Volkswagen Leasing has placed two bonds for a total of €2.25bn (£1.97bn), their second such issue of 2017.
The bonds are guaranteed by parent company Volkswagen Financial Services. Volkswagen Leasing expected rating agencies Standard & Poor’s and Moody’s to rate the bonds with BBB+ and A3 respectively.
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330 orders were allocated, 70% from asset managers, and over nine in ten coming from Europe, particularly France and Germany. Volkswagen Leasing said the bonds were more than twice oversubscribed.
Frank Fielder, chief financial officer of Volkswagen Leasing, said: “Our leasing portfolio has grown continuously over the last few years. During the first half of 2017, the level of current leasing contracts grew worldwide by 8.0%. Our good positioning on the capital market is supporting this growth.”
He added: “We assess the current transaction as very successful. The high demand shown once again by numerous investors following our record emission at the end of June confirms the high level of acceptance we have achieved on the capital market. “
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By GlobalData
