Braunschweig, 14 February 2018
Volkswagen Bank successfully markets Asset-Backed Securities
- Securitised receivables volume amounts to around EUR 900 million
Volkswagen Bank GmbH has successfully placed its 14th Auto Asset-Backed Securities (ABS) transaction, Driver 14, on the market. The issue securitises vehicle financing contracts and has a total volume of around EUR 900 million. During the bookbuilding process, the Class A Notes were placed at a price of 1-month Euribor plus 12 basis points, and the Class B Notes at plus 37 basis points. The order books were oversubscribed 2.7 times (Class A) and 1.3 times (Class B) at placement pricing levels.
"Following our successful capital market issue at the end of last year, we have now been able to place a transaction from our successful Auto ABS programme with good conditions at the beginning of this year. The favourable market environment that exists for our various refinancing instruments helps us offer our customers attractive offers for their vehicle financing," says Bernd Bode, Head of Group Treasury and Investor Relations at Volkswagen Bank GmbH.
Class A: EUR 833.4 million
Issue Price: 100,362%
Rating: [Moody’s / DBRS] [Aaa(sf) / AAA(sf)]
Class B: EUR 20.7 million
Issue Price: 100,000%
Rating: [Moody’s / DBRS] [A1(sf) / A(high)(sf)]
With the transaction, a diversified pool of receivables was securitised from around 60,000 financing contracts. Contracts for new vehicles make up just under 51 percent of this figure. The average financed value per vehicle amounts to around EUR 12,300.
The transaction bears the quality label "Certified by TSI - deutscher Verbriefungsstandard" from True Sale International GmbH. The transaction was marketed by the two Joint Lead Managers Crédit Agricole CIB and RBC Capital Markets.
Information for editors
Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise as at 01.09.2017 Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA, Canada, and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand 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 15,324 employees worldwide – including 6,503 alone in Germany. Volkswagen Financial Services report total assets of around EUR 170.1 billion, an operating result of EUR 2.1 billion euros and a portfolio of around 18.2 million current contracts (as at: 31.12.2016).
Volkswagen Bank GmbH, which was founded in 1949, is a subsidiary of Volkswagen AG. With total assets of more than EUR 56 billion as at 31.12.2016, it is Europe's leading automobile bank. The products and services of Volkswagen Bank GmbH range from the financing of new and used vehicles of all the Group's brands, over direct banking, to dealer financing.
Contact for press inquiries:
Volkswagen Financial Services