Braunschweig, 29 August 2018
Volkswagen Bank places Auto-ABS with a volume of more than 750 million euros
- Volkswagen Financial Services Australia issues bond worth AUD 350 million
Volkswagen Bank GmbH has successfully placed its 15th Auto Asset-Backed Securities (ABS) transaction comprising securitised financing contracts, Driver 15, with a volume of more than 750 million euros. During the bookbuilding process, the Class A Notes were placed at a price of 1-month Euribor plus 18basis points, and the Class B Notes at plus 60 basis points. In addition, Volkswagen Financial Services Australia Pty Limited placed a bond (ISIN: AU3CB0255941) worth 350 million Australian dollars (AUD), around 224 million euros, with a term of three and a half years with an annual interest rate of 3.3 percent.
"The 2018 financial year is going very well for Volkswagen Financial Services from a refinancing perspective. Around seven billion euros have already been placed in the bond market and our ABS programs are running well. We are also very satisfied with the Driver 15 ABS transaction," says Bernd Bode, Head of Group Treasury and Investor Relations at Volkswagen Bank GmbH.
The order book was oversubscribed 1.9 times (Class A) at placement pricing levels.
EUR 694.5 million
[Moody’s / S&P] [Aaa(sf)]/[AAA(sf)]
EUR 21.7 million
[Moody’s / S&P] [A1(sf)]/[AA-(sf)]
With the transaction, a diversified pool of receivables was securitised from around 40,000 financing contracts. Contracts for new vehicles make up around 41 percent of this figure. The average financed value per vehicle amounts to around EUR 18,400.
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 Lloyds Bank Corporate Markets und LBBW.
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