Letter of Comfort
Inofficial Translation
Letter of comfort
Volkswagen Bank GmbH with its registered office in Braunschweig is the sole shareholder of Volkswagen Leasing GmbH with its registered office in Braunschweig as well. Volkswagen Bank GmbH undertakes vis-à-vis all current and future creditors of Volkswagen Leasing GmbH to ensure that Volkswagen Leasing GmbH is financially equipped in such a way that it is able at all times to properly fulfil all its current and future obligations.
Please note that Volkswagen Financial Services AG has given a Letter of Comfort with regard to the creditors of Volkswagen Bank GmbH which can be downloaded here.
Debt Issuance and Commercial Paper Programmes
Since September 25, 2024 Volkswagen Bank GmbH is an issuer under the EUR 50 bn Debt Issuance Programme of Volkswagen Financial Services AG, Volkswagen Bank GmbH and their affiliated subsidiaries (see “EUR 50 bn Debt Issuance Programme”).
Since July 5, 2024 Volkswagen Bank GmbH is an issuer under the EUR 7.5 bn Multi-Curreny Commercial Paper Programme of Volkswagen Financial Services AG, Volkswagen Bank GmbH and their affiliated subsidiaries (see “EUR 7.5 bn Multi-Curreny Commercial Paper Programme”).
€ 10 bn Debt Issuance Programme until June 30, 2024
| Issuer | Volkswagen Bank GmbH |
| Guarantor | Keine Garantie |
| Arrangeur | UNICREDIT BANK |
| Dealers | BANCO BILBAO VIZCAYA ARGENTARIA, BARCLAYS, BAYERNLB, BNP PARIBAS, BOFA MERRILL LYNCH, CITIGROUP, COMMERZBANK AG, CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, Danske Bank A/S, DEUTSCHE BANK, Goldman Sachs International, HSBC, J.P. MORGAN, LANDESBANK BADEN-WÜRTTEMBERG, MUFG, MIZUHO SECURITIES, NATWEST MARKETS, RBC Capital Markets, SANTANDER GLOBAL CORPORATE BANKING, SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING, TD Securities, UNICREDIT BANK |
| Issuing + Paying Agent | CITIBANK, N.A. |
Download
- EUR 10 bn Debt Issuance Programme (PDF, 3.3 MB)
- Base Prospectus 2022 (15.09.2022) (PDF, 3.5 MB)
- 1. supplement to the base prospectus 2022 (27.03.2023) (PDF, 227.0 KB)
- 2. supplement to the base prospectus 2022 (11.05.2023) (PDF, 74.0 KB)
- Base Prospectus 2021 (24.06.2021) (PDF, 3.1 MB)
- 1. supplement to the base prospectus 2021 (06.08.2021) (PDF, 161.0 KB)
- 2. supplement to the base prospectus 2021 (10.05.2022) (PDF, 234.0 KB)
- Base Prospectus 2020 (17.06.2020) (PDF, 3.0 MB)
- 1. supplement to the base prospectus 2020 (01.09.2020) (PDF, 384.0 KB)
- 2. supplement to the base prospectus 2020 (26.03.2021) (PDF, 212.0 KB)
- Base Prospectus 2019 (06.06.2019) (PDF, 3.7 MB)
- 1. supplement to the base prospectus 2019 (10.09.2019) (PDF, 462.0 KB)
- 2. supplement to the base prospectus 2019 (25.03.2020) (PDF, 135.0 KB)
- Base Prospectus 2018 (26.06.2018) (PDF, 5.3 MB)
- 1. supplement to the base prospectus 2018 (08.08.2018) (PDF, 665.0 KB)
- 2. supplement to the base prospectus 2018 (22.11.2018) (PDF, 92.0 KB)
- 3. supplement to the base prospectus 2018 (15.01.2019) (PDF, 233.0 KB)
- 4. supplement to the base prospectus 2018 (22.03.2019) (PDF, 499.0 KB)
- Base Prospectus 2017 (28.06.2017) (PDF, 1.8 MB)
- 1. supplement to the base prospectus 2017 (05.12.2017) (PDF, 1.5 MB)
- 2. supplement to the base prospectus 2017 (22.03.2018) (PDF, 510.0 KB)
- 3. supplement to the base prospectus 2017 (29.03.2018) (PDF, 337.0 KB)
- 4. supplement to the base prospectus 2017 (24.05.2018) (PDF, 340.0 KB)
- Base Prospectus 2016 (05.08.2016) (PDF, 2.1 MB)
- 1. supplement to the base prospectus 2016 (30.03.2017) (PDF, 68.0 KB)
- Base Prospectus 2015 (11.06.2011) (PDF, 1.5 MB)
- 1. supplement to the base prospectus 2015 (31.07.2015) (PDF, 98.0 KB)
- Base Prospectus 2014 (12.06.2014) (PDF, 1.5 MB)
- 1. supplement to the base prospectus 2014 (04.08.2014) (PDF, 92.0 KB)
- 2. supplement to the base prospectus 2014 (19.03.2015) (PDF, 115.0 KB)
Corporate Bonds
- Maturity: 15.12.2025; CUR+amount: EUR 500 m; Interest rate: 1,250%; WKN: A1X3P2; ISIN: XS1734548644 (PDF, 1.1 MB)
- Maturity: 07.01.2026; CUR+amount: EUR 1 bn; Interest rate: 4,250%; WKN: A1X3QB; ISIN: XS2617442525 (PDF, 723.0 KB)
- Maturity: 31.07.2026; CUR+amount: EUR 850 m; Interest rate: 2,500%; WKN: A1X3P9; ISIN: XS1944390597 (PDF, 655.0 KB)
- Maturity: 03.05.2028; CUR+amount: EUR 500 m Interest rate: 4,375%; WKN: A1X3QC; ISIN: XS2617456582 (PDF, 720.0 KB)
- Maturity: 03.05.2031; CUR+amount: EUR 500 m Interest rate: 4,625%; WKN: A1X3QD; ISIN: XS2617457127 (PDF, 719.0 KB)
Asset Backed Securities
Volkswagen Bank GmbH, Spanish Branch
Private Driver España 2020-1
| Class A | |
|---|---|
| Initial Balance | 1.500m EUR |
| Ranking | Senior |
| Initial Credit Enhancement | 7.60 % |
| Expected Weighted Average Lives | 4.19 years |
| Closing Date | 30.11.2020 |
| Expected Repayment Date | January 2027 |
| Legal Maturity Date | October 2034 |
| Rating (S&P / Moody's) | AA (sf) /AA (sf) |
| Coupon | 0.052% p.a. |
| Issuance Price | 100.00% |
| Denomination | 100,000 EUR |
| Payment Frequenzy | monthly |
| Redemption | sequential / pro rata / pass through |
| Form | Registered Notes (Reg S) |
| Listing | AIAF Fixed Income Market, Spain |
Download Main Documents
Volkswagen Bank GmbH
Driver Master Compartment 2
| Class A | Class B | ||
|---|---|---|---|
| Balance on Renewal | [7,371.9]m EUR | [303.5]m EUR | |
| Ranking | Senior | Junior | |
| Credit Enhancement on Renewal | [10.10]% | [6.40]% | |
| Expected Weighted Average Lives | [2.06] years | [2.59] years | |
| Closing Date | 27.07.2015 | 27.07.2015 | |
| Expected Repayment Date | [October 2028] | [October 2028] | |
| Legal Maturity Date | [May 2034] | [May 2034] | |
| Rating (Moody's/DBRS) | [Aaa (sf) /AAA (sf)] | [Aa1 (sf)/ A (high) (sf)] | |
| Coupon | 1-m-EURIBOR + [0.57]% p.a. | 1-m-EURIBOR + [0.95]% p.a. | |
| Issuance Price | 100.00% | 100.00% | |
| Denomination | 100,000 EUR | 100,000 EUR | |
| Payment Frequency | monthly | monthly | |
| Redemption | sequential / pro rata / pass through | sequential / pro rata / pass through | |
| Form | Global Registered Note | Global Registered Note | |
| Listing | Luxembourg Stock Exchange | Luxembourg Stock Exchange |
Download Main Documents
- Preliminary Prospectus Driver Master C2 2025 (PDF, 1.4 MB)
- Moody's New Issue Report 2023 (PDF, 2.1 MB)
- Moody's Press Release 2024 (PDF, 44.0 KB)
- DRBS Press Release 2024 (PDF, 59.0 KB)
- Preliminary SVI Verification Report 2025 (PDF, 515.0 KB)
- Preliminary STS Notification 2025 (XLSX, 153.0 KB)
- Preliminary SVI CRR Assessment 2025 (PDF, 191.0 KB)
- Preliminary SVI LCR Assessment 2025 (PDF, 211.0 KB)
More Information about Volkswagen Bank GmbH
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