Archive 2017

date

 
Braunschweig,
December 13, 2017

Volkswagen Financial Services expect record earnings for the financial year 2017

Volkswagen Financial Services will be ending the financial year 2017 once again with a record result (previous year: EUR 2.1 billion) and recording a significant increase in their portfolio of current contracts. According to provisional figures, the portfolio of current contracts will have increased by over eight percent to more than 19.7 million (2016: 18.2 million). "Our successful path over the past few years has continued during the financial year 2017 and we have set course for further growth in the future with our new organisational set-up and our digitalisation projects," says Lars Henner Santelmann, Chairman of the Management Board of Volkswagen Financial Services AG.

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Braunschweig,
December 7, 2017

Volkswagen Bank GmbH places bonds worth two billion euros

Volkswagen Bank GmbH has placed three bonds with a total volume of two billion euros. This is the third euro benchmark issue by Volkswagen Financial Services this year and the first one of Volkswagen Bank GmbH since August 2014. Volkswagen Leasing GmbH had already issued public bonds in euros in June and September with a total volume of around 5.75 billion euros. Standard & Poor's and Moody's are expected to rate the issue with BBB+ and A3 respectively. Volkswagen Bank GmbH is a wholly-owned subsidiary of Volkswagen AG. The transaction has generated an investor interest of more than seven billion euros.

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Braunschweig,
November 24, 2017

Volkswagen Financial Services placed Auto ABS transaction in China

Volkswagen Financial Services have successfully placed their eights Chinese Auto Asset-Backed Securities (ABS) transaction. The securitisation transaction, Driver China eight, which is backed by vehicle financing contracts from Volkswagen Finance China, has a volume of around 3.5 billion renminbi (RMB), or approximately 499 million euros.

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Braunschweig,
November 2, 2017

Volkswagen Financial Services increase the number of current contracts in all product categories

Volkswagen Financial Services have continued to grow during the first three quarters of this year both in terms of new contracts and the total current portfolio. New contract acquisitions worldwide increased by 2.9 percent to more than 5.8 million. The overall level of current contracts rose by 6.8 percent compared to the same period last year and amounted as at 30.09.2017 to more than 19 million units for the first time.  

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Braunschweig/Berlin,
October 26, 2017

Volkswagen Financial Services launch new online used-car platform HeyCar

Volkswagen Financial Services are launching the new online used-car platform HeyCar (www.hey.car) and have founded the company Mobility Trader GmbH for this purpose. The Berlin-based, wholly-owned subsidiary of Volkswagen Financial Services AG acts as a quality platform for all automobile brands, not just for those of the Volkswagen Group. The CEO of the new start-up is Markus Kröger, who previously held management positions at PayPal and Delivery Hero.

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Braunschweig,
October 18, 2017

Volkswagen Financial Services successfully refinance themselves through Auto ABS

Volkswagen Financial Services have successfully placed the Auto Asset-Backed Securities (ABS) transaction VCL 25 on the market. The transaction to securitise leasing contracts of Volkswagen Leasing GmbH has a total volume of around EUR 1.6 billion.

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Braunschweig,
October 10, 2017

More acceptance points and toll processing: Volkswagen Financial Services extend MAN Card with LogPay network

Volkswagen Financial Services have further expanded the range of services provided with the MAN Card. Through the integration of the acceptance network of LogPay Transport Services GmbH, in which Volkswagen Financial Services AG acquired 51 percent of the shares at the beginning of the year, the acceptance network for the MAN Card is increasing by a further 6,500 filling stations to a total of 53,000 points of acceptance. In addition, toll processing for 18 European countries has been integrated through LogPay. "With the incorporation of the LogPay network, we are systematically advancing our strategy in the field of fuel and service cards. Fuel and service cards are an important growth area for us. By 2020, we intend to become one of the largest fuel suppliers in Europe and sell more than one billion litres to our customers. To this end, we are also focusing increasingly on the truck business," says Gerhard Künne, head of the newly created Mobility Unit at Volkswagen Financial Services AG. He adds: "Our target for Germany is to offer a fuel and service card that covers just under 80 percent of the German filling station network."

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Braunschweig,
September 26, 2017

Volkswagen Financial Services place bonds worth 2.25 billion euros

Volkswagen Leasing GmbH has placed two bonds with a total volume of 2.25 billion euros. This is the second euro benchmark issue by Volkswagen Financial Services this year. Volkswagen Leasing GmbH had already issued three public bonds in euros in June. All bonds are guaranteed by Volkswagen Financial Services AG. Standard & Poor's and Moody's are expected to rate the issue with BBB+ and A3 respectively. Volkswagen Leasing GmbH is a wholly-owned subsidiary of Volkswagen Financial Services AG. Altogether, the transaction was more than two times oversubscribed.

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Braunschweig/Frankfurt am Main,
September 13, 2017

Volkswagen Financial Services press ahead with digitalisation and open up new "Payment" business field for the Volkswagen Group

Volkswagen Financial Services are driving the further digitalisation of their business. Stefan Imme will be responsible as Chief Digital Officer for the coordination and further development of the worldwide digitalisation measures of Volkswagen Financial Services. All payment activities of the Volkswagen Group will in future be realised through Volkswagen Financial Services.  

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Braunschweig,
September 8, 2017

Volkswagen Financial Services issue bonds in Australian dollars

Volkswagen Financial Services Australia Pty Limited, a subsidiary of Volkswagen Financial Services AG, has placed two bonds with a total volume of 325 million Australian dollars (AUD) (around EUR 217 million). The issue took place within the framework of the AUD 3 billion Debt Issuance Programme. The bonds are anticipated to carry the ratings A3/BBB+ (Moody’s/Standard & Poor's).

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Braunschweig/Beijing,
September 7, 2017

Volkswagen Financial Services placed seventh Auto ABS transaction in China

Volkswagen Financial Services have successfully placed their seventh Chinese Auto Asset-Backed Securities (ABS) transaction. The securitisation transaction, Driver China seven, which is backed by vehicle financing contracts from Volkswagen Finance China, has a volume of around four billion renminbi (RMB), or approximately 514 million euros.

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Braunschweig,
September 6, 2017

Volkswagen Bank place British Auto ABS transaction

Volkswagen Bank has placed the securitisation transaction Driver UK six with a volume of around 450 million pounds sterling (GBP), or around EUR 490 million. The transaction is securitised with receivables from Volkswagen Financial Services (UK) Limited.

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Braunschweig,
September 1, 2017

Volkswagen Financial Services have a new organisational set-up

Effective from today, Volkswagen Bank GmbH is now a wholly owned subsidiary of Volkswagen AG. Volkswagen Financial Services initiated a corporate restructuring in November of last year. The aim of the realignment has been to bundle the credit and deposit business within the European Economic Area (EEA) in Volkswagen Bank GmbH. All other activities, such as the leasing, insurance, service and mobility business, as well as the credit business outside Europe, remain with Volkswagen Financial Services AG. Through a new company, Volkswagen Financial Services Digital Solutions GmbH, selected services are developed and made available to its parent companies Volkswagen Bank GmbH and Volkswagen Financial Services AG.

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Braunschweig,
August 2, 2017

Volkswagen Financial Services increase earnings forecast

Volkswagen Financial Services are well on course in 2017 und have successfully completed their first half-year with an operating result of EUR 1.2 billion (previous year: EUR 995 million; plus 17 percent). New contract acquisitions increased worldwide by 2.1 percent to more than 3.8 million. The overall level of current contracts rose by 8.2 percent compared to the same period last year and reached a figure of more than 18.8 million at the end of June.

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Braunschweig,
June 29, 2017

Volkswagen Financial Services are back on the euro capital market

Volkswagen Leasing GmbH has today placed a total of three bonds with a volume of 3.5 billion euros. This is the largest capital market transaction carried out to date by Volkswagen Financial Services. The transaction was more than two times oversubscribed. All bonds are guaranteed by Volkswagen Financial Services AG and rated by Standard & Poor's with the grade BBB+ and by Moody's with A2. The last occasion was August 2015 when Volkswagen Financial Services issued a public bond in euros, then also through Volkswagen Leasing GmbH. Volkswagen Leasing GmbH is a wholly-owned subsidiary of Volkswagen Financial Services AG.

 

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Braunschweig,
June 27, 2017

Volkswagen Financial Services issue various bonds

Volkswagen Financial Services have successfully issued bonds in various currencies. The issues were carried out with volumes of 500 million Australian dollars (AUD), 500 million Brazilian reals (BRL), one and a half billion Indian rupees (INR) and two billion Mexican pesos (MXN). 

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Braunschweig,
May 24, 2017

Volkswagen Financial Services placed Spanish Auto ABS transaction with a volume of one billion euros

Volkswagen Financial Services have placed the Auto ABS (Asset-Backed Securities) transaction Driver España four today with a volume of around EUR 1,0 billion. The transaction is securitised with receivables of the Spanish Volkswagen subsidiary Volkswagen Finance S.A., and it is the Spanish Auto ABS from Volkswagen Financial Services with the lowest pricing ever. Furthermore, it is the largest Spanish Auto ABS transaction to be carried out since the outbreak of the financial crisis in 2007. During the bookbuilding process the Tranche A was placed at a price of 1-month Euribor plus 38 basis points and the Class B notes at plus 75 basis points. The order book was oversubscribed 2.6 times (Tranche A) and 5.6 times (Tranche B) at placement pricing levels.

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Braunschweig,
May 11, 2017

Volkswagen Financial Services placed Australian Auto-ABS

Volkswagen Financial Services have successfully placed their fourth Australian Auto Asset Backed Securities (ABS) transaction. The securitisation transaction Driver Australia four, which is securitised with receivables of Volkswagen Financial Services Australia Pty Ltd., has a volume of around 500 million Australian dollars (AUD), about Euro 340 million. During the bookbuilding process, the Class A notes were placed at a price of one-month BBSW (Bank Bill Swap Rate, the Australian reference interest rate) plus 95 basis points and the Class B notes at plus 165 basis points. The order book was oversubscribed 4.86 times (Class A) and 3.12 times (Class B) at placement pricing levels. The transaction bears the True Sale International GmbH quality label “Certified by TSI – Deutscher Verbriefungsstandard”.

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Braunschweig,
May 9, 2017

Volkswagen Financial Services start the year with good first quarter

Volkswagen Financial Services have also started out well in 2017. During the first quarter of 2017, new contracts rose by almost two percent over the same period last year. The portfolio of current contracts registered an increase of more than nine percent to reach a total of 18.4 million contracts. "We are satisfied with our start in the financial year 2017. We have been able to increase the overall number of our new contract acquisitions even further than that achieved during our strong start to the year in 2016," says Dr. Christian Dahlheim, Chief Sales Officer of Volkswagen Financial Services AG. The level of new contracts acquired in Europe, specifically in Italy, France and Spain, has shown particular growth, but an equally positive development has also been recorded in the markets of China and Mexico.

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Braunschweig/ Peking ,
April 26, 2017

Volkswagen Financial Services issue bond in renminbi

Volkswagen Financial Services have issued a bond in renminbi (RMB) for the second time and fully placed it with Chinese investors. The volume of the security issued by Volkswagen Finance (China) Co., Ltd., a wholly owned subsidiary of Volkswagen Financial Services AG, amounts to four billion renminbi, or approximately 534 million euros. The transaction is therefore the largest single tranche bond by an Auto-Finance-Company in renminbi so far. The bond, which was placed in a bookbuilding process, has a term of three years and a coupon of 5.20 percent per year.

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Braunschweig,
March 24, 2017

Personnel changes at Volkswagen Financial Services as a result of corporate realignment

The realignment under company law at Volkswagen Financial Services (VWFS), which was initiated last year, will result in several personnel changes. The regulatory approvals for the realignment measures are in part still pending. As part of the restructuring, the plan is to bundle the credit and deposit business within the European Economic Area in Volkswagen Bank GmbH. This company will then become a 100% subsidiary of Volkswagen AG. All other activities will remain with Volkswagen Financial Services AG. A new company, Volkswagen Financial Services Digital Solutions GmbH, will in future develop and provide services for its parent companies Volkswagen Bank GmbH and Volkswagen Financial Services AG. The mobility services of Volkswagen Financial Services AG will be bundled in the new "Mobility Unit" business section. 

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Braunschweig/ Frankfurt am Main,
March 23, 2017

Volkswagen Financial Services achieve their best-ever result

Volkswagen Financial Services have brought the 2016 financial year to a successful conclusion and achieved new record levels in both their operating result and their volume of current contracts. "The 2016 financial year was challenging for Volkswagen Financial Services, but nevertheless very successful. Volkswagen Financial Services have achieved their best-ever operating result and secured their future growth with a strategic realignment," says Lars Henner Santelmann, the Chairman of the Board of Management of Volkswagen Financial Services AG.  

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Braunschweig,
March 1, 2017

Volkswagen Financial Services AG issues borrower's note loans totalling around EUR 900 million

Volkswagen Financial Services AG has successfully issued a series of borrower's note loans with a total volume of around EUR 900 million (cross-currency). Within the scope of the transaction, maturities of three, five and seven years were placed in euros and US dollars, with more than 500 million in US dollars. The interest margins of all tranches were fixed at the lower end of the respective marketing range.

 

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Braunschweig,
February 10, 2017

Volkswagen Financial Services securitise Japanese auto loans

Volkswagen Financial Services have successfully placed their sixth Japanese auto Asset-Backed Securities (ABS) transaction today. The securitisation transaction Driver Japan six, which is securitised with receivables of Volkswagen Financial Services Japan Ltd., has a volume of around 60 billion Japanese Yen (JPY), this corresponds to about Euro 500 million. 

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