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February 27, 2020updated 28 Jul 2022 5:17am

Volkswagen FS issues auto ABS with volume of €1bn

By chris lemmon

Volkswagen Financial Services has placed an asset-backed securities (ABS) transaction with a volume of €1bn secured by leasing receivables.

The issuance meets the quality criteria of the STS Regulation on securitisation and was oversubscribed several times. The STS quality criteria are checked by STS Verification International, a verification body approved by the German Federal Financial Supervisory Authority (BaFin).

The ABS was placed with investors in two tranches. Tranche A has a volume of €941m and ratings from Creditreform, Standard & Poor’s and Fitch (AAAsf/AAA(sf)/AAAsf). It was placed at a price of 1-month Euribor plus 16 basis points. Tranche A was oversubscribed 1.7 times.

In addition, Tranche B was placed at a price of 1-month-Euribor plus 70 basis points. It is also rated by Creditreform, Standard & Poor’s and Fitch (AA-sf/AA-(sf)/A+sf). The volume amounts to €19m. Tranche B was oversubscribed 1.9 times.

With this transaction, the company has securitised a preliminary diversified pool of receivables from more than 108,000 leasing contracts of Volkswagen Leasing.

In addition, Volkswagen Financial Services also marketed a Japanese ABS transaction with a volume of JPY 60 billion (around €500m). The transaction is secured by receivables of Volkswagen Financial Services Japan.

Last year, Volkswagen FS announced the appointment of Iker Lazzari as sales director. Lazzari has rejoined VWFS after two years working as UK fleet director for Nissan Motor Manufacturing. Prior to that, Lazzari worked with Volkswagen for 14 years, most recently as head of fleet sales and marketing.

Simon Tattersfield, chief commercial officer at VWFS, said: “Iker joins us at an exciting time; VWFS UK has an ambitious customer agenda and Iker will play a key role in helping to deliver it with our dealer partners.”

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