Braunschweig, Germany, 2nd March 2012
Volkswagen Leasing GmbH continues success at EURO ABS market
Successful securitisation of lease receivables itotalling EUR 1 billion via Commerzbank AG and Mizuho International plc.
The securitisation transaction Volkswagen Car Lease 15 (VCL 15) with a volume of EUR 1 billion was successfully placed with a broad range of investors yesterday. VCL 15 is the first German benchmark ABS (Asset-Backed Securities) transaction from Volkswagen Financial Services AG in the year 2012 and bears the True Sale International GmbH quality label "Certified by TSI –DEUTSCHER VERBRIEFUNGSSTANDARD". VCL 15 was fully marketed to investors via a roadshow and subsequent bookbuilding process. The syndicate of banks led by Commerzbank AG and Mizuho International plc. 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 structure of our securitisation programmes VCL and Driver is based on the principle of a ‘modular construction kit’ similar to the MQB of the Volkswagen Group. On this basis, we tailor our ABS-programmes on the specific market requirements. This results in a uniform structure for all asset-backed securities which is rewarded by our investors and amply demonstrated by the success of our current VCL15 transaction”, explains Frank Fiedler, CFO of Volkswagen Financial Services AG.
The following tranches were placed:
- EUR 930 million Class A notes, rating:
[AAA sf]/[Aaa sf]/[AAA sf] (DBRS/Moody´s/S&P
- EUR 28 million Class B notes, rating:
[A high sf]/[A1 sf]/[A+ sf] (DBRS/Moody´s/S&P)
VCL 15 is the fifteenth public securitisation transaction conducted by Volkswagen Leasing GmbH, 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 EUR 1 billion. The Class A Notes were priced at 1-month Euribor plus 53 basis points (with a price guidance in the upper plus 55 bp range), and the Class B Notes were priced at plus 130 bp (with a price guidance in the range of plus 130-140 bp). The order books were oversubscribed 1.3 times (Class A) and 3 times (Class B) at placement pricing levels. Owing to the high investor demand, the transaction volume was increased from the originally planned EUR 750 million to EUR 1 billion. This great demand from 32 investors from 10 countries is further evidence of the leading role played by Volkswagen Leasing GmbH in the European Automobile ABS market.
The transaction was co-arranged by Volkswagen Financial Services AG and Commerzbank AG. It was marketed by the two Joint Lead Managers Commerzbank AG and Mizuho International plc. and by Banco Bilbao Vizcaya Argentaria, Bank of America Merrill Lynch and DZ Bank AG as Managers.
Information for editors
Volkswagen Financial Services AG is a wholly-owned subsidiary of Volkswagen AG with headquarters in Braunschweig, Germany. The market leader for automotive 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
Dennis Eisenhauer (Press Officer)
Tel.: + 49 5 31 / 2 12-55 41
Ulrich Hauswaldt (Investor Relations)
Tel.: + 49 5 31 / 2 12-30 71