VCL 13 was fully marketed to investors via a roadshow and subsequent bookbuilding process. The syndicate of banks, led by BNP Paribas and Skandinaviska Enskilda Banken AB (publ) was able to sell the two tranches at the lower end of the price range thanks to the great investor demand and high oversubscription levels. "The great interest shown by the investors and the success of the transaction demonstrates the outstanding reputation enjoyed by our company and confirms our leading role in the European securitisation market. We will be consistently pursuing our diversified refinancing strategy, which has shown itself to be extremely successful in 2010, during the course of this year as well," explains Frank Fiedler, CFO of Volkswagen Financial Services AG.
The following tranches were placed:
- EUR 920 million Class A notes, rating: [Aaa(sf)]/[AAA(sf)]/[AAA(sf)] (Moody´s/DBRS/S&P)
- EUR 33 million Class B notes, rating: [A1(sf)]/[A high(sf)]/[A+(sf)] (Moody´s/DBRS/S&P)
VCL 13 is the thirteenth public securitisation transaction conducted by Volkswagen Leasing GmbH, Braunschweig, Germany, a wholly-owned subsidiary of Volkswagen Financial Services AG. With the transaction, the company securitised a diversified pool of receivables from around 85,000 leasing contracts with a total worth of a billion euros. The Class A Notes were priced at 1-month Euribor plus 63 basis points (with a price guidance of 65 bp), and the Class B Notes were priced at plus 145 bp (with a price guidance in the range of plus 150 bp). The order books were oversubscribed 1.3 times (Class A) and 1.5 times (Class B) at placement pricing levels. The great demand from more than 35 investors from ten countries coupled with the lowest risk premiums for an ABS transaction since the finance crisis is further evidence of the leading role played by Volkswagen Leasing GmbH in the European Auto ABS market.
The transaction was co-arranged by Volkswagen Financial Services AG and BNP Paribas. It was marketed by the two Joint Lead Managers BNP Paribas and Skandinaviska Enskilda Banken AB (publ) and by HSBC, Mizuho International plc. and WestLB as Managers. During the course of a five-day roadshow, discussions were held with over 25 investors in London, Paris, The Hague, Munich and Düsseldorf.
Information for editors
Volkswagen Financial Services AG is a wholly-owned subsidiary of Volkswagen AG with headquarters in Braunschweig, Germany. The market leader for automobile financial services in Europe is responsible for the coordination of the worldwide financial services activities of the Volkswagen Group. Volkswagen Financial Services AG has 6,797 employees worldwide – including over 4,297 alone in Germany (as at: 31.12.2010). As at the end of 2010, Volkswagen Financial Services AG reported total assets of more than 65 billion euros, a pre-tax result of 870 million euros, and a portfolio of more than 6.14 million current contracts.
Contacts for press inquiries:
Volkswagen Financial Services AG
Dietmar Kupisch (Press Officer)
Tel.: + 49 5 31 / 2 12-32 06
E-mail: dietmar.kupisch@vwfs.com
www.vwfs.de
Stefan Rolf (ABS Structuring)
Tel.: + 49 5 31 / 2 12-37 25
E-mail: stefan.rolf@vwfs.com
www.vwfs.de