Volkswagen Bank has securitised €500m (£571m) in receivables from its Italian branch, as well as placing bonds worth a total of €300m.

The securities were backed by a pool of 62,000 contracts, 93% of which were for the financing of new vehicles.

The company also issued Norwegian krone- and Australian dollar-denominated bonds. The issues amounted to  NOK 500m (£45m; €52m) and AUD 400m (€249m, £218m), with three-year terms at 3% and 3.25% interest respectively.

Bernd Bode, head of group treasury at Volkswagen Bank said: “Italy is a major market for Volkswagen Financial Services (VWFS). Consequently, we want to use our high-quality loan portfolio to further geographically diversify our ABS refinancing.

“The broad lineup of Volkswagen Financial Services in relation to refinancing instruments and currencies has also been proved by the successful issuance in Norwegian kroner and Australian dollar.”

According to Volkswagen, the brand’s financial services business in Italy increased 20.1% last year, to 730,000 contracts.

Earlier this month, VWFS placed €2.7bn in bonds and securities backed by 26,500 Australian contracts.