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: February 28 08 12:44
Last Updated: March 13 08 12:36
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