Aqueous dispersion comprising at least one polymer, preparable by i. polymerizing a mixture of olefinically unsaturated monomers A by emulsion polymerization in water, using at least one emulsifier and at least one water-soluble initiator, where a polymer prepared from the monomers A has a glass transition temperature of 10 to 55°C, ii. polymerizing a mixture of olefinically unsaturated monomers B by emulsion polymerization in water, using at least one emulsifier and at least one water-soluble initiator, in the presence of the polymer obtained under i., where a monomers concentration of 6.0 wt% in the reaction solution is not exceeded throughout the reaction period, and the mixture of olefinically unsaturated monomers B comprises at least one polyolefinically unsaturated monomer, iii.polymerizing a mixture of olefinically unsaturated monomers C by emulsion polymerization in water, using at least one emulsifier and at least one water-soluble initiator, in the presence of the polymer obtained under ii., where a monomers concentration of 6.0 wt% in the reaction solution is not exceeded throughout the reaction period, and iv. adjusting the pH of the reaction solution to a pH of 6.5 to 9.0, characterized in that a. the mixture of olefinically unsaturated monomers A comprises from 0 wt% to less than 50.0 wt% of one or more monomers having a solubility in water of < 0.5 g/l at 25°C, a monomers A concentration of 6.0 wt% in the reaction solution from stage i. is not exceeded, and the resulting polymer after stage i. has a particle size of 20 to 110 nm, b. a polymer prepared from the monomers B has a glass transition temperature of -35 to 12°C, and the resulting polymer after stage ii. has a particle size of 130 to 200 nm, c. a polymer prepared from the monomers C has a glass transition temperature of -50 to 15°C, and the resulting polymer after stage iii. has a particle size of 150 to 280 nm. i. polymerizing a mixture of olefinically unsaturated monomers A by emulsion polymerization in water, using at least one emulsifier and at least one water-soluble initiator, where a polymer prepared from the monomers A has a glass transition temperature of 10 to 55°C, ii. polymerizing a mixture of olefinically unsaturated monomers B by emulsion polymerization in water, using at least one emulsifier and at least one water-soluble initiator, in the presence of the polymer obtained under i., where a monomers concentration of 6.0 wt% in the reaction solution is not exceeded throughout the reaction period, and the mixture of olefinically unsaturated monomers B comprises at least one polyolefinically unsaturated monomer, iii.polymerizing a mixture of olefinically unsaturated monomers C by emulsion polymerization in water, using at least one emulsifier and at least one water-soluble initiator, in the presence of the polymer obtained under ii., where a monomers concentration of 6.0 wt% in the reaction solution is not exceeded throughout the reaction period, and iv. adjusting the pH of the reaction solution to a pH of 6.5 to 9.0, a. the mixture of olefinically unsaturated monomers A comprises from 0 wt% to less than 50.0 wt% of one or more monomers having a solubility in water of < 0.5 g/l at 25°C, a monomers A concentration of 6.0 wt% in the reaction solution from stage i. is not exceeded, and the resulting polymer after stage i. has a particle size of 20 to 110 nm, b. a polymer prepared from the monomers B has a glass transition temperature of -35 to 12°C, and the resulting polymer after stage ii. has a particle size of 130 to 200 nm, c. a polymer prepared from the monomers C has a glass transition temperature of -50 to 15°C, and the resulting polymer after stage iii. has a particle size of 150 to 280 nm. <EOS>