested the CSSF to provide the competent authority
in the Federal Republic of Germany with a certificate of approval attesting that the Prospectus has been
drawn up in accordance with the Loi relative aux prospectus pour valeurs mobilières, which implements the
Prospectus Directive into Luxembourg law ("Notification"). By approving this Prospectus, CSSF gives no
undertaking as to the economic and financial opportuneness of the transaction and the quality or solvency of
the Issuer in line with the provisions of article 7 (7) of the Luxembourg Prospectus Law. The Issuer may
request the CSSF to provide competent authorities in additional host member states within the European
Economic Area with a Notification.
Interests in a Temporary Global Note, if any, will be exchangeable, in whole or in part, for interests in a
Permanent Global Note on or after the date 40 days after the later of the commencement of the offering and
the relevant issue date (the "Exchange Date"), upon certification as to non-U.S. beneficial ownership.
This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website of the Issuer (www.corealcredit.de).


Table of Contents
Contents
Page
SUMMARY ........................................................................................................................................ 1
RISK FACTORS.............................................................................................................................. 39
RISK FACTORS RELATING TO COREALCREDIT ........................................................................ 39
RISK FACTORS RELATING TO THE NOTES................................................................................ 43
GENERAL DESCRIPTION OF THE PROGRAMME...................................................................... 53
GENERAL ....................................................................................................................................... 53
CONSENT TO THE USE OF THE PROSPECTUS ........................................................................ 54
COREALCREDIT............................................................................................................................ 55
GENERAL INFORMATION ABOUT COREALCREDIT ................................................................. 55
Legal and Commercial Name.......................................................................................................... 55
Registration ..................................................................................................................................... 55
Date of Incorporation....................................................................................................................... 55
Domicile, Address, Telephone Number ........................................................................................... 55
Legal Form, Legislation ................................................................................................................... 55
Statutory Auditors ............................................................................................................................ 55
BUSINESS OVERVIEW.................................................................................................................. 56
Development ................................................................................................................................... 56
Principal Activities............................................................................................................................ 56
Product range.................................................................................................................................. 56
Refinancing...................................................................................................................................... 57
Principal Markets............................................................................................................................. 57
Rating .............................................................................................................................................. 57
COREALCREDIT's current ratings.................................................................................................. 58
ORGANISATIONAL STRUCTURE OF COREALCREDIT............................................................. 59
TREND INFORMATION.................................................................................................................. 60
Statement of No Material Adverse Change..................................................................................... 60
Business Development and Outlook for the Year 2014................................................................... 60
MANAGEMENT AND SUPERVISORY BODIES............................................................................ 65
Management Board ....................................................................................................................... 65
Conflicts of Interests........................................................................................................................ 67
MAJOR SHAREHOLDERS ............................................................................................................ 67
HISTORICAL FINANCIAL INFORMATION.................................................................................... 68
Accounting Standards ..................................................................................................................... 68
2013 Financial Year......................................................................................................................... 68
LEGAL AND ARBITRATION PROCEEDINGS .............................................................................. 68
MATERIAL CONTRACTS............................................................................................................... 70
i


THIRD-PARTY INFORMATION ...................................................................................................... 70
DOCUMENTS ON DISPLAY........................................................................................................... 70
INSTRUCTION FOR THE USE OF THE PROGRAMME TERMS AND CONDITIONS OF THE
NOTES.................................................................................................................................. 72
PROGRAMME TERMS AND CONDITIONS OF THE NOTES ...................................................... 75
FORM OF FINAL TERMS............................................................................................................. 182
PFANDBRIEFE ............................................................................................................................. 229
HOLDERS' MEETING AND RESOLUTIONS............................................................................... 232
SELLING RESTRICTIONS ........................................................................................................... 235
GENERAL INFORMATION........................................................................................................... 239
USE OF PROCEEDS AND REASONS FOR THE OFFER .......................................................... 239
AUTHORISATION......................................................................................................................... 239
POTENTIAL INVESTORS ............................................................................................................ 239
METHOD FOR THE CALCULATION OF YIELD.......................................................................... 239
TAXATION..................................................................................................................................... 239
RATING ......................................................................................................................................... 245
LISTING AND ADMISSION TO TRADING INFORMATION......................................................... 245
UNDERTAKING ............................................................................................................................ 245
DOCUMENTS INCORPORATED BY REFERENCE.................................................................... 247
COMPARATIVE TABLE OF DOCUMENTS INCORPORATED BY REFERENCE...................... 248
AVAILABILITY OF DOCUMENTS................................................................................................ 248
NAMES AND ADDRESSES.......................................................................................................... 249
ii


SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are
numbered in Sections A ­ E (A.1 ­ E.7).
This summary contains all the Elements required to be included in a summary for this type of
securities and Issuer. Because some Elements are not required to be addressed, there may be
gaps in the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of
securities and Issuer, it is possible that no relevant information can be given regarding the
Element. In this case a short description of the Element is included in the summary with the
mention of "not applicable".
Section A ­ Introduction and warnings
Element
Description
of Disclosure requirement
Element
A.1
Warnings
This summary should be read as an introduction to the
Prospectus.
Any decision to invest in the Notes should be based on
consideration of the Prospectus as a whole by the investor.
Where a claim relating to the information contained in the
Prospectus is brought before a court, the plaintiff investor might,
under the national legislation of the Member States, have to bear
the costs of translating the Prospectus before the legal
proceedings are initiated.
Civil liability attaches only to those persons who have tabled the
summary, including any translation thereof, but only if the
summary is misleading, inaccurate or inconsistent when read
together with the other parts of the Prospectus or it does not
provide, when read together with the other parts of the Prospectus
all necessary key information.
A.2
Consent to the use
[Not applicable. The Issuer does not consent to the use of the
of the Prospectus
Prospectus for subsequent resales.]
[Each dealer and/or each further financial intermediary
subsequently reselling or finally placing Notes ­ [subject to the
specific restrictions relating to this particular issue of Notes] -is
entitled to use the Prospectus for the subsequent resale or final
placement of the Notes during the period from [] to [], provided
however, that the Prospectus is still valid in accordance with
Paragraph 2 of Article 11 of the Luxembourg act relating to
prospectuses for securities (Loi relative aux prospectus pour
valeurs mobilières) which implements Directive 2003/71/EC of the
European Parliament and of the Council of November 4, 2003 (as
1


amended by Directive 2010/73/EU of the European Parliament
and of the Council of November 24, 2010).
The Prospectus may only be delivered to potential investors
together with all supplements published before such delivery. Any
supplement to the Prospectus is available for viewing in electronic
form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website of Corealcredit
(www.corealcredit.de).
When using the Prospectus, each dealer and/or relevant further
financial intermediary must make certain that it complies with all
applicable laws and regulations in force in the respective
jurisdictions.
In the event of an offer being made by a dealer and/or further
financial intermediary, the dealer and/or further financial
intermediary shall provide information to investors on the
terms and conditions of the Notes at the time of that offer.]
Section B ­ Issuer
Element
Description
of Disclosure requirement
Element
B.1
Legal and
The legal name of the Issuer is COREALCREDIT BANK AG and
Commercial Name
the commercial name of the Issuer is COREALCREDIT.
of the Issuer
B.2
Domicile /Legal
The Issuer is organised under the laws of the Federal Republic of
Form /Legislation
Germany in the form of a German stock corporation
/Country of
(Aktiengesellschaft).
Incorporation
The Issuer's head office is located at COREALCREDIT BANK AG,
Corealcredit Haus, Grüneburgweg 58-62, D-60322 Frankfurt am
Main, Federal Republic of Germany.
B.4b
Known
trends Not applicable.
affecting the Issuer The Issuer is not aware of any trends affecting itself and the
and the industries in industries in which it operates.
which it operates
B.5
Organisational
As of 31 March 2014 the Issuer is part of the Aareal Bank Group.
Structure
The Issuer's new sole shareholder is Aareal Finanz und IT
Beteiligungen GmbH, a 100% subsidiary of Aareal Bank AG.
The Issuer directly holds major interests in (i) AHBR Projekt-
entwicklung GmbH, Frankfurt am Main and (ii) BVG-Grundstücks-
und Verwertungsgesellschaft mbH, Frankfurt am Main.
2


B.9
Profit forecasts or Not applicable.
estimates
The Issuer currently does not make profit forecasts or estimates.
B.10
Qualifications in the Not applicable.
auditors' report
Ernst & Young GmbH, Wirtschaftsprüfungsgesellschaft, Frankfurt
am Main ("Ernst & Young") have audited the financial statements
of the Bank for each of the financial years 2012 and 2013 and
have, in each case, issued an unqualified auditor's report.
B.12
Selected
key The following table shows an overview from the balance sheet and
financial information
income statement of the Issuer which has been extracted from the
respective audited financial statements prepared in accordance
with HGB as of December 31, 2012 and 2013:
Balance sheet (HGB)
December 31, 2013
December 31, 2012
Assets (EUR `000)
Cash reserves................................................................
11,281
30,378
Due from banks ................................
670,083
808,002
Due from customers ................................
3,853,933
4,195,859
Bonds and other fixed-interest
securities ................................................................
2,509,111
2,812,590
Participating interests ................................
153
235
Shares in associate companies ................................217,417
217,426
Fiduciary assets of which:
fiduciary loans................................
2
3
Intangible assets................................
1,171
1,156
Tangible fixed assets ................................
1,413
1,495
Other assets ................................................................32,787
97,694
Prepaid expenses
25,266
29,004
Total assets ................................................................
7,322,617
8,193,842
Liabilities and equity
(EUR `000)
Due to banks................................................................
1,585,592
1,406,344
Due to customers................................
2,156,632
2,667,668
Securitised liabilities ................................
2,518,252
3,105,455
Fiduciary liabilities................................
2
3
Other liabilities ................................................................ 9,600
5,786
Deferred income ................................
20,071
79,994
Provisions ................................................................253,453
91,304
Subordinated liabilites................................
128,500
128,500
Fund for general banking risks ................................
-
10,000
Equity capital ................................................................
650,515
698,788
Total liabilities................................................................
7,322,617
8,193,842
December 31, 2013
December 31, 2012
Income Statement (HGB)
(EUR '000)
Interest income.....................................................
250,361
253,040
Interest expense................................
137,311
210,763
Current income from participations
0
-
3


Income from profit pooling, profit
and partial profit transfer
-
10,035
agreements ........................................................
Commission income................................
11,826
12,514
Commission expense................................
5,405
1,623
Other operating income................................
2,279
4,217
General administrative expense...........................
50,323
47,884
Depreciation and write-downs of
intangible and tangible fixed
1,124
888
assets................................................................
Other operating expenses................................
25,612
3,752
Depreciation and write-downs of
receivables and certain
securities, including allocations to
-
8,818
provisions for possible loan
losses
Depreciation and write-downs of
participating interests, shares in
associate companies and
41,929
-
securities classified as fixed
assets...................................
Income from write-ups on
participating interests, shares in
associate companies and
405
5,614
securities classified as fixed
assets....................................
Allocation to fund for general
banking risks..........................
-
10,000
Dissolution of the fund for general
banking risks..........................
10,000
-
Expenses for assuming losses.....
7,707
-
Operating result................................
89,318
1,692
Extraordinary Expenses...............
59,000
-
Taxes on income and earnings......
25,034
-2,856
Reimbursements on taxes if not
already included under operating
640
152
expenses...............................
Net profit .............................................................
4,644
4,700
Net profit .................................
4,644
4,700
Retained loss brought forward......
-764,838
-769,538
Replenishment of profit
participation certificates.............
-52,917
-
Balance sheet loss................................
-813,111
-764,838
There has been no material adverse change in the prospects of
the Issuer since December 31, 2013.
Not applicable. There have been no significant changes in the
financial position of the Issuer since December 31, 2013.
B.13
Recent
Not applicable.
developments
There are no recent events particular to the Issuer which are to a
material extent relevant to the evaluation of the Issuer's solvency.
B.14
Dependence of the The description of the organisational structure of the Issuer is
Issuer upon other given under item B.5.
entities within the
4


group
The Issuer is a specialist German bank for commercial real estate
B.15
Issuer's
principal financing. It focuses on professional real estate investors in its
activities
core market Germany. The Bank provides its customers with tailor-
made, capital market-oriented financing solutions for buildings,
real estate portfolios and development projects. In addition, it
offers financial advisory, investment advisory and transaction
advisory services to support investment activities.
The Issuer is solely focussed on the German commercial real
estate market.
The Issuer is a non-listed stock corporation organised under the
B.16
Major shareholders
laws of the Federal Republic of Germany.
As of 31 March 2014 the Issuer is part of the Aareal Bank Group.
The Issuer's new sole shareholder is Aareal Finanz und IT
Beteiligungen GmbH, a 100% subsidiary of Aareal Bank AG.
B.17
Credit ratings
The Issuer is rated by Fitch Ratings, Inc. ("Fitch")
As of the Date of this Prospectus the ratings were as follows:
Fitch
Long-term debt
BBB
Short-term debt
F2
Outlook
Stable
Subordinated debt
BBB-
Support Rating
2
Mortgage Pfandbriefe
AA-
Credit ratings included or referred to in this Prospectus with regard
to the Issuer have been issued by Fitch which is established in the
European Union and is registered under Regulation (EC) No.
1060/2009 of the European Parliament and of the Council of
16 September 2009 on credit rating agencies as amended by
Regulation (EU) No. 513/2011 and is included in the list of
registered credit rating agencies published on the website of the
European
Securities
and
Markets
Authority
at
http://www.esma.europa.eu/page/List-registered-and-certified-
CRAs.
[The Notes are rated as follows: [].] [The Notes are not rated.]
5


Section C ­ Securities
Element
Description
of Disclosure requirement
Element
C.1
Type and class of
The Notes under the Programme will be issued as [bearer notes
securities being
(the "Notes")][[Mortgage][Public][Jumbo] Pfandbriefe (the
offered / Security
"Pfandbriefe", also the "Notes")].
identification
The ISIN is
number
[] [and the Common Code is []] [and the WKN is
[]].
C.2
Currency
[Insert for Jumbo Pfandbriefe: The Notes are issued in Euro.]
[Insert for Notes and Pfandbriefe other than Jumbo
Pfandbriefe: The Notes are issued in [].]
C.5
Restrictions on free
Each issue of Notes will be made in accordance with the laws,
transferability
regulations and legal decrees and any restrictions applicable in the
relevant jurisdiction.
Not applicable. The Notes are freely transferable.
C.8
Rights attached to
Rights attached to Securities
securities, including Interest Payments
ranking, including
limitation of these
The Notes are [fixed rate Notes] [step-up Notes] [step-down
rights
Notes] [zero coupon Notes] [floating rate Notes] [floating rate
step-up Notes] [floating rate step-down Notes] [reverse floating
rate Notes] [fixed-to-floating rate Notes] [fixed rate Pfandbriefe]
[step-up Pfandbriefe] [step-down Pfandbriefe] [zero coupon
Pfandbriefe] [floating rate Pfandbriefe] [floating rate step-up
Pfandbriefe] [floating rate step-down Pfandbriefe] [Jumbo
Pfandbriefe].
Repayment
The Notes provide for repayment at par on the redemption date.
Early Redemption
[Insert in the case of Jumbo Pfandbriefe or Pfandbriefe
without a call option:
Neither the Issuer nor the Pfandbriefholders are entitled to redeem
the Pfandbriefe early or to put the Pfandbriefe for early
redemption, respectively, prior to the redemption date.]
[Insert in the case of Pfandbriefe with a call option:
The Issuer has the right to redeem the Notes prior to the
redemption date on [date(s)], subject to prior publication of
accordant notice.]
6


[Insert in the case of Notes:
The Issuer is entitled to redeem the Notes prior to the redemption
date for taxation reasons and if the Notes are no longer fully
derecognised from the Tier 2 capital of the Issuer or the Issuer
together with consolidated subsidiaries.]
[Insert in the case of a call option of the Issuer: In addition, the
Issuer has the right to redeem the Notes prior to the redemption
date on [date(s)], subject to prior publication of accordant notice.
[Insert in the case of a put option of the Noteholder: [In
addition, e][E]ach Noteholder is entitled to call its Notes for early
repayment on [date(s)], subject to prior written notice to the fiscal
agent.]]
Ranking
[The obligations under the Notes constitute direct, unsecured and
unconditional obligations of the Issuer and rank pari passu with all
other unsecured and unsubordinated obligations of the Issuer
(save for such exceptions as may exist from time to time under
applicable law).]
[The obligations under the Pfandbriefe constitute unsubordinated
obligations of the Issuer ranking pari passu without any preference
among themselves. The Pfandbriefe are covered in accordance
with the Pfandbrief Act (Pfandbriefgesetz) and rank pari passu with
all other obligations of the Issuer under Public Pfandbriefe.]
Presentation Periods, Prescription
The rights to payment of principal and interest (if any) under the
Notes are subject to prescription within a period of two years. The
prescription period begins at the end of the period during which the
Notes must be duly presented which is reduced to 10 years.
C.9
Interest /
Please see item C.8.
Redemption
Interest
[Insert in the case of a Fixed Rate Note or Fixed Rate
Pfandbrief: The Notes bear interest at a rate of [interest rate] per
cent. per annum as from [interest commencement date]
(including) until [date] (excluding). Interest is payable
[annually/semi-annually/quarterly/[other time period]] in arrears on
[interest payment date(s)] of each year. The first interest
payment shall be due on [first interest payment date] [(first
[long/short] coupon)]. [The last interest payment date shall be [the
Redemption Date / [last interest payment date]] [(last
[long/short] coupon)].]
[Insert in the case of a Jumbo Pfandbrief: The Notes bear
interest at a rate of [interest rate] per cent. per annum as from
[interest commencement date] (including) until [date]
7


Document Outline