Braunschweig, 7th march 2016
Volkswagen Financial Services placed Australian Auto-ABS
• Volume of receivables of Driver Australia three amounts to around AUD 573 million
Volkswagen Financial Services have successfully placed their third Australian Auto Asset Backed Securities (ABS) transaction. The securitisation transaction Driver Australia three, which is securitised with receivables of Volkswagen Financial Services Australia Pty Ltd., has a volume of around 573 million Australian dollars (AUD), about Euro 381 million. Driver Australia three is therefore the largest Australian Auto ABS transaction that was ever placed by Volkswagen Financial Services. During the bookbuilding process, the Class A notes were placed at a price of one-month BBSW (Bank Bill Swap Rate, the Australian reference interest rate) plus 170 basis points and the Class B notes at plus 265 basis points. The order book was oversubscribed 1.7 times (Class A) and 1.85 times (Class B) at placement pricing levels. The transaction bears the True Sale International GmbH quality label “Certified by TSI – Deutscher Verbriefungsstandard”.
The following tranches were placed:
Class A: AUD 500 million
Rating: [AAA(sf)]/[AAAsf] (S&P/Fitch)
Class B: AUD 31 million
Rating: [A+(sf)]/[A+sf] (S&P/Fitch)
The great demand from 18 Australian and international investors is further evidence of the strong role played by Volkswagen Financial Services in the Auto ABS market. With this transaction, the company marketed a diversified pool of receivables from more than 13,000 financing contracts. Contracts for new vehicles make up around 89 percent of this figure, with 11 percent deriving from used car financing. It was marketed by the Joint Arrangers New Zealand Banking Group Limited and Volkswagen Financial Services AG. The Australia and New Zealand Banking Group Limited and the Hongkong and Shanghai Banking Corporation Limited, Sydney Branch acted as Joint Lead Managers.
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 AG
Marc Siedler (Pressesprecher)
Tel.: + 49 5 31 / 2 12-876 75