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Funding Strategy

It is one of the basic objectives of our refinancing strategy to optimise our refinancing costs also in the face of above-average growth in some markets.
This can be achieved by the following main focuses.

  1. A continuously increasing share of the refinancing schemes via the capital markets
    This is also a consistent reaction to the increasing consolidation in the banking sector, which had entailed a shortage and higher prices of credit lines.

  2. Well-diversified financing instruments
    Ensuring our growth on the one hand, and (re)financing at the best conditions possible on the other requires an extensive set of highly sophisticated instruments and measures. Our spectrum includes commercial papers, issuing bond issues in different markets and currencies as well as asset-backed securities (ABSs). Due to our presence in different market segments we benefit from the most favourable conditions.

  3. Also utilising means outside the company rating
    Our customers' direct bank deposits are not subject to agency ratings. In the case of ABS tranches, it is the underlying receivables, which are subjected to the rating, but not the company. With all these issuances we have achieved triple-A ratings, which is a proof for their high quality. Altogether, these refinancing sources represent about a quarter of our balance sheet total.

  4. Finding and tapping new investors
    By issuing a so-called Samurai Bond we have not only opened up an additional source for financing, but we have also achieved a "diversification of the investor basis" in geographic terms.

  5. Use of capital market derivatives
    It goes without saying that we observe the development of the interest rate structure curve in order to take advantage of favourable refinancing rates. We utilise particular financial derivatives such as interest rate swaps so that we always successfully match maturities with our current business operations.

Green Finance 

Green Finance Framework 2023

Volkswagen Financial Services AG - Green Finance Framework 2023 
Aug 31, 2023
Second Party Opinion by ISS ESG on Green Finance Framework 2023 
Aug 31, 2023
Volkswagen Financial Services AG - Presentation Green Finance Framework 2023 
Aug 31, 2023

Debt Issuance and Commercial Paper Programmes

The following table shows the programmes issued by Volkswagen Financial Services AG, Volkswagen Bank GmbH and their affiliated subsidiaries.

  • € 50 bn Debt Issuance Programme

       
    Issuer Volkswagen Financial Services AG
    Volkswagen Leasing GmbH
    Volkswagen Financial Services N.V.
    Volkswagen Financial Services Japan Ltd.                    
    Volkswagen Financial Services Australia Pty Ltd.
    Guarantor VOLKSWAGEN FINANCIAL SERVICES AG
    Arrangeur
    UNICREDIT BANK

     

    Dealers

     

     

     

    Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Barclays Bank Ireland PLC, BNP Paribas, BofA Securities Europe SA, Cititgroup Global Markets Europe AG, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Danske Bank A/S, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe, J.P. Morgan SE, Landesbank Baden-Württemberg, Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH, Mizuho Securities  Europe GmbH, MUFG Securities (Europe) N.V., NatWest Markets N.V., RBC Capital Markets (Europe) GmbH, Skandinaviska Enskilda Banken AB (publ), SMBC Bank EU AG, Société Générale, UniCredit Bank AG 
    Issuing + Paying Agent CITIBANK, N.A.

    Download

    EUR 50 bn Debt Issuance Programme
    Sep 1, 2023
    Base Prospectus 2022 (15.09.2022)
    Sep 15, 2022
    Base Prospectus 2021 (24.06.2021)
    Jun 24, 2021
    Base Prospectus 2020 (17.06.2020)
    Jun 17, 2020
    Base Prospectus 2019 (06.06.2019)
    Jun 6, 2019
    Base Prospectus 2018 (26.06.2018)
    Jun 26, 2018
    Base Prospectus 2017 (28.06.2017)
    Jun 28, 2017
    Base Prospectus 2016 (05.08.2016)
    Aug 5, 2016
    Base Prospectus 2015 (11.06.2015)
    Jun 11, 2015
    Base Prospectus 2014 (12.06.2014)
    Jun 12, 2014
    Base Prospectus 2013 (12.06.2013)
    Jun 12, 2013
    Base Prospectus 2012 (06.06.2012)
    Jun 6, 2012
  • € 7.5 bn Multi-Currency Commercial Paper Programme

       
    Issuer Volkswagen Financial Services AG
    Volkswagen Leasing GmbH
    Volkswagen Financial Services N.V.
    Volkswagen Finans Sverige AB (publ)
    SkoFIN s.r.o
    Volkswagen Financial Services Australia Pty Limited
    Guarantor Volkswagen Financial Services AG (for  Volkswagen Leasing GmbH,
    Volkswagen Financial Services N.V., SkoFIN s.r.o and Volkswagen Financial Services Australia Pty Limited)
    Arrangeur
    Citigroup
    Dealers Bank of America Merrill Lynch
    BayernLB
    BNP Paribas Fortis
    Commerzbank
    Citigroup
    Crédit Agricole CIB
    Danske Bank
    DNB Bank
    DZ BANK AG
    Handelsbanken Capital Markets
    ING
    The Royal Bank of Scotland plc (trading as NatWest Markets)
    Nordea
    SEB
    Swedbank
    Bred Banque Popularie S.A.
    Paying Agent Citibank, N.A., London Branch

    Download

    € 7.5 bn Multi-Currency Commercial Paper Programme
    Jul 10, 2020
  • JPY 60 bn Electronic Commercial Paper Programme

       
    Issuer Volkswagen Financial Services Japan Ltd.
    Guarantor Volkswagen Financial Services AG
    Arrangeur
    The Bank of Tokyo-Mitsubishi UFJ, Ltd.
    Dealers The Bank of Tokyo-Mitsubishi UFJ, Ltd.
    Sumitomo Mitsui Banking Corporation
    Mizuho Corporate Bank, Ltd.
    Paying Agent The Bank of Tokyo-Mitsubishi UFJ, Ltd.

    Download

    JPY 60 bn Electronic Commercial Paper Programme
    Oct 17, 2022
  • AUD 5 bn Debt Issuance Programme

       
    Issuer VOLKSWAGEN FINANCIAL SERVICES AUSTRALIA PTY LIMITED
    Guarantor Volkswagen Financial Services AG
    Arrangeur
    Australia and New Zealand Banking Group Limited, Citigroup Global Markets Australia Pty Limited
    Dealers Australia and New Zealand Banking Group Limited, Citigroup Global Markets Australia Pty Limited,
    Commonwealth Bank of Australia, Deutsche Bank AG (Sydney Branch), Merrill Lynch (Australia) Futures Limited,
    Royal Bank of Canada, The Hongkong and Shanghai Banking Corporation Limited (Sydney Branch)
    Paying Agent Austraclear

    Download

    AUD 5 bn Debt Issuance Programme
    Mar 22, 2019
  • MXN 20 bn Dual Capital Market Programme

       
    Issuer Volkswagen Leasing S.A. de C.V.
    Guarantor Volkswagen Financial Services AG
    Arrangeur
    HSBC Casa de Bolsa, S.A de C.V., Casa de Bolsa Santander, S.A de C.V.
    Dealers HSBC Casa de Bolsa, S.A de C.V., Casa de Bolsa Santander, S.A de C.V.
    Paying Agent The Bank of New York Mellon
    Publication to expand of MXN 20 bn Dual Capital Market Programme
    Sep 11, 2014
    MXN 15 bn Dual Capital Market Programme
    Nov 28, 2007
    Supplement 2009
    Feb 24, 2009
    Supplement 2012
    Mar 9, 2012
  • MXN 7 bn Debt Issuance Programme

       
    Issuer Volkswagen Bank S.A.
    Guarantor Volkswagen Financial Services AG
    Arrangeur
    HSBC Casa de Bolsa, S.A de C.V., Casa de Bolsa Santander, S.A de C.V.
    Dealers HSBC Casa de Bolsa, S.A de C.V., Casa de Bolsa Santander, S.A de C.V.
    Paying Agent The Bank of New York Mellon

    Download

    MXN 7 bn Debt Issuance Programme
    Feb 17, 2012

Corporate Bonds

Via the following links you can find an overview of outstanding bonds for all issuers under the debt issuance programme of Volkswagen Financial Services AG.

  • Volkswagen Financial Services AG

    Maturity: 06.04.2023; CUR+amount: EUR 650 m
    Interest rate: 2.500%; WKN: A2LQ6H; ISIN: XS2152058868
    Apr 6, 2020
    Maturity: 12.04.2023; CUR+amount: EUR 750 m
    Interest rate: 0.875%; WKN: A2LQJ1; ISIN: XS1806457211
    Apr 10, 2018
    Maturity: 16.10.2023; CUR+amount: EUR 850 m
    Interest rate: 1.375%; WKN: A2LQ6B; ISIN: XS1893631330
    Oct 12, 2018
    Maturity: 10.04.2024; CUR+amount: EUR 300 m
    Interest rate: 3-Month EURIBOR + 70 bps; WKN: A2LQ6V; ISIN: XS2573948168
    Jan 6, 2023
    Maturity: 01.10.2024; CUR+amount: EUR 1,000 m
    Interest rate: 1.500%; WKN: A2LQ6F; ISIN: XS1972548231
    Mar 28, 2019
    Maturity: 31.01.2025; CUR+amount: EUR 1 bn
    Interest rate: 0.250%; WKN: A2LQ6T; ISIN: XS2438615606
    Jan 27, 2022
    Maturity: 12.02.2025; CUR+amount: EUR 750 m
    Interest rate: 0.000%; WKN: A2LQ6Q; ISIN: XS2374595127
    Aug 10, 2021
    Maturity: 06.04.2025; CUR+amount: EUR 700 m
    Interest rate: 3.000%; WKN: A2LQ6K; ISIN: XS2152062209
    Apr 6, 2020
    Maturity: 16.10.2026; CUR+amount: EUR 750 m
    Interest rate: 2.250%; WKN: A2LQ6C; ISIN: XS1893631769
    Oct 12, 2018
    Maturity: 12.02.2027; CUR+amount: EUR 1,000 m
    Interest rate: 0.125%; WKN: A2LQ6R; ISIN: XS2374595044
    Aug 10, 2021
    Maturity: 01.10.2027; CUR+amount: EUR 650 m
    Interest rate: 2.250%; WKN: A2LQ6G; ISIN: XS1972547696
    Mar 28, 2019
    Maturity: 31.01.2028; CUR+amount: EUR 1 bn
    Interest rate: 0.875%; WKN: A2LQ6U; ISIN: XS2438616240
    Jan 27, 2022
    Maturity: 06.04.2028; CUR+amount: EUR 800 m
    Interest rate: 3.375%; WKN: A2LQ6L; ISIN: XS2152061904
    Apr 6, 2020
    Maturity: 12.02.2030; CUR+amount: EUR 1,000 m
    Interest rate: 0.375%; WKN: A2LQ6S; ISIN: XS2374594823
    Aug 10, 2021
  • Volkswagen Financial Services N.V.

    An overview of the corporate bonds of Volkswagen Financial Services N.V. can be found here.

  • Volkswagen Leasing GmbH

    An overview of the corporate bonds of Volkswagen Leasing GmbH can be found here.

  • Volkswagen Financial Services Japan Ltd.

  • Volkswagen Financial Services Australia Ltd.  

Asset Backed Securities

Volkswagen Financial Services Japan Ltd.  

  • Driver Japan nine

      Trust Beneficial Interest Asset Backed Loan
    Initial Balance 37.5 bn JPY 22.5 bn JPY
    Ranking Senior Senior
    Initial Credit Enhancement 6.5 % 6.5 %
    Expected Weighted Average Lives 2.54 years 2.54 years
    Closing Date 27.02.2020 27.02.2020
    Expected Repayment Date July 2024 July 2024
    Legal Final Maturity
    June 2028
    June 2028
    Rating (Moody´s / Fitch / S&P) Aaa(sf) / AAA(sf) / AAA(sf) Aaa(sf) / AAA(sf) / AAA(sf)
    Coupon 0.10 % p.a. 0.10 % p.a.  
    Denomination 100,000,000 JPY 100,000,000 JPY
    Payment Frequency monthly monthly
    Redemption sequential / pro rata
    pass through
    sequential / pro rata
    pass through
    Form TBI ABL
    Listing n.a. n.a.

    Download Main Documents

    Japanese Offering Circular Driver Japan nine
    Apr 21, 2020
    English Offering Circular Driver Japan nine
    Apr 21, 2020
    New Issue Report Fitch
    Apr 21, 2020
    New Issue Report Moody's
    Apr 21, 2020
    New Issue Report S&P
    Apr 21, 2020

    Download Investor Reports  

    Investor Report Driver Japan nine 07.2023
    Jul 18, 2023
    Investor Report Driver Japan nine 08.2023
    Aug 18, 2023
    Investor Report Driver Japan nine 09.2023
    Sep 15, 2023
  • Driver Japan ten

      Trust Beneficial Interest Asset Backed Loan
    Initial Balance 33.8 bn JPY 26.2 bn JPY
    Ranking Senior Senior
    Initial Credit Enhancement 6.5 % 6.5 %
    Expected Weighted Average Lives 2.58 years 2.58 years
    Closing Date 25.02.2021 25.02.2021  
    Expected Repayment Date July 2025 July 2025
    Legal Final Maturity
    June 2029
    June 2029
    Rating (Moody´s / Fitch / S&P) Aaa(sf) / AAA(sf) / AAA(sf) Aaa(sf) / AAA(sf) / AAA(sf)
    Coupon 0.10 % p.a. 0.10 % p.a.  
    Denomination 100,000,000 JPY 100,000,000 JPY
    Payment Frequency monthly monthly
    Redemption sequential / pro rata
    pass through
    sequential / pro rata
    pass through
    Form TBI ABL
    Listing n.a. n.a.

    Download Main Documents

    Japanese Offering Circular Driver Japan ten
    Feb 25, 2021
    English Offering Circular Driver Japan ten
    Feb 25, 2021
    New Issue Report Fitch
    Feb 25, 2021
    New Issue Report Moody's
    Feb 25, 2021
    New Issue Report S&P
    Feb 25, 2021

    Download Investor Reports  

    Investor Report Driver Japan ten 07.2023
    Jul 18, 2023
    Investor Report Driver Japan ten 08.2023
    Aug 18, 2023
    Investor Report Driver Japan ten 09.2023
    Sep 15, 2023
  • Driver Japan eleven

      Trust Beneficial Interest Asset Backed Loan
    Initial Balance 31.7 bn JPY 23.3 bn JPY
    Ranking Senior Senior
    Initial Credit Enhancement 6.5 % 6.5 %
    Expected Weighted Average Lives 2.6 years 2.6 years
    Closing Date 25.02.2022 25.02.2022  
    Expected Repayment Date August 2026 August 2026
    Legal Final Maturity
    June 2030
    June 2030
    Rating (Moody´s / Fitch / S&P) Aaa(sf) / AAA(sf) / AAA(sf) Aaa(sf) / AAA(sf) / AAA(sf)
    Coupon 0.11 % p.a. 0.11 % p.a.  
    Denomination 100,000,000 JPY 100,000,000 JPY
    Payment Frequency monthly monthly
    Redemption sequential / pro rata
    pass through
    sequential / pro rata
    pass through
    Form TBI ABL
    Listing n.a. n.a.

    Download Main Documents

    Information Memorandum Circular Driver Japan eleven (EN)
    Feb 25, 2022
    Information Memorandum Circular Driver Japan eleven (JP)
    Feb 25, 2022
    NIR Report Fitch
    Feb 25, 2022
    NIR Report Moody's
    Feb 25, 2022
    NIR Report S&P
    Feb 25, 2022

    Download Investor Reports  

    Investor Report Driver Japan eleven 07.2023
    Jul 18, 2023
    Investor Report Driver Japan eleven 08.2023
    Aug 18, 2023
    Investor Report Driver Japan eleven 09.2023
    Sep 15, 2023
  • Driver Japan twelve

      Trust Beneficial Interest Asset Backed Loan
    Initial Balance 21.3 bn JPY 28.7 bn JPY
    Ranking Senior Senior
    Initial Credit Enhancement 6.5 % 6.5 %
    Expected Weighted Average Lives 2.6 years 2.6 years
    Closing Date 27.02.2023 27.02.2023  
    Expected Repayment Date August 2027 August 2027
    Legal Final Maturity
    June 2031
    June 2031
    Rating (Moody´s / S&P) Aaa(sf) / AAA(sf) Aaa(sf) / AAA(sf)
    Coupon 0.49 % p.a. 0.49 % p.a.  
    Denomination 100,000,000 JPY 100,000,000 JPY
    Payment Frequency monthly monthly
    Redemption sequential / pro rata
    pass through
    sequential / pro rata
    pass through
    Form TBI ABL
    Listing n.a. n.a.

    Download Main Documents

    Information Memorandum Driver Japan twelve (EN)
    Feb 27, 2023
    Information Memorandum Driver Japan twelve (JP)
    Feb 27, 2023
    New Issue Report Moody's (EN)
    Feb 27, 2023
    New Issue Report S&P (EN)
    Feb 27, 2023

    Download Investor Reports  

    Investor Report Driver Japan twelve 07.2023
    Jul 18, 2023
    Investor Report Driver Japan twelve 08.2023
    Aug 18, 2023
    Investor Report Driver Japan twelve 09.2023
    Sep 15, 2023
  • Volkswagen Financial Services (UK) Ltd.

    • Driver UK Master C2

        Class A Class B
      Initial Balance 4,624.9m GBP 632.3m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 29.20% 20.80%
      Expected Weighted Average Lives 2.08 years 2.16 years
      Closing Date 25.11.2022
      25.11.2022
      Expected Repayment Date Feb 2026 Feb 2026
      Final Maturity Date
      Nov 2030 Nov 2030
      Rating (Moody´s / Fitch / S&P) Aaa(sf) / AAA(sf) / AAA(sf) Aa3(sf) / A+(sf) / A+(sf)
      Coupon SONIA+ 0.85% p.a. SONIA+ 1.80% p.a.
      Denomination 100,000 GBP 100,000 GBP
      Payment Frequency monthly monthly
      Redemption sequential / pro rata
      pass through
      sequential / pro rata
      pass through
      Form Registered Notes (NSS) Registered Notes (NSS)
      Listing Luxembourg Stock Exchange Luxembourg Stock Exchange

      Download Main Documents

      DUKM C2 - Final Base Prospectus - Renewal 2022
      Nov 25, 2022
      DUKM C2 - Rating Report Moody's - Renewal 2022
      Nov 25, 2022
      DUKM C2 - Rating Report Fitch - Renewal 2022
      Nov 25, 2022
      DUKM C2 - Rating Report S&P - Renewal 2022
      Nov 25, 2022
      DUKM C2 - Final Verification Report - Renewal 2022
      Nov 25, 2022
      DUKM C2 - Final STS Notification - Renewal 2022
      Nov 25, 2022
      New Issue Report Moody's
      May 28, 2018
      New Issue Report Fitch
      May 28, 2018
      New Issue Report S&P
      May 28, 2018

      Download Investor Reports  

      Investor Report Driver UK Master C2 06.2023
      Jul 21, 2023
      Investor Report Driver UK Master C2 07.2023
      Aug 23, 2023
      Investor Report Driver UK Master C2 08.2023
      Sep 22, 2023
    • Private Driver UK 2020-1

        Class A   Class B  
      Initial Balance 601.6m GBP 70.1m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 28.8 % 20.25 %
      Expected Weighted Average Lives 2.82 years 2.85 years
      Closing Date 27.04.2020 27.04.2020
      Expected Repayment Date January 2026 January 2026
      Legal Maturity Date
      June 2031
      June 2031  
      Rating (Fitch / S&P) AAA(sf) / AAA(sf)   NR
      Coupon SONIA + 62bp p.a. SONIA + 125bp p.a.
      Denomination 100,000 GBP 100,000 GBP
      Payment Frequency monthly monthly
      Redemption 24m revolving
      period followed by sequential /
      pro rata mechanism
      pass through
      24m revolving
      period followed by sequential /
      pro rata mechanism
      pass through
      Form Registered Notes   Registered Notes  
      Listing Luxembourg Stock Exchange Luxembourg Stock Exchange

      Download Main Documents

      Private Driver UK 2020-1 - Offering Circular  
      Jun 27, 2022
      Private Driver UK 2020-1 - STS Notification
      Jun 27, 2022
      Private Driver UK 2020-1 - Verification Report
      Jun 27, 2022
      Fitch New Issue Report - Private Driver UK 2020-1
      Apr 27, 2020
      Fitch Press Release - Private Driver UK 2020-1
      Jun 27, 2022
      S&P Press Release - Private Driver UK 2020-1
      Jun 27, 2022

      Download Investor Reports  

      Investor Report Private Driver UK 2020-1 06.2023
      Jul 21, 2023
      Investor Report Private Driver UK 2020-1 07.2023
      Aug 23, 2023
      Investor Report Private Driver UK 2020-1 08.2023
      Sep 22, 2023
    • Driver UK Master C6

        Class A  / Senior Schuldschein Class B / Junior Schuldschein
      Initial Balance 784.8m GBP 119.5m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 29.12 % 18.32 %
      Expected Weighted Average Lives 2.02 years 2.17 years
      Closing Date 27.03.2023 27.03.2023
      Expected Repayment Date February 2026 February 2026
      Legal Maturity Date
      May 2031
      May 2031  
      Rating (Fitch / S&P) AAA(sf) / AAA(sf)   A+ (sf) / A+ (sf)
      Coupon SONIA + 80bp p.a. SONIA + 170bp p.a.
      Denomination (Notes) 100,000 GBP 100,000 GBP
      Payment Frequency monthly monthly
      Redemption 14m revolving
      period followed by sequential /
      pro rata mechanism
      pass through
      14m revolving
      period followed by sequential /
      pro rata mechanism
      pass through
      Form Registered Notes  / Schuldschein Loan Registered Notes  / Schuldschein Loan
      Listing Luxembourg Stock Exchange Luxembourg Stock Exchange

      Download Main Documents

      Driver UK Master C6- Offering Circular  
      Mar 27, 2023
      Driver UK Master C6 - STS Notification
      Mar 27, 2022
      Driver UK Master C6 - PCS Verification Report
      Mar 27, 2022
      Fitch New Issue Report - Driver UK Master C6
      Mar 27, 2023
      Fitch Press Release - Driver UK Master C6
      Mar 27, 2023
      S&P New issue Report - Driver UK Master C6
      Mar 27, 2023
      S&P Press Release - Driver UK Master C6
      Mar 27, 2023

      Download Investor Reports  

      Investor Report Driver UK Master Compartment 6 06.2023
      Jul 21, 2023
      Investor Report Driver UK Master Compartment 6 07.2023
      Aug 23, 2023
      Investor Report Driver UK Master Compartment 6 08.2023
      Sep 22, 2023
    • Driver UK Seven

        Class A Class B  
      Initial Balance [●]m GBP [●]m GBP  
      Ranking Senior Junior
       
      Initial Credit Enhancement [29.1] % [18.3] %
       
      Expected Weighted Average Lives [2.06] years [2.15] years  
      Closing Date 25.10.2023 25.10.2023  
      Expected Repayment Date [June 2027] [June 2027]  
      Legal Maturity Date
      [April 2031] [April 2031]    
      Rating (DBRS / Fitch / KBRA) [AAA(sf) / AAA(sf) / AAA(sf)] [A(high) / AA- / AA]
       
      Coupon SONIA + [●] bp p.a. SONIA + [●] bp p.a.  
      Denomination (Notes) 100,000 GBP 100,000 GBP  
      Payment Frequency monthly monthly  
      Redemption 6m revolving
      period followed by sequential /
      pro rata mechanism
      pass through
      6m revolving
      period followed by sequential /
      pro rata mechanism
      pass through
       
      Form Registered Notes Registered Notes  
      Listing Luxembourg Stock Exchange Luxembourg Stock Exchange  

      Download Main Documents

      Driver UK Seven - Prospectus
      Sep 11, 2023
      Pre-Sale Report Driver UK Seven - DBRS
      Sep 11, 2023
      Pre-Sale Report Driver UK Seven - Fitch
      Sep 11, 2023
      Pre-Sale Report Driver UK Seven - KBRA
      Sep 11, 2023
      Preliminary STS Notification Driver UK Seven
      Sep 11, 2023
      Preliminary Verification Report Driver UK Seven - PCS
      Sep 11, 2023
      Preliminary CRR Assessment Driver UK Seven - PCS
      Sep 11, 2023
      Preliminary LCR Assessment Driver UK Seven - PCS
      Sep 11, 2023
      Driver UK Seven - Marketing Package
      Sep 11, 2023

      Download Investor Reports  

    • Driver UK Master regulatory disclosure

      The regulatory disclosure section of the Driver UK transactions are stored in separate area of this homepage. To access them, you need to accept the disclaimer. Please click here to open the regulatory disclosure section of the Driver UK transactions.

    Volkswagen Financial Services Australia Pty Ltd.  

    • Driver Australia Master

        Class A Notes
      Initial Balance 1,650.0m AUD 200.0m AUD
      Ranking Senior Junior
      Initial Credit Enhancement 17.00 % 10.30 %
      Expected Weighted Average Lives 2.27 years 2.41 years
      Closing Date 28.12.2022 28.12.2022
      Expected Repayment Date 29.12.2026 29.12.2026
      Legal Maturity Date
      25.02.2032 25.02.2032
       
      Rating (Fitch / S&P) AAA(sf) / AAA(sf) A+(sf) / A+(sf)
      Coupon 1-m-BBSW + 1.50% p.a. 1-m-BBSW + 2.50% p.a.
      Denomination 100,000 AUD 100,000 AUD
      Payment Frequency monthly monthly
      Redemption sequential / pro rata /
      pass through
      sequential / pro rata /
      pass through
      Form Global Registered Note Global Registered Note
      Listing Australian Securities Exchange

      Download Main Documents

      Offering Circular Driver Australia Master
      Dec 28, 2022
      S&P - Press Release
      Dec 28, 2022
      Fitch - Press Release
      Dec 28, 2022

      Download Investor Reports  

      Investor Report Driver Australia Master 06.2023
      Jul 18, 2023
      Investor Report Driver Australia Master 07.2023
      Aug 18, 2023
      Investor Report Driver Australia Master 08.2023
      Sep 18, 2023
    • Driver Australia seven

         Class A   Class B
      Initial Balance 526.2m AUD 33m AUD
      Ranking Senior Junior
      Initial Credit Enhancement 13.50 % 8.0 %
      Expected Weighted Average Lives 1.85 years 2.84 years
      Closing Date 22.11.2021   22.11.2021
      Expected Repayment Date December 2025 December 2025
      Final Maturity Date
      January 2030 January 2030
      Rating (Moody´s / Fitch) Aaa(sf) / AAA(sf) Aa2(sf) / NR
      Coupon 1-m-BBSW + 70bps p.a. 1-m-BBSW + 100bps p.a.
      Denomination 100,000 AUD 100,000 AUD
      Payment Frequency monthly monthly
      Redemption sequential / pro rata /
      pass through
      sequential / pro rata /
      pass through
      Form Registered Registered
      Listing Australian Securities Exchange Australian Securities Exchange

      Download Main Documents

      Offering Circular Driver Australia seven
      Nov 22, 2021
      Fitch Driver Seven Final Press Release
      Nov 22, 2021
      NIR Report Moody´s
      Nov 22, 2021

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      Investor Report Driver Australia seven 06.2023
      Jul 17, 2023
      Investor Report Driver Australia seven 07.2023
      Aug 16, 2023
      Investor Report Driver Australia seven 08.2023
      Sep 18, 2023
    • Driver Australia eight

         Class A   Class B
      Initial Balance [491.5]m AUD [38.6]m AUD
      Ranking Senior Junior
      Initial Credit Enhancement [14.5] % [7.7] %
      Expected Weighted Average Lives [1.61] years [2.28] years
      Closing Date [25.10.2023]   [25.10.2023]
      Expected Repayment Date [July 2027] [July 2027]
      Final Maturity Date [February 2032] [February 2032]
      Rating (S&P / Fitch) [Aaa(sf)] / [AAA(sf)] [A+(sf)] / [A+sf]
      Coupon 1-m-BBSW + [•]bps p.a. 1-m-BBSW + [•]bps p.a.
      Denomination 100,000 AUD 100,000 AUD
      Payment Frequency monthly monthly
      Redemption sequential / pro rata /
      pass through
      sequential / pro rata /
      pass through
      Form Registered Registered
      Listing Australian Securities Exchange Australian Securities Exchange

      Download Main Documents

      Driver Australia eight - Preliminary Offering Circular 
      Aug 24, 2023
      Driver Australia eight - Marketing Package
      Aug 24, 2023
      Driver Australia eight - Pre-Sale Report Fitch 
      Aug 24, 2023
      Driver Australia eight - Pre-Sale Report S&P
      Aug 24, 2023
    • Private Driver Australia 2023-1

        Class A    
      Initial Balance 500m AUD  
      Ranking Senior  
      Initial Credit Enhancement 12.30 %  
      Expected Weighted Average Lives 1.53 years  
      Closing Date 27.02.2023  
      Expected Repayment Date September 2026  
      Final Maturity Date
      June 2031  
      Rating (S&P / Moody´s) AAA(sf) / Aaa(sf)  
      Coupon 1-m-BBSW + 150bps p.a.  
      Denomination 100,000 AUD  
      Payment Frequency monthly  
      Redemption sequential / pro rata / pass through  
      Form Registered  
      Listing Australian Securities Exchange  

      Download Main Documents

      Private Driver Australia 2023-1 - Offering Circular 
      Feb 27, 2023
      Private Driver Australia 2023-1 - New Issue Report Moody's
      Feb 27, 2023
      Private Driver Australia 2023-1 - New Issue Report S&P
      Feb 27, 2023

      Download Investor Reports  

      Investor Report Private Driver Australia 2023-1  06.2023
      Jul 17, 2023
      Investor Report Private Driver Australia 2023-1  07.2023
      Aug 16, 2023
      Investor Report Private Driver Australia 2023-1  08.2023
      Sep 18, 2023
    • Driver Australia regulatory disclosure

      The regulatory disclosure section of the Driver Australia transactions are stored in separate area of this homepage. To access them, you need to accept the disclaimer. Please click here to open the regulatory disclosure section of the Driver Australia transactions.

    Volkswagen Finance (China) Co., Ltd.

    • Driver China eleven

        Class A    
      Initial Balance 7,102m RMB  
      Ranking Senior  
      Initial Credit Enhancement 12.81 %  
      Expected Weighted Average Lives 1.79 years  
      Closing Date 26.11.2020  
      Expected Repayment Date November 2023  
      Legal Maturity Date
      September 2028
         
      Rating (CBR / S&P (China) / S&P Global) AA+ (sf) / AAA (sf) / AAA (sf)    
      Coupon 3.8 % p.a.  
      Denomination 100 RMB  
      Payment Frequency monthly  
      Redemption sequential / pro rata /
      pass through
       
      Form Registered Notes  
      Listing China Central Depository and Clearing Co., Ltd.  

      Download Main Documents

      Driver China 11 - Offering Circular (english)
      Nov 27, 2020
      Driver China 11 - Offering Circular (chinese)  
      Nov 27, 2020
      Driver China 11 - New Issue Report CBR
      Nov 27, 2020
      Driver China 11 - New Issue Report S&P (China)
      Nov 27, 2020
      Driver China 11 - New Issue Report S&P Global
      Nov 27, 2020

      Download Investor Reports  

      Investor Report Driver China eleven 06.2023
      Jul 19, 2023
      Investor Report Driver China eleven 07.2023
      Aug 21, 2023
      Investor Report Driver China eleven 08.2023
      Sep 19, 2023
    • Driver China twelve

        Class A    
      Initial Balance 5,326m RMB  
      Ranking Senior  
      Initial Credit Enhancement 12.43 %  
      Expected Weighted Average Lives 1.21 years  
      Closing Date 27.05.2021  
      Expected Repayment Date November 2023  
      Legal Maturity Date
      June 2028
         
      Rating (CBR / Lianhe / Moody's) AA+ (sf) / AAA (sf) / Aaa (sf)    
      Coupon 3.2 % p.a.  
      Denomination 100 RMB  
      Payment Frequency monthly  
      Redemption sequential / pro rata /
      pass through
       
      Form Registered Notes  
      Listing China Central Depository and Clearing Co., Ltd.  

      Download Main Documents

      Driver China 12 - Offering Circular (English)
      Jun 1, 2021
      Driver China 12 - Offering Circular (Chinese)
      Jun 1, 2021
      Driver China 12 - New Issue Report Lianhe
      Jun 1, 2021
      Driver China 12 - New Issue Report CBR
      Jun 1, 2021
      Driver China 12 - New Issue Report Moody's
      Jun 1, 2021

      Download Investor Reports  

      Investor Report Driver China twelve 06.2023
      Jul 19, 2023
      Investor Report Driver China twelve 07.2023
      Aug 21, 2023
      Investor Report Driver China twelve 08.2023
      Sep 19, 2023
    • Driver China thirteen

        Class A    
      Initial Balance 7,136m RMB  
      Ranking Senior  
      Initial Credit Enhancement 12.00 %  
      Expected Weighted Average Lives 1.27 years  
      Closing Date 17.11.2021  
      Expected Repayment Date June 2024  
      Legal Maturity Date
      December 2028
         
      Rating (CBR / CCXI / Moody's) AA+ (sf) / AAA (sf) / Aaa (sf)    
      Coupon 3.16% p.a.  
      Denomination 100 RMB  
      Payment Frequency monthly  
      Redemption sequential / pro rata /
      pass through
       
      Form Registered Notes  
      Listing China Central Depository and Clearing Co., Ltd.  

      Download Main Documents

      Driver China 13 - Offering Circular (English)
      Nov 17, 2021
      Driver China 13 - Offering Circular (Chinese)
      Nov 17, 2021
      Driver China 13 - New Issue Report CCXI
      Nov 17, 2021
      Driver China 13 - New Issue Report CBR
      Nov 17, 2021
      Driver China 13 - New Issue Report Moody's
      Nov 17, 2021

      Download Investor Reports  

      Investor Report Driver China thirteen 06.2023
      Jul 19, 2023
      Investor Report Driver China thirteen 07.2023
      Aug 21, 2023
      Investor Report Driver China thirteen 08.2023
      Sep 19, 2023
    • Driver China fourteen

        Class A    
      Initial Balance 8,000m RMB  
      Ranking Senior  
      Initial Credit Enhancement 12.00 %  
      Expected Weighted Average Lives 1.16 years  
      Closing Date 26.10.2022  
      Expected Repayment Date August 2025  
      Legal Maturity Date
      August 2029
         
      Rating (Lianhe / CBR / Fitch) AAA (sf) / AA+ (sf) / AAA (sf)    
      Coupon 2.30% p.a.  
      Denomination 100 RMB  
      Payment Frequency monthly  
      Redemption sequential / pro rata /
      pass through
       
      Form Registered Notes  
      Listing China Central Depository and Clearing Co., Ltd.  

      Download Main Documents

      Driver China 14 - Offering Circular (English)
      Oct 27, 2022
      Driver China 14 - Offering Circular (Chinese)
      Oct 27, 2022
      Driver China 14 - New Issue Report CBR
      Oct 27, 2022
      Driver China 14 - New Issue Report Lianhe
      Oct 27, 2022
      Driver China 14 - Presale Report Fitch
      Oct 27, 2022

      Download Investor Reports  

      Investor Report Driver China fourteen 06.2023
      Jul 19, 2023
      Investor Report Driver China fourteen 07.2023
      Aug 21, 2023
      Investor Report Driver China fourteen 08.2023
      Sep 19, 2023

    Volkswagen Pon Financial Services B.V.

    • VCL Master Netherlands B.V.  

        Class A  Notes Class B Notes
      Balance on Renewal 684.2m EUR 76.6m EUR
      Ranking Senior Junior
      Initial Credit Enhancement 32.90 % 25.40 %
      Expected Weighted Average Lives 2.42 years 2.57 years
      Closing Date 25.11.2022 25.11.2022
      Expected Repayment Date December 2026 December 2026
      Legal Maturity Date
      March 2030
      March 2030    
      Domestic Rating (DBRS/ Moody´s) AAA(sf) / Aaa(sf) Not Rated
       
      Coupon 1-m-EURIBOR + 0.70% p.a. 1-m-EURIBOR + 1.35% p.a.
      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 Notes Global Registered Notes
      Listing Luxembourg Stock Exchange Luxembourg Stock Exchange

      Download Main Documents

      Prospectus VCL Master NL
      Nov 25, 2022
      Press Release Moody's
      Nov 25, 2022
      Press Release DBRS
      Nov 25, 2022
      New Issue Report Moody's
      Dec 10, 2019
      New Issue Report DBRS
      Nov 25, 2021
      STS Notification VCL Master NL 11.2022  
      Nov 25, 2022
      SVI Verification Report VCL Master NL 11.2022  
      Nov 25, 2022
      SVI CRR Assessment VCL Master NL 11.2022
      Nov 25, 2022

      Download Investor Reports  

      Investor Report VCL Master Netherlands 06.2023
      Jul 18, 2023
      Investor Report VCL Master Netherlands 07.2023
      Aug 18, 2023
      Investor Report VCL Master Netherlands 08.2023
      Sep 18, 2023

Volkswagen D’Ieteren Finance SA

  • Driver Belgium Master  

      Class A  Notes Class B Notes
    Balance on Renewal 481m EUR 21.25m EUR
    Ranking Senior Junior
    Initial Credit Enhancement 9.25 % 5.24%
    Expected Weighted Average Lives 2.18 years 2.29 years
    Closing Date 25.11.2022 25.11.2022
    Expected Repayment Date May 2026 May 2026
    Legal Maturity Date
    December 2032 December 2032    
    Rating (Fitch/ Moody´s) AAA(sf) / Aaa(sf) AA- (sf) / Aa2 (sf)  
    Coupon 1-m-EURIBOR + 0.65% p.a. 1-m-EURIBOR + 1.45% p.a.
    Denomination 250,000 EUR 250,000 EUR
    Payment Frequency monthly monthly
    Redemption sequential / pro rata /
    pass through
    sequential / pro rata /
    pass through
    Form Dematerialised Notes under the Belgian Code of Companies and Associations Dematerialised Notes under the Belgian Code of Companies and Associations
    Listing Luxembourg Stock Exchange Luxembourg Stock Exchange

    Download Main Documents

    Prospectus Driver Belgium
    Nov 25, 2022
    STS Notification Driver Belgium Master  
    Nov 25, 2022
    SVI Verification Report Driver Belgium Master  
    Nov 25, 2022
    New Issue Report Fitch
    Nov 25, 2022
    New Issue Report Moody's
    Nov 25, 2022
    Press Release Fitch
    Nov 25, 2022
    Press Release Moody's
    Nov 25, 2022

    Download Investor Reports  

    Investor Report Driver Belgium Master 06.2023
    Jul 17, 2023
    Investor Report Driver Belgium Master 07.2023
    Aug 18, 2023
    Investor Report Driver Belgium Master 08.2023
    Sep 18, 2023

Volkswagen Financial Services Polska sp. z o.o.

  • VCL Master Poland  

         
      Notes  
    Balance on Renewal PLN 1,500m  
    Ranking Senior  
    Initial Credit Enhancement 21.50 %  
    Expected Weighted Average Lives 1.93 years  
    Closing Date 27.02.2023  
    Expected Repayment Date July 2026  
    Legal Maturity Date
    February 2032
     
    Rating (Fitch/ Moody´s) AAA(sf) / Aa1(sf)  
    Coupon 1-m-WIBOR+95% p.a.  
    Denomination PLN 1,000,000  
    Payment Frequency monthly  
    Redemption sequential / pro rata /
    pass through
     
    Form Global Registered Notes  
       

    Download Main Documents

    Offering Circular VCL Master Poland
    Feb 27, 2023
    STS Notification VCL Master Poland  
    Feb 27, 2023
    SVI Verification Report VCL Master Poland  
    Feb 27, 2023
    SVI CRR Assesment VCL Master Poland 
    Feb 27, 2023
    SVI LCR Assesment VCL Master Poland
    Feb 27, 2023

    Download Investor Reports  

    Investor Report VCL Master Poland 06.2023
    Jul 18, 2023
    Investor Report VCL Master Poland 07.2023
    Aug 18, 2023
    Investor Report VCL Master Poland 08.2023
    Sep 18, 2023

More Information about Volkswagen Financial Services AG

Control and Profit and Loss Transfer Agreement

Control and Profit and Loss
Transfer Agreement