Press Release

Braunschweig, September 24, 2009

Volkswagen Leasing GmbH opens up Euro ABS market

The securitisation transaction Volkswagen Car Lease 11 (VCL 11) has been successfully placed with a broad range of investors on 24th September. This was the first benchmark Auto ABS (Asset-Backed Securities) transaction since September 2008 to be fully marketed to investors via a roadshow and subsequent bookbuilding process. The syndicate of banks, led by J.P. Morgan, VW Bank and WestLB, was able to price both tranches at the lower end of the price range thanks to the significant investor demand and high oversubscription levels.

The transaction was placed in the capital markets in the following two tranches: 

• EUR 500.0 million Class A notes, rating: AAA/AAA (Fitch/S&P) 

• EUR 19.1 million Class B notes, rating: A+/A+ (Fitch/S&P) 

VCL 11 is the eleventh public securitisation of auto lease receivables from Volkswagen Leasing GmbH, Braunschweig, a wholly owned subsidiary of Volkswagen Financial Services AG. The company securitised a diversified portfolio of around 39.000 leasing contract receivables worth EUR 546.5 million. The Class A Notes were priced at 1-month Euribor plus 110 basis points (with a price guidance of plus 115 bp), and the Class B Notes were priced at 250 bp (guidance was plus 250-300 bp). The order books were oversubscribed 4.7 times (Class A) and 3.4 times (Class B) at placement price levels. The great demand from almost 63 investors from 17 countries confirms the high standing enjoyed by Volkswagen Leasing GmbH as the leading automobile leasing company in the market. 

The transaction was co-arranged by Volkswagen Financial Services AG and WestLB and was marketed by J.P. Morgan and WestLB as Joint Lead Managers and Deutsche Bank, Helaba, HSBC and RBS as managers. During the course of a six-day roadshow, over 50 investors were met in meetings and group presentations in London, Paris, Frankfurt, Munich and Amsterdam.



Contact for press inquiries: 

Volkswagen Financial Services AG

Stefan Voges-Staude (Press Officer)
Tel.: + 49 5 31 / 2 12-26 21
Fax: + 49 5 31 / 2 12-27 27
E-mail: stefan.voges-staude@vwfs.com
www.vwfs.com


Stefan Rolf (ABS Structuring)
Tel.: + 49 5 31 / 2 12-37 25
E-mail: stefan.rolf@vwfs.com
www.vwfs.com


WestLB AG

Armin Kloß (Press Officer)
Tel.: + 49 211 / 8 26-2210
E-mail: armin_kloss@westlb.de
www.westlb.de


Jan-Peter Hülbert (ABS Structuring)
Tel.: + 49 211 / 8 26-2908
E-mail: jan-peter_huelbert@westlb.de
www.westlb.de


J.P. Morgan
Axel Lüdeke (Press Officer)
Tel.: + 49 69 / 712- 41 448
E-Mail: axel.h.luedeke@jpmorgan.com
www.jpmorgan.com


Bradford P. Craighead (ABS Structuring)
Tel.: + 44 207 / 325-8050
E-Mail: bradford.p.craighead@jpmorgan.com
www.jpmorgan.com