Volkswagen
Volkswagen is to issue its first UK securitisation, in the form
of asset-backed floating rate notes to the value of £460m.
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Driver UK One Ltd, a limited liability company based in Jersey,
will issue the notes, along with £40m-worth of unrated notes.
The issuance will be backed by receivables from Volkswagen’s motor
financing operations in the UK, in the form of revenue streams from
hire-purchase, hire-purchase with balloon, and personal contract
plans (with residual value).
Standard & Poor’s assigned credit scores to the first £460m
tranche of the asset-backed floating rate notes, with £423.5m-worth
rated “A1/A2 AAA”, and £36.5m rated “B1/B2 A”.
Motor Finance Issue: 41 – March 08
Published for the web: March 27 08 16:47
Last Updated: March 28 08 9:44
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