- Volume of receivables amounts to around EUR 1.25 billion
- Volume of refinancing by Auto ABS amounts to nearly EUR 30 billion
Volkswagen Financial Services have successfully placed their 24th Auto Asset-Backed Securities (ABS) transaction to securitise leasing contracts, VCL 24. The Volume of the transaction amounts to around EUR 1.25 billion. The VCL 24 transaction was placed in a bookbuilding process. The Class A Notes were priced at 1-month Euribor plus 25 basis points, and the Class B Notes were priced at plus 65 basis points. The order books were oversubscribed 2.5 times (Class A) and 3.5 times (Class B) at placement pricing levels.
The proportion of auto ABS transactions in the refinancing mix of Volkswagen Financial Services has increased during recent years. With a volume of nearly EUR 30 billion (previous year: EUR 23 billion), Auto ABS transactions contributed more than 18% (previous year: 15%) towards the refinancing of Volkswagen Financial Services (as at 30 June 2016).
The following tranches were placed:
Class A: EUR 1.17 billion
Rating: [AAA(sf)/AAA(sf)/ AAA(sf)] /AAA(sf)]
Class B: 28.7 million
The transaction bears the True Sale International GmbH quality label "Certified by TSI – Deutscher Verbriefungsstandard". The VCL 24 transaction was co-arranged by Crédit Agricole Corporate and Investment Bank S.A. and Volkswagen Financial Services AG. It was marketed by the Joint Lead Managers Crédit Agricole Corporate and Investment Bank S.A. and ING Bank NV.
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 be-long 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 15,182 employees worldwide – including 6,513 alone in Germany. Volkswagen Financial Services reported total assets of around EUR 157.9 billion, an operating result of EUR 1.9 billion euros and a portfolio of around 16.6 million current contracts (as at: 31.12.2015).
Contact for press inquiries:
Volkswagen Financial Services AG