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Capital market/deposits/ABS refinancing

Refinancing sources as at 30st June 2019

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, only these refinancing sources represent more than a quarter of our balance sheet total. We will strive to increase this portion.

  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.

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.

  • € 35 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, 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, Lloyds Bank Corporate Market Wertpapierhandelsbank GmbH, MUFG,
    MIZUHO SECURITIES, NATWEST MARKETS, RBC Capital Markets, SANTANDER GLOBAL CORPORATE BANKING,
    Skandinaviska Enskilda Banken AB (publ), SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING,
    TD Securities, UNICREDIT BANK
    Issuing + Paying Agent CITIBANK, N.A.

    Download

    EUR 35 bn Debt Issuance Programme
    Jun 6, 2019
    1st Supplement (19.08.2019)
    Aug 19, 2019
  • € 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
    Guarantor Volkswagen Financial Services AG (für Volkswagen Leasing GmbH,
    Volkswagen Financial Services N.V. und SkoFIN s.r.o)
    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

    € 5 bn Multi-Currency Commercial Paper Programme
    Mar 9, 2017
    Commercial Paper Target Market Definition
    Mar 9, 2017
  • 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
    Jun 30, 2019
  • AUD 3 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: 11.10.2019; CUR+amount: EUR 1,000 m
    Interest rate: 3-month-Euribor + 0.35%; WKN: A2LQJZ; ISIN: XS1806435324
    Apr 10, 2018
    Maturity: 16.07.2020; CUR+amount: EUR 500 m
    Interest rate: 3-month-Euribor + 0.35%; WKN: A2NF0U; ISIN: XS1856798027
    Jul 12, 2018
    Maturity: 16.10.2020; CUR+amount: EUR 1,000 m
    Interest rate: 0.25%; WKN: A2LQ6A; ISIN: XS1893632221
    Oct 12, 2018
    Maturity: 15.02.2021; CUR+amount: EUR 500 m
    Interest rate: 3-month-Euribor + 0.800%; WKN: A2LQ6D; ISIN: XS1952701982
    Feb 12, 2019
    Maturity: 12.04.2021; CUR+amount: EUR 500 m
    Interest rate: 0.375%; WKN: A2LQJ0; ISIN: XS1806453814
    Apr 10, 2018
    Maturity: 14.10.2021; CUR+amount: EUR 750 m
    Interest rate: 0.750%; WKN: 780516; ISIN: XS1216647716
    Apr 10, 2015
    Maturity: 01.04.2022; CUR+amount: EUR 1,100 m
    Interest rate: 0.625%; WKN: A2LQ6E; ISIN: XS1972547183
    Mar 28, 2019
    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: 01.10.2024; CUR+amount: EUR 1,000 m
    Interest rate: 1.500%; WKN: A2LQ6F; ISIN: XS1972548231
    Mar 28, 2019
    Maturity: 16.10.2026; CUR+amount: EUR 750 m
    Interest rate: 2.250%; WKN: A2LQ6C; ISIN: XS1893631769
    Oct 12, 2018
    Maturity: 01.10.2027; CUR+amount: EUR 650 m
    Interest rate: 2.250%; WKN: A2LQ6G; ISIN: XS1972547696
    Mar 28, 2019
  • Volkswagen Financial Services N.V.

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

  • Volkswagen Leasing GmbH

    Maturity: 11.08.2020; CUR+amount: EUR 750 m
    Interest rate: 0,75%; WKN: A0JCC3; ISIN: XS1273507100
    Aug 7, 2015
    Maturity: 05.10.2020; CUR+amount: EUR 1.25 bn
    Interest rate: 0,250%; WKN: A2GSFP; ISIN: XS1692348847
    Sep 29, 2017
    Maturity: 16.02.2019; CUR+amount: EUR 1.25 bn
    Interest rate: 3-month-Euribor + 0.25%; WKN: A2GSFR; ISIN: XS1865186594
    Apr 18, 2018
    Maturity: 06.07.2021; CUR+amount: EUR 1.25 bn
    Interest rate: 3-month-Euribor + 0.45%; WKN: A2GSFM; ISIN: XS1642546078
    Jul 4, 2017
    Maturity: 02.08.2021; CUR+amount: EUR 600 m
    Interest rate: 3-months Euribor + 0.45%; WKN: A2GSFY; ISIN: XS2035557334
    Jul 31, 2019
    Maturity: 04.04.2022; CUR+amount: EUR 750 m
    Interest rate: 2,125%; WKN: A0JCC0; ISIN: XS1050917373
    Apr 2, 2014
    Maturity: 06.09.2022; CUR+amount: EUR 1.0 bn
    Interest rate: 2,375%; WKN: A0JCCW; ISIN: XS0823975585
    Sep 3, 2012
    Maturity: 16.02.2023; CUR+amount: EUR 750 m
    Interest rate: 1,00%; WKN: A2GSFS; ISIN: XS1865186321
    Aug 14, 2018
    Maturity: 15.01.2024; CUR+amount: EUR 1.25 bn
    Interest rate: 2,625%; WKN: A0JCCZ; ISIN: XS1014610254
    Jan 13, 2014
    Maturity: 04.04.2024; CUR+amount: EUR 1.0 bn
    Interest rate: 1,125%; WKN: A2GSFQ; ISIN: XS1692347526
    Sep 29, 2017
    Maturity: 20.01.2025; CUR+amount: EUR 1.0 bn
    Interest rate: 1,375%; WKN: A2GSFN; ISIN: XS1642590480
    Jul 4, 2017
    Maturity: 15.08.2025; CUR+amount: EUR 750 m
    Interest rate: 1,625%; WKN: A2GSFT; ISIN: XS1865186677
    Aug 14, 2018
  • Volkswagen Financial Services Japan Ltd.

  • Volkswagen Financial Services Australia Ltd.  

Asset Backed Securities

Volkswagen Financial Services Japan Ltd.  

  • Driver Japan five

      Trust Beneficial Interest Asset Backed Loan
    Initial Balance 31.0bn JPY 31.0bn JPY
    Ranking Senior Senior
    Initial Credit Enhancement 7.1 % 7.1 %
    Expected Weighted Average Lives 2.22 years 2.22 years
    Closing Date 26.02.2016 26.02.2016
    Expected Repayment Date September 2019 September 2019
    Final Maturity Date
    June 2024
    June 2024
    Rating (Moody´s / Fitch / R&I) Aaa(sf) / AAA(sf) / AAA Aaa(sf) / AAA(sf) / AAA
    Coupon 0.19 % p.a. 0.19 % 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 five
    Feb 24, 2016
    English Offering Circular Driver Japan five
    Feb 24, 2016
    New Issue Report Fitch
    Feb 26, 2016
    New Issue Report Moody's
    Feb 26, 2016
    New Issue Report R&I
    Feb 26, 2016
    TSI Declaration of Undertaking
    Feb 26, 2016

    Download Investor Reports

    Investor Report Driver Japan five 07.2019
    Jul 19, 2019
    Investor Report Driver Japan five 08.2019
    Aug 19, 2019
    Investor Report Driver Japan five 09.2019
    Sep 18, 2019
  • Driver Japan six

      Trust Beneficial Interest Asset Backed Loan
    Initial Balance 39.2bn JPY 20.8bn JPY
    Ranking Senior Senior
    Initial Credit Enhancement 7.0 % 7.0 %
    Expected Weighted Average Lives 2.4 years 2.4 years
    Closing Date 27.02.2017 27.02.2017
    Expected Repayment Date April 2021 April 2021
    Final Maturity Date
    June 2025
    June 2025
    Rating (Moody´s / Fitch / R&I) Aaa(sf) / AAA(sf) / AAA Aaa(sf) / AAA(sf) / AAA
    Coupon 0.19 % p.a. 0.19 % 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 six
    Feb 23, 2017
    English Offering Circular Driver Japan six
    Feb 23, 2017
    New Issue Report Fitch
    Feb 27, 2017
    New Issue Report Moody's
    Feb 27, 2017
    New Issue Report R&I
    Feb 27, 2017

    Download Investor Reports  

    Investor Report Driver Japan six 09.2019
    Sep 18, 2019
    Investor Report Driver Japan six 10.2019
    Oct 18, 2019
    Investor Report Driver Japan six 11.2019
    Nov 15, 2019
  • Driver Japan seven

      Trust Beneficial Interest Asset Backed Loan
    Initial Balance 41.5bn JPY 13.5bn JPY
    Ranking Senior Senior
    Initial Credit Enhancement 6.5 % 6.5 %
    Expected Weighted Average Lives 2.5 years 2.5 years
    Closing Date 27.02.2018 27.02.2018
    Expected Repayment Date April 2022 April 2022
    Final Maturity Date
    June 2026
    June 2026
    Rating (Moody´s / Fitch / R&I) Aaa(sf) / AAA(sf) / AAA Aaa(sf) / AAA(sf) / AAA
    Coupon 0.17 % p.a. 0.17 % 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 seven
    Mar 23, 2018
    English Offering Circular Driver Japan seven
    Mar 23, 2018
    New Issue Report Fitch
    Mar 27, 2018
    New Issue Report Moody's
    Mar 27, 2018
    New Issue Report R&I
    Mar 27, 2018
    TSI Declaration of Undertaking
    Mar 27, 2018

    Download Investor Reports  

    Investor Report Driver Japan seven 09.2019
    Sep 18, 2019
    Investor Report Driver Japan seven 10.2019
    Oct 18, 2019
    Investor Report Driver Japan seven 11.2019
    Nov 15, 2019
  • Driver Japan eight

      Trust Beneficial Interest Asset Backed Loan
    Initial Balance 47 bn JPY 18 bn JPY
    Ranking Senior Senior
    Initial Credit Enhancement 6.5 % 6.5 %
    Expected Weighted Average Lives 2.48 years 2.48 years
    Closing Date 27.02.2019 27.02.2019
    Expected Repayment Date May 2023 May 2023
    Legal Final Maturity
    June 2027
    June 2027
    Rating (Moody´s / Fitch / R&I) Aaa(sf) / AAA(sf) / AAA Aaa(sf) / AAA(sf) / AAA
    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 eight
    Feb 25, 2019
    English Offering Circular Driver Japan eight
    Feb 25, 2019
    New Issue Report Fitch
    Feb 27, 2019
    New Issue Report Moody's
    Feb 27, 2019
    New Issue Report R&I
    Feb 27, 2019

    Download Investor Reports  

    Investor Report Driver Japan eight 09.2019
    Sep 18, 2019
    Investor Report Driver Japan eight 10.2019
    Oct 18, 2019
    Investor Report Driver Japan eight 11.2019
    Nov 15, 2019
  • Volkswagen Financial Services (UK) Ltd.

    • Driver UK Master C2

        Class A Class B
      Initial Balance 3,974.3m GBP
      611.2m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 31.63% 21.12%
      Expected Weighted Average Lives 2.10 years 1.96 years
      Closing Date 28.05.2019
      28.05.2019
      Expected Repayment Date Oct 2022 Oct 2022
      Final Maturity Date
      May 2027 May 2027
      Rating (Moody´s / Fitch) [AAA(sf) / AAA(sf) / AAA(sf)] [A1(sf) / A+(sf) / A+(sf)]
      Coupon 1-m-LIBOR+ 0.65% p.a. 1-m-LIBOR+ 1.20% 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

      Prospectus Driver UK Master C2 - Renewal 2019
      May 22, 2019
      New Issue Report Moody's
      May 28, 2018
      New Issue Report Fitch
      May 28, 2018
      New Issue Report S&P
      May 28, 2018
      TSI Declaration of Undertaking
      May 25, 2018
      PCS Final Checklist
      May 28, 2018
      STS Notification
      May 18, 2019

      Download Investor Reports  

      Investor Report Driver UK Master C2 08.2019
      Sep 20, 2019
      Investor Report Driver UK Master C2 09.2019
      Oct 21, 2019
      Investor Report Driver UK Master C2 10.2019
      Nov 19, 2019
    • Driver UK Master C4

        Class A   Class B  
      Initial Balance 684.8m GBP 65.2m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 27.5 % 20.05 %
      Expected Weighted Average Lives 3.32 years 3.44 years
      Closing Date 25.06.2018 25.06.2018
      Expected Repayment Date May 2022 May 2022
      Final Maturity Date
      June 2028
      June 2028  
      Rating (Moody´s / S&P) AAA(sf) / AAA(sf) A1(sf) / A+(sf)
      Coupon 1-m-LIBOR+ 0.65% p.a. 1-m-LIBOR + 1.20% 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

      Offering Circular Driver UK Master C4
      Jun 20, 2018
      S&P - New Issue Report
      Jun 25, 2018
      S&P- Press Release
      Jun 20, 2018
      Moody's - New Issue Report
      Jun 25, 2018
      Moody's - Press Release
      Jun 25, 2018

      Download Investor Reports  

      Investor Report Driver UK Master Compartment 4 08.2019
      Sep 20, 2019
      Investor Report Driver UK Master Compartment 4 09.2019
      Oct 21, 2019
      Investor Report Driver UK Master Compartment 4 10.2019
      Nov 19, 2019
    • Driver UK Master C5

        Class A   Class B  
      Initial Balance 450m GBP 52.8m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 27.5 % 19.0 %
      Expected Weighted Average Lives 3.32 years 3.43 years
      Closing Date 25.03.2019 25.03.2019
      Expected Repayment Date December 2023
      December 2023
      Final Maturity Date
      February 2029
      February 2029
       
      Rating (Moody´s / Fitch) Aaa(sf) / AAA(sf) Aa3(sf) / AA-(sf)
      Coupon 1-m-LIBOR+ 0.82% p.a. 1-m-LIBOR + 1.75% 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

      Offering Circular Driver UK Master C5
      Mar 20, 2019
      Fitch - Presale Report
      Mar 25, 2019
      Moody's - Presale Report
      Mar 25, 2019
      TSI - Declaration of Undertaking
      Mar 25, 2019

      Download Investor Reports  

      Investor Report Driver UK Master Compartment 5 08.2019
      Sep 20, 2019
      Investor Report Driver UK Master Compartment 5 09.2019
      Oct 21, 2019
      Investor Report Driver UK Master Compartment 5 10.2019
      Nov 19, 2019
    • Driver UK four

        Class A   Class B  
      Initial Balance 579m GBP 51.8m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 24.0 % 17.1 %
      Expected Weighted Average Lives 2.16 years 2.71 years
      Closing Date 25.11.2016 25.11.2016
      Expected Repayment Date December 2020 December 2020
      Final Maturity Date
      March 2025
      March 2025    
      Rating (Moody´s / S&P) Aaa(sf) / AAA(sf) Aa2(sf) / A+(sf)
      Coupon 1-m-LIBOR+ 0.57% p.a. 1-m-LIBOR + 1.25% p.a.
      Denomination 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

      Offering Circular Driver UK four
      Nov 22, 2016
      New Issue Report DBRS
      Nov 25, 2016
      New Issue Report Moody's
      Nov 25, 2016
      New Issue Report S&P
      Nov 25, 2016
      TSI Declaration of Undertaking
      Nov 25, 2016

      Download Investor Reports  

      Investor Report Driver UK four 08.2019
      Sep 20, 2019
      Investor Report Driver UK four 09.2019
      Oct 21, 2019
      Investor Report Driver UK four 10.2019
      Nov 19, 2019
    • Driver UK five

        Class A   Class B  
      Initial Balance 340m GBP 28.5m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 23.6 % 17.1 %
      Expected Weighted Average Lives 2.07 years 2.45 years
      Closing Date 27.03.2017 27.03.2017
      Expected Repayment Date December 2020 December 2020
      Legal Maturity Date
      July 2025
      July 2025  
      Rating (DBRS / Moody´s / ARC) AAA(sf) / Aaa(sf) / AAA(sf) A (high)(sf) / A1(sf) / A+(sf)
      Coupon 1-m-LIBOR + 0.45% p.a. 1-m-LIBOR + 0.90% p.a.
      Denomination 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

      Offering Circular Driver UK five
      Mar 22, 2017
      New Issue Report DBRS
      Mar 27, 2017
      New Issue Report Moody's
      Mar 27, 2017
      New Issue Report ARC
      Mar 27, 2017
      TSI Declaration of Undertaking
      Mar 27, 2017

      Download Investor Reports  

      Investor Report Driver UK five 08.2019
      Sep 19, 2019
      Investor Report Driver UK five 09.2019
      Oct 21, 2019
      Investor Report Driver UK five 10.2019
      Nov 19, 2019
    • Driver UK six

        Class A   Class B  
      Initial Balance 340.2m GBP 29.2m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 25.6 % 19.1 %
      Expected Weighted Average Lives 2.08 years 2.23 years
      Closing Date 25.09.2017 25.09.2017
      Expected Repayment Date June 2021 June 2021
      Legal Maturity Date
      February 2026
      February 2026  
      Rating (S&P / Moody´s) AAA(sf) / Aaa(sf) Aa-(sf) / Aa3(sf)
      Coupon 1-m-LIBOR + 48bps p.a. 1-m-LIBOR + 90bps p.a.
      Denomination 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

      Offering Circular Driver UK six
      Sep 20, 2017
      New Issue Report Moody's
      Sep 25, 2017
      New Issue Report S&P
      Sep 25, 2017
      Declaration of Undertaking
      Sep 25, 2017

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      Investor Report Driver UK six 08.2019
      Sep 19, 2019
      Investor Report Driver UK six 09.2019
      Oct 21, 2019
      Investor Report Driver UK six 10.2019
      Nov 19, 2019
    • Private Driver UK 2018-1

        Class A   Class B  
      Initial Balance 918.7m GBP 87.5m GBP
      Ranking Senior Junior
      Initial Credit Enhancement 27.7 % 20.7 %
      Expected Weighted Average Lives 3.23 years 3.34 years
      Closing Date 26.03.2018 26.03.2018
      Expected Repayment Date November 2022 November 2022
      Legal Maturity Date
      February 2028
      February 2028  
      Rating (S&P / Moody´s) AAA(sf) / Aaa(sf)   A+(sf) / Aa2(sf)
      Coupon 1-m-LIBOR + 0.65% p.a. 1-m-LIBOR + 1.20% 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

      Offering Circular Private Driver UK 2018-1
      Mar 20, 2018
      New Issue Report Moody's
      Mar 26, 2018
      New Issue Report S&P
      Mar 26, 2018

      Download Investor Reports  

      Investor Report Private Driver UK 2018-1 08.2019
      Sep 20, 2019
      Investor Report Private Driver UK 2018-1 09.2019
      Oct 21, 2019
      Investor Report Private Driver UK 2018-1 10.2019
      Nov 19, 2019
    • 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 Class B Notes
      Initial Balance 1.700.0m AUD 290.0m AUD
      Ranking Senior Junior
      Initial Credit Enhancement 17.50 % 10.50 %
      Expected Weighted Average Lives 2.56 years 2.52 years
      Closing Date 25.06.2019 25.06.2019
      Expected Repayment Date October 2023
      October 2023
      Legal Maturity Date
      August 2028
      August 2028  
      Rating (Fitch / S&P) AAA(sf) / AAA(sf) A+(sf) / A+(sf)
      Coupon 1-m-BBSW + 1.00% p.a. 1-m-BBSW + 1.55% 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 Australian Securities Exchange

      Download Main Documents

      Offering Circular Driver Australia Master
      Jun 25, 2019
      Press Release Fitch
      Jun 26, 2018
      New Issue Report S&P
      Jun 24, 2019

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      Investor Report Driver Australia Master 08.2019
      Sep 18, 2019
      Investor Report Driver Australia Master 09.2019
      Nov 7, 2019
      Investor Report Driver Australia Master 10.2019
      Nov 18, 2019
    • Driver Australia three

        Class A   Class B  
      Initial Balance 500m AUD 31m AUD
      Ranking Senior Junior
      Initial Credit Enhancement 14.00 % 8.60 %
      Expected Weighted Average Lifes 1.75 years 2.65 years
      Closing Date 28.04.2016 28.04.2016
      Expected Repayment Date March 2020 March 2020
      Final Maturity Date
      May 2024
      May 2024  
      Rating (Fitch / S&P) AAA(sf) / AAA(sf) AA-(sf) / AA-(sf)
      Coupon 1-m-BBSW + 1.70% p.a. 1-m-BBSW + 2.65% 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 three
      Apr 20, 2016
      New Issue Report Fitch
      Apr 28, 2016
      New Issue Report S&P
      Apr 27, 2016
      TSI Declaration of Undertaking
      Apr 22, 2016

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      Investor Report Driver Australia three 08.2019
      Sep 16, 2019
      Investor Report Driver Australia three 09.2019
      Oct 16, 2019
      Investor Report Driver Australia three 10.2019
      Nov 18, 2019
    • Driver Australia four

        Class A   Class B  
      Initial Balance 441m AUD 25m AUD
      Ranking Senior Junior
      Initial Credit Enhancement 13.00 % 8.0 %
      Expected Weighted Average Lives 1.80 years 2.86 years
      Closing Date 25.05.2017 25.05.2017
      Expected Repayment Date May 2021 May 2021
      Final Maturity Date
      August 2025
      August 2025  
      Rating (S&P / Fitch) AAA(sf) / AAA(sf) AA+(sf) / AA-(sf)
      Coupon 1M BBSW + 0.95% p.a. 1M BBSW + 1.65% p.a.
      Denomination 100,000 AUD 10,000 AUD
      Payment Frequency monthly monthly
      Redemption sequential / pro rata /
      pass through
      sequential / pro rata /
      pass through
      Form Registered Notes Registered Notes
      Listing Australian Securities Exchange Australian Securities Exchange

      Download Main Documents

      Offering Circular Driver Australia four
      May 25, 2017
      New Issue Report S&P
      May 25, 2017
      New Issue Report Fitch
      May 25, 2017
      TSI Declaration of Undertaking
      May 19, 2017

      Download Investor Reports  

      Investor Report Driver Australia four 08.2019
      Sep 16, 2019
      Investor Report Driver Australia four 09.2019
      Oct 16, 2019
      Investor Report Driver Australia four 10.2019
      Nov 18, 2019
    • Driver Australia five

        Class A   Class B  
      Initial Balance 661.5m AUD 37.5m AUD
      Ranking Senior Junior
      Initial Credit Enhancement 13.00 % 8.0 %
      Expected Weighted Average Lives 1.75 years 2.77 years
      Closing Date 26.04.2018 26.04.2018
      Expected Repayment Date March 2022 March 2022
      Final Maturity Date
      July 2026
      July 2026  
      Rating (Fitch / S&P) AAA(sf) / AAA(sf) AA-(sf) / AA+(sf)
      Coupon 1-m-BBSW + 93bps p.a. 1-m-BBSW + 150bps 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 five
      Apr 26, 2018
      New Issue Report S&P
      Apr 25, 2018
      New Issue Report Fitch
      Apr 26, 2018
      TSI Declaration of Undertaking
      Apr 19, 2018

      Download Investor Reports  

      Investor Report Driver Australia five 08.2019
      Sep 16, 2019
      Investor Report Driver Australia five 09.2019
      Oct 16, 2019
      Investor Report Driver Australia five 10.2019
      Nov 18, 2019
    • Driver Australia six

        Class A   Class B  
      Initial Balance 887m AUD 50m AUD
      Ranking Senior Junior
      Initial Credit Enhancement 12.50 % 7.5 %
      Expected Weighted Average Lives 1.73 years 2.77 years
      Closing Date 25.10.2019 25.10.2019
      Expected Repayment Date August 2023 August 2023
      Final Maturity Date
      December 2027 December 2027
      Rating (Fitch / S&P / Moody´s) AAA(sf) / AAA(sf) / Aaa(sf) AA-(sf) / A+(sf) / Aa3(sf)
      Coupon 1-m-BBSW + 90bps p.a. 1-m-BBSW + 135bps 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 six
      Oct 25, 2019
      New Issue Report Fitch
      Oct 25, 2019
      New Issue Report Moody´s
      Oct 25, 2018
      New Issue Report S&P
      Oct 25, 2019

      Download Investor Reports  

      Investor Report Driver Australia six 10.2019
      Nov 18, 2019
    • 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 seven

        Class A   Class B  
      Initial Balance 3,512m RMB 150m RMB
      Ranking Senior Junior
      Initial Credit Enhancement 12.2 % 8.5 %
      Expected Weighted Average Lives 0.91 years 1.46 years
      Closing Date 21.09.2017 21.09.2017
      Expected Repayment Date September 2019 September 2019
      Legal Maturity Date
      July 2024
      July 2024  
      Domestic Rating (CCXI / CBR / S&P / Fitch) AAA / AA+ / AA(sf) / AA(sf) AA / AA / A-(sf) / A(sf)  
      Coupon 4.95 % p.a. 5.2 % p.a.
      Denomination 100 RMB 100 RMB
      Payment Frequency monthly monthly
      Redemption sequential / pro rata /
      pass through
      sequential / pro rata /
      pass through
      Form Registered Notes Registered Notes
      Listing China Central Depository and Clearing Co., Ltd. China Central Depository and Clearing Co., Ltd.

      Download Main Documents

      English Offering Circular Driver China seven
      Sep 21, 2017
      Chinese Offering Circular Driver China seven
      Sep 21, 2017
      New Issue Report CBR
      Jul 18, 2017
      New Issue Report CCXI
      Sep 18, 2017
      New Issue Report S&P
      Sep 21, 2017
      New Issue Report Fitch
      Sep 21, 2017
      TSI Declaration of Undertaking
      Sep 15, 2017

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      Investor Report Driver China seven 04.2019
      May 13, 2019
      Investor Report Driver China seven 05.2019
      Jun 12, 2019
      Investor Report Driver China seven 06.2019
      Jul 19, 2019
      Investor Report Driver China seven 07.2019
      Aug 9, 2019
    • Driver China eight

        Class A   Class B  
      Initial Balance 3,073m RMB 132m RMB
      Ranking Senior Junior
      Initial Credit Enhancement 12.2 % 8.43 %
      Expected Weighted Average Lives 0.68 years 1.07 years
      Closing Date 07.12.2017 07.12.2017
      Expected Repayment Date October 2019 October 2019
      Legal Maturity Date
      August 2024
      August 2024  
      Domestic Rating (CCXI / CBR / S&P / Moody´s) AAA / AA+ / AA(sf) / Aa3(sf) AA / AA / A-(sf) / A3(sf)  
      Coupon 5.14 % p.a. 5.60 % p.a.
      Denomination 100 RMB 100 RMB
      Payment Frequency monthly monthly
      Redemption sequential / pro rata /
      pass through
      sequential / pro rata /
      pass through
      Form Registered Notes Registered Notes
      Listing China Central Depository and Clearing Co., Ltd. China Central Depository and Clearing Co., Ltd.

      Download Main Documents

      English Offering Circular
      Dec 5, 2017
      Chinese Offering Circular
      Dec 5, 2017
      New Issue Report CBR
      Dec 5, 2017
      New Issue Report CCXI
      Dec 4, 2017
      New Issue Report S&P
      Dec 7, 2017
      New Issue Report Moody's
      Dec 7, 2017
      TSI Declaration of Undertaking
      Nov 30, 2017

      Download Investor Reports  

      Investor Report Driver China eight 06.2019
      Jul 19, 2019
      Investor Report Driver China eight 07.2019
      Aug 9, 2019
      Investor Report Driver China eight 08.2019
      Sep 17, 2019
    • Driver China nine

        Class A    
      Initial Balance [5,370m RMB]  
      Ranking Senior  
      Initial Credit Enhancement [11.71 %]  
      Expected Weighted Average Lives [1.63 years]  
      Closing Date [28.11.2019]  
      Expected Repayment Date [May 2022]  
      Legal Maturity Date
      [June 2027]
         
      Domestic Rating (CCXI / CBR / S&P / Moody´s) [AAA (sf) / AA+ (sf) / AA+ (sf) / Aa3(sf)]    
      Coupon  [%] 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

      Draft English Offering Circular
      Dec 5, 2017
      Investor Presentation
      Dec 5, 2017
      Term Sheet
      Dec 5, 2017
      Data Package
      Dec 5, 2017

      Download Investor Reports  

    Volkswagen Pon Financial Services B.V.

    • VCL Master Netherlands B.V.  

        Class A  Notes Class B Notes
      Initial Balance 483.4m EUR 53.2m EUR
      Ranking Senior Junior
      Initial Credit Enhancement 32.90 % 25.40 %
      Expected Weighted Average Lives 2.29 years 2.58 years
      Closing Date 26.11.2018 26.11.2018
      Expected Repayment Date August 2023 August 2023
      Legal Maturity Date
      June 2027
      June 2027  
      Domestic Rating (Fitch / Moody´s) AAA(sf) / Aaa(sf) AA(sf) / Aa2(sf)  
      Coupon 1-m-EURIBOR + 0.45% p.a. 1-m-EURIBOR + 0.90% 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

      Offering Circular VCL Master NL
      Nov 22, 2018
      New Issue Report Fitch
      Nov 26, 2018
      Press Release Moody's
      Nov 27, 2018
      TSI Declaration of Undertaking
      Nov 26, 2018
      Preliminary Prospectus VCL Master NL
      Oct 17, 2019
      Preliminary STS Notification VCL Master NL  
      Oct 17, 2019
      SVI Preliminary Verification Report VCL Master NL  
      Oct 21, 2019

      Download Investor Reports  

      Investor Report VCL Master Netherlands 08.2019
      Sep 18, 2019
      Investor Report VCL Master Netherlands 09.2019
      Oct 18, 2019
      Investor Report VCL Master Netherlands 10.2019
      Nov 18, 2019

Volkswagen Doğuş Finans

  • Driver Turkey Master

      Class A  
    Initial Balance 816.5 TRY
    Ranking Senior
    Initial Credit Enhancement 25 %
    Expected Weighted Average Lives 1.88 years
    Closing Date 28.02.2018
    Expected Repayment Date April 2021
    Final Maturity Date
    March 2026
     
    Domestic Rating (Fitch / Moody´s) A-(sf) / BBB+(sf)  
    Coupon 15,29 %  
    Denomination 500,000 TRY
    Payment Frequency monthly
    Redemption scheduled amortisation
    Form Global Registered Notes
    Listing not listed

    Download Main Documents

    New Issue Report Moodys
    Feb 28, 2018
    New Issue Report Fitch
    Feb 28, 2018

    Download Investor Reports  

    Investor Report DTM 08.2019
    Sep 20, 2019
    Investor Report DTM 09.2019
    Oct 23, 2019
    Investor Report DTM 10.2019
    Nov 20, 2019

Banco Volkswagen

  • Driver Brasil four

      Senior Quotas
    Initial Balance 1,000 BRL
    Ranking Senior
    Initial Credit Enhancement 9.09 %
    Expected Weighted Average Lives 1.06 years
    Closing Date 02.07.2019
    Expected Repayment Date December 2021
    Final Maturity Date
    July 2024
     
    Rating (Moody's / Fitch) Aaa.br / AAA(bra)  
    Coupon 106.25% CDI p.a.
    Denomination 10,000 BRL
    Payment Frequency monthly
    Redemption sequential / pro rata / pass through
    Form Fund Quotas
    Listing not listed

    Download Main Documents

    Portuguese New Issue Report Moody's
    Jul 26, 2019
    English New Issue Report Moody's
    Jul 26, 2019
    Portuguese New Issue Report Fitch
    Jul 24, 2019
    English New Issue Report Fitch
    Jul 24, 2019

    Download Investor Reports  

    Investor Report Driver Brasil four 08.2019
    Sep 6, 2019
    Investor Report Driver Brasil four 09.2019
    Oct 16, 2019
    Investor Report Driver Brasil four 10.2019
    Nov 5, 2019

More Information about Volkswagen Financial Services AG

Control and Profit and Loss Transfer Agreement

Control and Profit and Loss
Transfer Agreement