Obligation Aareal 0% ( XS0999561789 ) en EUR

Société émettrice Aareal
Prix sur le marché 101.23 %  ▲ 
Pays  Allemagne
Code ISIN  XS0999561789 ( en EUR )
Coupon 0%
Echéance 05/12/2018 - Obligation échue



Prospectus brochure de l'obligation Aareal XS0999561789 en EUR 0%, échue


Montant Minimal 100 000 EUR
Montant de l'émission 50 000 000 EUR
Description détaillée L'Obligation émise par Aareal ( Allemagne ) , en EUR, avec le code ISIN XS0999561789, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 05/12/2018







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 14 May 2013
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, including senior notes and subordinated notes (the
"Non-Equity Securities") as well as Mortgage Pfandbriefe (Hypothekenpfandbriefe), Public Pfandbriefe
(Öffentliche Pfandbriefe) and Jumbo Pfandbriefe (the "Pfandbriefe" and, together with the Non-Equity
Securities, 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).
RESPONSIBILITY STATEMENT COREALCREDIT BANK AG ("COREALCREDIT", the
"Bank" or the "Issuer") with its registered office in Frankfurt am Main is solely responsible for the


information given in this Prospectus. The Issuer hereby declares that, having taken all reasonable
care to ensure that such is the case, the information contained in this Prospectus is, to the best of
its knowledge, in accordance with the facts and contains no omission likely to affect its import.
NOTICE This Prospectus should be read and understood in conjunction with any supplement
thereto and with any document incorporated herein by reference. Full information on the Issuer
and any tranche of Notes is only available on the basis of the combination of the Prospectus and
the relevant Final Terms.
To the best of the knowledge of the Issuer, having taken all reasonable care to ensure that such is
the case, this Prospectus contains all information with regard to the Issuer and the Notes which is
material in the context of the Programme and the issue and offering of Notes thereunder; that the
information contained herein is accurate in all material respects and is not misleading; that any
opinions and intentions expressed by it herein are honestly held and based on reasonable
assumptions; that there are no other facts with respect to the Issuer, the omission of which would
make this Prospectus as a whole or any statement therein or opinions or intentions expressed
therein misleading in any material respect; and that all reasonable enquiries have been made to
verify the foregoing.
No person has been authorised by the Issuer to give any information which is not contained in or
not consistent with this Prospectus or any other document entered into in relation to the
Programme or any information supplied by the Issuer or such other information as in the public
domain and, if given or made, such information must not be relied upon as having been authorised
by the Issuer, any Dealer (as defined in "General Description of the Programme") or any of them.
This Prospectus is a base prospectus within the meaning of Article 5.4 of the Prospectus Directive
and is valid for twelve months following its date of publication and it and any supplement hereto as
well as any Final Terms filed within these twelve months reflect the status as of their respective
dates of issue. The offering, sale or delivery of any Notes may not be taken as an implication that
the information contained in such documents is accurate and complete subsequent to their
respective dates of issue or that there has been no adverse change in the financial condition of the
Issuer since such date or that any other information supplied in connection with the Programme is
accurate at any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
The Issuer will furnish a supplement to the Prospectus in the event of any significant new factor,
material mistake or inaccuracy relating to the information included in this Prospectus which is
capable of affecting the assessment of the Notes and which arises or is noted between the time
when this Prospectus has been approved and the final closing of any tranche of Notes offered to
the public or, as the case may be, when trading of any tranche of Notes on a regulated market
begins, in respect of Notes issued on the basis of this Prospectus pursuant to Article 16 of the
Prospectus Directive.
No person mentioned in this Prospectus, excluding the Issuer, is responsible for the information
contained in this Prospectus, any document incorporated herein by reference, or any supplement
thereof, or any Final Terms or any document incorporated herein by reference, and accordingly,
and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts
any responsibility for the accuracy and completeness of the information contained in any of these
documents.
The distribution of this Prospectus, any document incorporated herein by reference and any Final
Terms and the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by


law. Persons into whose possession this Prospectus or any Final Terms come are required by the
Issuer and any Dealer to inform themselves about and to observe any such restrictions. In
particular, the Notes and the guarantee, if any, to be issued upon substitution of the debtor in
accordance with the terms and conditions of the Notes have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "Securities Act"), or with any
securities regulatory authority of any state or other jurisdiction of the United States, and may
include Notes in bearer form that are subject to U.S. tax law requirements. Subject to certain
exceptions, Notes and the guarantee, if any, may not be offered or sold (or, in the case of Notes
subject to U.S. tax law requirements, delivered) within the United States or to, or for the account or
benefit of, U.S. persons (as defined in the U.S. Internal Revenue Code of 1986, as amended, and
the regulations thereunder and in Regulation S under the Securities Act ("Regulation S"). The
Notes and the guarantee, if any, are being offered and sold outside the United States to non-U.S.
Persons in reliance on Regulation S. For a description of these and certain restrictions on offers,
sales and deliveries of Notes and on the distribution of the Prospectus or any Final Terms and
other offering material relating to the Notes, see "Selling Restrictions" on page 230 of this
Prospectus.
The language of the Prospectus is English. The historical financial information incorporated by
reference or set out in the Prospectus, respectively, is in the German language. Any other part of
this Prospectus in the German language constitutes a translation. In respect of the issue of any
Tranche of Notes under the Programme, the German text of the Terms and Conditions may be
controlling and binding if so specified in the relevant Final Terms.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus and any Final Terms may not be used for the purpose of an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not
authorised or to any person to whom it is unlawful to make such an offer or solicitation.
The Prospectus and any Final Terms do not constitute an invitation to subscribe for or
purchase any Notes.
In connection with the issue of any tranche of Notes, the Dealer or Dealers (if any) named
as the stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) in
the applicable Final Terms may over-allot Notes or effect transactions with a view to
supporting the price of the Notes at a level higher than that which might otherwise prevail.
However, there is no assurance that the stabilising manager(s) (or persons acting on behalf
of a stabilising manger) will undertake stabilisation action. Any stabilisation action may
begin on or after the date on which adequate public disclosure of the terms of the offer of
the relevant tranche of Notes is made and, if begun, may be ended at any time, but it must
end no later than the earlier of 30 days after the issue date and 60 days after the date of the
allotment of the relevant tranche of Notes. Any stabilisation action or over-allotment must
be conducted by the relevant stabilising manager(s) (or person(s) acting on behalf of any
stabilising manager(s)) in accordance with all applicable laws and rules.
In this Prospectus, all references to "EUR", "" or "Euro" are to the single currency of certain
member states of the European Union.


Table of Contents
SUMMARY ........................................................................................................................................ 6
RISK FACTORS.............................................................................................................................. 41
RISK FACTORS RELATING TO COREALCREDIT................................................................... 41
RISK FACTORS RELATING TO THE NOTES........................................................................... 45
GENERAL DESCRIPTION OF THE PROGRAMME...................................................................... 52
GENERAL .................................................................................................................................. 52
CONSENT TO THE USE OF THE PROSPECTUS ................................................................... 53
COREALCREDIT............................................................................................................................ 54
GENERAL INFORMATION ABOUT COREALCREDIT ................................................................. 54
Legal and Commercial Name..................................................................................................... 54
Registration ................................................................................................................................ 54
Date of Incorporation.................................................................................................................. 54
Domicile, Address, Telephone Number ...................................................................................... 54
Legal Form, Legislation.............................................................................................................. 54
Statutory Auditors....................................................................................................................... 54
BUSINESS OVERVIEW.................................................................................................................. 55
Development .............................................................................................................................. 55
Principal Activities....................................................................................................................... 55
Product range............................................................................................................................. 55
Refinancing ................................................................................................................................ 55
Principal Markets........................................................................................................................ 56
Rating ......................................................................................................................................... 56
COREALCREDIT's ratings as at 31 December 2012 ................................................................ 57
ORGANISATIONAL STRUCTURE OF COREALCREDIT............................................................. 58
TREND INFORMATION.................................................................................................................. 58
Statement of No Material Adverse Change................................................................................ 58
Business Development and Outlook for the Year 2013 ............................................................. 58
MANAGEMENT AND SUPERVISORY BODIES............................................................................ 63
Conflicts of Interests................................................................................................................... 65
MAJOR SHAREHOLDERS ............................................................................................................ 65
HISTORICAL FINANCIAL INFORMATION.................................................................................... 66
Accounting Standards ................................................................................................................ 66
2012 Financial Year.................................................................................................................... 66
LEGAL AND ARBITRATION PROCEEDINGS .............................................................................. 66
SIGNIFICANT CHANGE IN THE ISSUER'S FINANCIAL POSITION ........................................... 67
MATERIAL CONTRACTS............................................................................................................... 67
THIRD-PARTY INFORMATION ...................................................................................................... 68


DOCUMENTS ON DISPLAY........................................................................................................... 68
INSTRUCTION FOR THE USE OF THE PROGRAMME TERMS AND CONDITIONS OF THE
NOTES ............................................................................................................................................ 69
FORM OF FINAL TERMS............................................................................................................. 181
PFANDBRIEFE ............................................................................................................................. 224
HOLDERS' MEETING AND RESOLUTIONS............................................................................... 227
SELLING RESTRICTIONS ........................................................................................................... 230
GENERAL INFORMATION........................................................................................................... 234
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER ..... Error!
Bookmark not defined.
USE OF PROCEEDS AND REASONS FOR THE OFFER .......................................................... 234
AUTHORISATION......................................................................................................................... 234
POTENTIAL INVESTORS ............................................................................................................ 234
METHOD FOR THE CALCULATION OF YIELD.......................................................................... 234
TAXATION..................................................................................................................................... 234
RATING ......................................................................................................................................... 239
LISTING AND ADMISSION TO TRADING INFORMATION......................................................... 239
UNDERTAKING ............................................................................................................................ 240
DOCUMENTS INCORPORATED BY REFERENCE.................................................................... 241
COMPARATIVE TABLE OF DOCUMENTS INCORPORATED BY REFERENCE...................... 242
AVAILABILITY OF DOCUMENTS................................................................................................ 242
NAMES AND ADDRESSES.......................................................................................................... 243


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".
Certain provisions of this summary appear in brackets. Such information will be completed or, where
not relevant, deleted, in relation to a particular Series of Notes and the completed summary in relation
to such Series of Notes shall be appended to the relevant Final Terms.
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 of Each Dealer and/or each further financial intermediary subsequently
the Prospectus
reselling or finally placing Notes ­ if and to the extent so expressed
in [the][these] Final Terms [relating to a 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
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 amended by Directive
2010/73/EU of the European Parliament and of the Council of
November 24, 2010).
6


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 the
Commercial Name of commercial name of the Issuer is COREALCREDIT.
the Issuer
B.2
Domicile /Legal Form The Issuer is organised under the laws of the Federal Republic of
/Legislation /Country Germany in the form of a German stock corporation
of Incorporation
(Aktiengesellschaft).
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
The Issuer's sole shareholder is LSF5 German Investments, L.P.,
Structure
Dallas.
The Issuer directly holds major interests in (i) AHBR Capital Funding
LLC., Wilmington, Delaware, (ii) AHBR Projektentwicklung GmbH,
Frankfurt/Main
and
(iii) BVG-Grundstücks-
und
Verwertungsgesellschaft mbH, Frankfurt/Main.
B.9
Profit forecasts or Not applicable.
estimates
The Issuer currently does not make profit forecasts or estimates.
7


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 2011 and 2012 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, 2011 and 2012:
December
Balance sheet (HGB)
31, 2011
December 31, 2012
Assets (EUR `000)
Cash reserves................................................................
11,373
30,378
Due from banks................................
1,108,135
808,002
Due from customers................................
4,733,066
4,195,859
Bonds and other fixed-interest
securities................................................................
3,416,560
2,812,590
Participating interests................................
235
235
Shares in associate companies ................................
328,426
217,426
Fiduciary assets of which:
fiduciary loans................................
2,043
3
Intangible assets ................................
1,414
1,156
Tangible fixed assets ................................
1,559
1,495
Other assets................................................................
89,014
97,694
Prepaid expenses
27,036
29,004
Total assets ................................................................
9,718,861
8,193,842
Liabilities and equity
(EUR `000)
Due to banks................................................................
2,052,729
1,406,344
Due to customers................................
2,842,064
2,667,668
Securitised liabilities................................
3,576,373
3,105,455
Fiduciary liabilities................................
2,043
3
Other liabilities................................................................ 9,421
5,786
Deferred income ................................
79,710
79,994
Provisions................................................................
115,150
91,304
Subordinated liabilites................................
339,500
128,500
Profit participation certificates ................................ 7,783
-
Fund for general banking risks................................
-
10,000
Equity capital................................................................
694,088
698,788
Total liabilites ................................................................
9,718,861
8,193,842
December 31, 2011
December 31,
2012
Income Statement (HGB)
(EUR '000)
Interest income.................................................... 343,169
253,040
Interest expense................................
258,790
210,763
Income from profit pooling, profit
and partial profit transfer
3,407
10,035
agreements .......................................................
Commission income ................................
8,614
12,514
8


Commission expense ................................
1,954
1,623
Other operating income................................
4,918
4,217
General administrative expense..........................
51,525
47,884
Depreciation and write-downs of
intangible and tangible fixed
1,022
888
assets................................................................
Other operating expenses ................................
4,051
3,752
Depreciation and write-downs of
receivables and certain
securities, including allocations to
1,349
8,818
provisions for possible loan
losses
Depreciation and write-downs of
participating interests, shares in
associate companies and
36,598
-
securities classified as fixed
assets...................................
Income from write-ups on
participating interests, shares in
associate companies and
-
5,614
securities classified as fixed
assets....................................
Allocation to fund for general
banking risks..........................
-
10,000
Operating result................................
4,819
1,692
Taxes on income
792
-2,856
Other taxes (not shown under item
"Other operating expenses")
473
152
Netprofit..............................................................
4,500
4,700
Net profit .................................
4,500
4,700
Retained loss brought forward......
-769,538
-769,538
Replenishment of profit
participation certificates.............
-4,500
-
Balance sheet loss ................................
-769,538
-764,838
There has been no material adverse change in the prospects of the
Issuer since December 31, 2012.
Not applicable. There has been no significant changes in the
financial position of the Issuer since December 31, 2012.
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 if the Issuer is given
Issuer upon other under item B.5.
entities within the
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 core
activities
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
9


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 laws
B.16
Major shareholders
of the Federal Republic of Germany, whose sole shareholder is LSF5
German Investments, L.P. (LSF5). With the entry of the squeeze-out
resolution in the Commercial Register (Handelsregister) of the local
court (Amtsgericht) in Frankfurt am Main on 23 June 2009, the
transfer of shares of the minority shareholders of the Issuer to the
main shareholder, LSF5, has become legally effective.
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
F3
Subordinated debt
BB-
Viability rating
bb
Support rating
2
Mortgage Pfandbriefe
AA-
None of the ratings have been revised in 2013.
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.
Section C ­ Securities
Element
Description
of Disclosure requirement
Element
10


Document Outline