Braunschweig, 15 March 2018
Volkswagen Financial Services placed Auto ABS in Euro
- Volume of receivables amounts to more than 1.5 billion Euros
Braunschweig, 15 March 2018. Volkswagen Financial Services have successfully placed the Auto Asset-Backed Securities (ABS) transaction VCL 26 on the market. The transaction to securitise leasing contracts of Volkswagen Leasing GmbH has a total volume of more than 1.5 billion Euros.
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 40 basis points. The order books were oversubscribed 1.4 times (Class A) and 1.2 times (Class B) at placement pricing levels.
The following tranches were placed:
EUR 1.5 billion
EUR 33.5 million
With the transaction, the company securitised a diversified provisional pool of receivables from around 103,000 leasing contracts. The average financed value per vehicle is around EUR 10,000. The securitisation transaction bears the quality label "Certified by TSI – deutscher Verbriefungsstandard" from True Sale International GmbH.
The transaction was marketed by the Joint Lead Managers Manager BofAML and Commerzbank.
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).
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Volkswagen Financial Services