Braunschweig, 3rd february 2016
Volkswagen Financial Services marketed Spanish Auto ABS transaction
Volkswagen Financial Services have today placed the Auto ABS (Asset-Backed Securities) transaction Driver España three with a volume of around EUR 1.0 billion. Driver España three is therefore the largest Spanish Auto ABS transaction to be carried out since the outbreak of the financial crisis. The transaction is securitised with receivables of the Spanish Volkswagen subsidiary Volkswagen Finance S.A. During the bookbuilding process, the Class A Notes were placed at a price of 1-month Euribor plus 105 basis points. The Class B notes were not put on offer. The order books were oversubscribed 1.3 times for the Class A notes at placement pricing levels. The transaction bears the quality label "Certified by TSI – deutscher Verbriefungsstandard" from True Sale International GmbH.
The following tranches were placed:
• EUR 858 million Class A notes
Rating: [Aa2(sf)]/[AA+(sf)] (Moody`s/S&P)
The transaction was marketed based on a diversified provisional pool of receivables from approximately 120,000 financing contracts. Contracts for new vehicles make up around 83 percent of this figure, with 17 percent are derived from used car financing. It was marketed by the Lead Managers BNP Paribas, Citigroup, and Volkswagen Financial Services AG.
Information for editors
Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies and the financial service companies in the USA, Canada, Argentina and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania and Porsche brands and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 12,821 employees worldwide – including 6,254 alone in Germany (as at: 31.12.2014). The Annual Report 2014 of Volkswagen AG reported total assets for Volkswagen Financial Services of around EUR 137.4 billion, an operating result of EUR 1.7 billion and a portfolio of around 12.4 million current contracts.
Contact for press inquiries:
Volkswagen Financial Services
Marc Siedler (Press Spokesman)
Tel.: + 49 5 31 / 2 12-876 75