
Capital market/deposits/ABS refinancing
Refinancing sources as at 31st December 2020
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.
- 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.
- 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.
- 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.
- 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.
- 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.
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€ 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 ProgrammeSep 15, 2022 EUR 50 bn Debt Issuance ProgrammeBase Prospectus 2021 (24.06.2021)Jun 24, 2021 Base Prospectus 2021 (24.06.2021)Base Prospectus 2020 (17.06.2020)Jun 17, 2020 Base Prospectus 2020 (17.06.2020)Base Prospectus 2019 (06.06.2019)Jun 6, 2019 Base Prospectus 2019 (06.06.2019)Base Prospectus 2018 (26.06.2018)Jun 26, 2018 Base Prospectus 2018 (26.06.2018)Base Prospectus 2017 (28.06.2017)Jun 28, 2017 Base Prospectus 2017 (28.06.2017)Base Prospectus 2016 (05.08.2016)Aug 5, 2016 Base Prospectus 2016 (05.08.2016)Base Prospectus 2015 (11.06.2015)Jun 11, 2015 Base Prospectus 2015 (11.06.2015)Base Prospectus 2014 (12.06.2014)Jun 12, 2014 Base Prospectus 2014 (12.06.2014)Base Prospectus 2013 (12.06.2013)Jun 12, 2013 Base Prospectus 2013 (12.06.2013)Base Prospectus 2012 (06.06.2012)Jun 6, 2012 Base Prospectus 2012 (06.06.2012) -
€ 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 LimitedGuarantor 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 ProgrammeJul 10, 2020 € 7.5 bn Multi-Currency Commercial Paper Programme -
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 ProgrammeOct 17, 2022 JPY 60 bn Electronic Commercial Paper Programme -
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 ProgrammeMar 22, 2019 AUD 5 bn Debt Issuance Programme -
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 ProgrammeSep 11, 2014 Publication to expand of MXN 20 bn Dual Capital Market ProgrammeMXN 15 bn Dual Capital Market ProgrammeNov 28, 2007 MXN 15 bn Dual Capital Market ProgrammeSupplement 2009Feb 24, 2009 Supplement 2009Supplement 2012Mar 9, 2012 Supplement 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 ProgrammeFeb 17, 2012 MXN 7 bn Debt Issuance Programme
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.
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Volkswagen Financial Services AG
Maturity: 06.04.2023; CUR+amount: EUR 650 mInterest rate: 2.500%; WKN: A2LQ6H; ISIN: XS2152058868Apr 6, 2020 Maturity: 06.04.2023; CUR+amount: EUR 650 m
Interest rate: 2.500%; WKN: A2LQ6H; ISIN: XS2152058868
Maturity: 12.04.2023; CUR+amount: EUR 750 mInterest rate: 0.875%; WKN: A2LQJ1; ISIN: XS1806457211
Apr 10, 2018 Maturity: 12.04.2023; CUR+amount: EUR 750 m
Interest rate: 0.875%; WKN: A2LQJ1; ISIN: XS1806457211Maturity: 16.10.2023; CUR+amount: EUR 850 mInterest rate: 1.375%; WKN: A2LQ6B; ISIN: XS1893631330Oct 12, 2018 Maturity: 16.10.2023; CUR+amount: EUR 850 m
Interest rate: 1.375%; WKN: A2LQ6B; ISIN: XS1893631330Maturity: 10.04.2024; CUR+amount: EUR 300 mInterest rate: 3-Month EURIBOR + 70 bps; WKN: A2LQ6V; ISIN: XS2573948168
Jan 6, 2023 Maturity: 10.04.2024; CUR+amount: EUR 300 m
Interest rate: 3-Month EURIBOR + 70 bps; WKN: A2LQ6V; ISIN: XS2573948168Maturity: 01.10.2024; CUR+amount: EUR 1,000 mInterest rate: 1.500%; WKN: A2LQ6F; ISIN: XS1972548231
Mar 28, 2019 Maturity: 01.10.2024; CUR+amount: EUR 1,000 m
Interest rate: 1.500%; WKN: A2LQ6F; ISIN: XS1972548231Maturity: 31.01.2025; CUR+amount: EUR 1 bnInterest rate: 0.250%; WKN: A2LQ6T; ISIN: XS2438615606Jan 27, 2022 Maturity: 31.01.2025; CUR+amount: EUR 1 bn Interest rate: 0.250%; WKN: A2LQ6T; ISIN: XS2438615606Maturity: 12.02.2025; CUR+amount: EUR 750 mInterest rate: 0.000%; WKN: A2LQ6Q; ISIN: XS2374595127Aug 10, 2021 Maturity: 12.02.2025; CUR+amount: EUR 750 m
Interest rate: 0.000%; WKN: A2LQ6Q; ISIN: XS2374595127Maturity: 06.04.2025; CUR+amount: EUR 700 mInterest rate: 3.000%; WKN: A2LQ6K; ISIN: XS2152062209
Apr 6, 2020 Maturity: 06.04.2025; CUR+amount: EUR 700 m
Interest rate: 3.000%; WKN: A2LQ6K; ISIN: XS2152062209Maturity: 16.10.2026; CUR+amount: EUR 750 mInterest rate: 2.250%; WKN: A2LQ6C; ISIN: XS1893631769
Oct 12, 2018 Fälligkeit: 16.10.2026; WHG+Betrag: EUR 750 m
Zinssatz: 2.250%; WKN: A2LQ6C; ISIN: XS1893631769Maturity: 12.02.2027; CUR+amount: EUR 1,000 mInterest rate: 0.125%; WKN: A2LQ6R; ISIN: XS2374595044
Aug 10, 2021 Maturity: 12.02.2027; CUR+amount: EUR 1,000 m
Interest rate: 0.125%; WKN: A2LQ6R; ISIN: XS2374595044Maturity: 01.10.2027; CUR+amount: EUR 650 mInterest rate: 2.250%; WKN: A2LQ6G; ISIN: XS1972547696
Mar 28, 2019 Maturity: 01.10.2027; CUR+amount: EUR 650 m
Interest rate: 2.250%; WKN: A2LQ6G; ISIN: XS1972547696Maturity: 31.01.2028; CUR+amount: EUR 1 bnInterest rate: 0.875%; WKN: A2LQ6U; ISIN: XS2438616240Jan 27, 2022 Maturity: 31.01.2028; CUR+amount: EUR 1 bn Interest rate: 0.875%; WKN: A2LQ6U; ISIN: XS2438616240Maturity: 06.04.2028; CUR+amount: EUR 800 mInterest rate: 3.375%; WKN: A2LQ6L; ISIN: XS2152061904Apr 6, 2020 Maturity: 06.04.2028; CUR+amount: EUR 800 m
Interest rate: 3.375%; WKN: A2LQ6L; ISIN: XS2152061904
Maturity: 12.02.2030; CUR+amount: EUR 1,000 mInterest rate: 0.375%; WKN: A2LQ6S; ISIN: XS2374594823
Aug 10, 2021 Maturity: 12.02.2030; CUR+amount: EUR 1,000 m
Interest rate: 0.375%; WKN: A2LQ6S; ISIN: XS2374594823 -
Volkswagen Financial Services N.V.
An overview of the corporate bonds of Volkswagen Financial Services N.V. can be found here.
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Volkswagen Leasing GmbH
An overview of the corporate bonds of Volkswagen Leasing GmbH can be found here.
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Volkswagen Financial Services Japan Ltd.
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Volkswagen Financial Services Australia Ltd.
Asset Backed Securities
Volkswagen Financial Services Japan Ltd.
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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 throughsequential / pro rata
pass throughForm TBI ABL Listing n.a. n.a. Download Main Documents
Japanese Offering Circular Driver Japan eightFeb 25, 2019 Japanese Offering Circular Driver Japan eightEnglish Offering Circular Driver Japan eightFeb 25, 2019 English Offering Circular Driver Japan eightNew Issue Report FitchFeb 27, 2019 New Issue Report FitchNew Issue Report Moody'sFeb 27, 2019 New Issue Report Moody'sNew Issue Report R&IFeb 27, 2019 New Issue Report R&IDownload Investor Reports
Investor Report Driver Japan eight 11.2022
Nov 17, 2022 Investor Report Driver Japan eight 11.2022
Investor Report Driver Japan eight 12.2022
Dec 16, 2022 Investor Report Driver Japan eight 12.2022
Investor Report Driver Japan eight 01.2023
Jan 17, 2023 Investor Report Driver Japan eight 01.2023
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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 throughsequential / pro rata
pass throughForm TBI ABL Listing n.a. n.a. Download Main Documents
Japanese Offering Circular Driver Japan nineApr 21, 2020 Japanese Offering Circular Driver Japan nineEnglish Offering Circular Driver Japan nineApr 21, 2020 English Offering Circular Driver Japan nineNew Issue Report FitchApr 21, 2020 New Issue Report FitchNew Issue Report Moody'sApr 21, 2020 New Issue Report Moody'sNew Issue Report S&PApr 21, 2020 New Issue Report S&PDownload Investor Reports
Investor Report Driver Japan nine 11.2022
Nov 17, 2022 Investor Report Driver Japan nine 11.2022Investor Report Driver Japan nine 12.2022
Dec 16, 2022 Investor Report Driver Japan nine 12.2022Investor Report Driver Japan nine 01.2023
Jan 17, 2023 Investor Report Driver Japan nine 01.2023 -
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 throughsequential / pro rata
pass throughForm TBI ABL Listing n.a. n.a. Download Main Documents
Japanese Offering Circular Driver Japan tenFeb 25, 2021 Japanese Offering Circular Driver Japan tenEnglish Offering Circular Driver Japan tenFeb 25, 2021 English Offering Circular Driver Japan tenNew Issue Report FitchFeb 25, 2021 New Issue Report FitchNew Issue Report Moody'sFeb 25, 2021 New Issue Report Moody'sNew Issue Report S&PFeb 25, 2021 New Issue Report S&PDownload Investor Reports
Investor Report Driver Japan ten 11.2022
Nov 17, 2022 Investor Report Driver Japan ten 11.2022Investor Report Driver Japan ten 12.2022
Dec 16, 2022 Investor Report Driver Japan ten 12.2022Investor Report Driver Japan ten 01.2023
Jan 17, 2023 Investor Report Driver Japan ten 01.2023 -
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 throughsequential / pro rata
pass throughForm 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 (EN)Information Memorandum Circular Driver Japan eleven (JP)Feb 25, 2022 Information Memorandum Circular Driver Japan eleven (JP)NIR Report FitchFeb 25, 2022 NIR Report FitchNIR Report Moody'sFeb 25, 2022 NIR Report Moody'sNIR Report S&PFeb 25, 2022 NIR Report S&PDownload Investor Reports
Investor Report Driver Japan eleven 11.2022
Nov 17, 2022 Investor Report Driver Japan eleven 11.2022Investor Report Driver Japan eleven 12.2022
Dec 16, 2022 Investor Report Driver Japan eleven 12.2022Investor Report Driver Japan eleven 01.2023
Jan 17, 2023 Investor Report Driver Japan eleven 01.2023 -
Driver Japan twelve
TBI / ABL Initial Balance [40.0] bn JPY Ranking Senior Initial Credit Enhancement [6.5] % Expected Weighted Average Lives [2.6] years Closing Date [27.02.2023] Expected Repayment Date [August 2027] Legal Maturity Date [June 2031] Rating (Moody's / S&P) [Aaa(sf)] / [AAA(sf)] Coupon [●] % p.a. Denomination 100,000,000 JPY Payment Frequency monthly Redemption sequential / pro rata /
pass throughForm TBI / ABL Listing n.a. Download Main Documents
Preliminary Information Memorandum Circular Driver Japan twelve (EN)Jan 5, 2023 Preliminary Information Memorandum Circular Driver Japan twelve (EN)Preliminary Information Memorandum Circular Driver Japan twelve (JP)Jan 5, 2023 Preliminary Information Memorandum Circular Driver Japan twelve (JP)PreSale Report Moody's (EN)Jan 5, 2023 PreSale Report Moody's (EN)PreSale Report S&P (EN)Jan 5, 2023 PreSale Report S&P (EN) -
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 throughsequential / pro rata
pass throughForm Registered Notes (NSS) Registered Notes (NSS) Listing Luxembourg Stock Exchange Luxembourg Stock Exchange Download Main Documents
DUKM C2 - Final Base Prospectus - Renewal 2022Nov 25, 2022 DUKM C2 - Final Base Prospectus - Renewal 2022DUKM C2 - Rating Report Moody's - Renewal 2022
Nov 25, 2022 DUKM C2 - Rating Report Moody's - Renewal 2022DUKM C2 - Rating Report Fitch - Renewal 2022
Nov 25, 2022 DUKM C2 - Rating Report Fitch - Renewal 2022DUKM C2 - Rating Report S&P - Renewal 2022
Nov 25, 2022 DUKM C2 - Rating Report S&P - Renewal 2022DUKM C2 - Final Verification Report - Renewal 2022Nov 25, 2022 DUKM C2 - Final Verification Report - Renewal 2022DUKM C2 - Final STS Notification - Renewal 2022Nov 25, 2022 DUKM C2 - Final STS Notification - Renewal 2022New Issue Report Moody'sMay 28, 2018 New Issue Report Moody'sNew Issue Report FitchMay 28, 2018 New Issue Report FitchNew Issue Report S&PMay 28, 2018 New Issue Report S&PDownload Investor Reports
Investor Report Driver UK Master C2 10.2022Nov 23, 2022 Investor Report Driver UK Master C2 10.2022Investor Report Driver UK Master C2 11.2022Dec 22, 2022 Investor Report Driver UK Master C2 11.2022Investor Report Driver UK Master C2 12.2022Jan 23, 2023 Investor Report Driver UK Master C2 12.2022 -
Driver UK Master C4
Class A Class B Initial Balance 684.8m GBP 65.2m GBP Ranking Senior Junior Initial Credit Enhancement 28.3 % 20.80 % Expected Weighted Average Lives 2.16 years 2.26 years Closing Date 25.02.2022 25.02.2022 Expected Repayment Date August 2024 August 2024 Final Maturity Date February 2030 February 2030 Rating (Moody´s / S&P) AAA(sf) / AAA(sf) NR / NR Coupon SONIA + 0.57% p.a. SONIA + 1.20% p.a. Denomination 100,000 GBP 100,000 GBP Payment Frequency monthly monthly Redemption sequential / pro rata /
pass throughsequential / pro rata /
pass throughForm Registered Notes (NSS) Registered Notes (NSS) Listing Luxembourg Stock Exchange Luxembourg Stock Exchange Download Main Documents
Offering Circular Driver UK Master C4Feb 25, 2022 Offering Circular Driver UK Master C4S&P - New Issue ReportJun 25, 2018 S&P - New Issue ReportS&P- Press Release 2022Feb 25, 2022 S&P- Press Release 2022Moody's - New Issue ReportJun 25, 2018 Moody's - New Issue ReportMoody's - Press Release 2022Feb 25, 2022 Moody's - Press Release 2022Download Investor Reports
Investor Report Driver UK Master Compartment 4 10.2022Nov 23, 2022 Investor Report Driver UK Master Compartment 4 10.2022Investor Report Driver UK Master Compartment 4 11.2022Dec 22, 2022 Investor Report Driver UK Master Compartment 4 11.2022Investor Report Driver UK Master Compartment 4 12.2022Jan 23, 2023 Investor Report Driver UK Master Compartment 4 12.2022 -
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 throughsequential / pro rata /
pass throughForm Registered Notes (NSS) Registered Notes (NSS) Listing Luxembourg Stock Exchange Luxembourg Stock Exchange Download Main Documents
Offering Circular Driver UK Master C5Mar 20, 2019 Offering Circular Driver UK Master C5Fitch - New Issue ReportMar 25, 2019 Fitch - New Issue ReportMoody's - New Issue ReportMar 25, 2019 Moody's - New Issue ReportTSI - Declaration of UndertakingMar 25, 2019 TSI - Declaration of UndertakingDownload Investor Reports
Investor Report Driver UK Master Compartment 5 10.2022Nov 23, 2022 Investor Report Driver UK Master Compartment 5 10.2022Investor Report Driver UK Master Compartment 5 11.2022Dec 22, 2022 Investor Report Driver UK Master Compartment 5 11.2022Investor Report Driver UK Master Compartment 5 12.2022Jan 23, 2023 Investor Report Driver UK Master Compartment 5 12.2022 -
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 through24m revolving
period followed by sequential /
pro rata mechanism
pass throughForm Registered Notes Registered Notes Listing Luxembourg Stock Exchange Luxembourg Stock Exchange Download Main Documents
Private Driver UK 2020-1 - Offering CircularJun 27, 2022 Private Driver UK 2020-1 - Offering Circular
Private Driver UK 2020-1 - STS Notification
Jun 27, 2022 Private Driver UK 2020-1 - STS Notification
Private Driver UK 2020-1 - Verification Report
Jun 27, 2022 Private Driver UK 2020-1 - Verification Report
Fitch New Issue Report - Private Driver UK 2020-1
Apr 27, 2020 Fitch New Issue Report - Private Driver UK 2020-1Fitch Press Release - Private Driver UK 2020-1
Jun 27, 2022 Fitch Press Release - Private Driver UK 2020-1S&P Press Release - Private Driver UK 2020-1
Jun 27, 2022 S&P Press Release - Private Driver UK 2020-1Download Investor Reports
Investor Report Private Driver UK 2020-1 10.2022Nov 23, 2022 Investor Report Private Driver UK 2020-1 10.2022
Investor Report Private Driver UK 2020-1 11.2022Dec 22, 2022 Investor Report Private Driver UK 2020-1 11.2022
Investor Report Private Driver UK 2020-1 12.2022Jan 23, 2023 Investor Report Private Driver UK 2020-1 12.2022
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Driver UK Master regulatory disclosure
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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 throughsequential / pro rata /
pass throughForm Global Registered Note Global Registered Note Listing Australian Securities Exchange Download Main Documents
Offering Circular Driver Australia MasterDec 28, 2022 Offering Circular Driver Australia MasterS&P - Press Release
Dec 28, 2022 S&P - Press ReleaseFitch - Press ReleaseDec 28, 2022 Fitch - Press ReleaseDownload Investor Reports
Investor Report Driver Australia Master 10.2022Nov 18, 2022 Investor Report Driver Australia Master 10.2022Investor Report Driver Australia Master 11.2022Dec 19, 2022 Investor Report Driver Australia Master 11.2022Investor Report Driver Australia Master 12.2022Jan 18, 2023 Investor Report Driver Australia Master 12.2022 -
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) AAA(sf) / A+(sf) / Aaa(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 throughsequential / pro rata /
pass throughForm Registered Registered Listing Australian Securities Exchange Australian Securities Exchange Download Main Documents
Offering Circular Driver Australia sixOct 25, 2019 Offering Circular Driver Australia sixNew Issue Report FitchOct 25, 2019 New Issue Report FitchNew Issue Report S&POct 25, 2019 New Issue Report S&PDownload Investor Reports
Investor Report Driver Australia six 10.2022Nov 16, 2022 Investor Report Driver Australia six 10.2022Investor Report Driver Australia six 11.2022Dec 16, 2022 Investor Report Driver Australia six 11.2022Investor Report Driver Australia six 12.2022Jan 16, 2023 Investor Report Driver Australia six 12.2022 -
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 throughsequential / pro rata /
pass throughForm Registered Registered Listing Australian Securities Exchange Australian Securities Exchange Download Main Documents
Offering Circular Driver Australia sevenNov 22, 2021 Offering Circular Driver Australia sevenFitch Driver Seven Final Press ReleaseNov 22, 2021 Fitch Driver Seven Final Press ReleaseNIR Report Moody´sNov 22, 2021 NIR Report Moody´sDownload Investor Reports
Investor Report Driver Australia seven 10.2022Nov 16, 2022 Investor Report Driver Australia seven 10.2022Investor Report Driver Australia seven 11.2022Dec 16, 2022 Investor Report Driver Australia seven 11.2022Investor Report Driver Australia seven 12.2022Jan 16, 2023 Investor Report Driver Australia seven 12.2022 -
Driver Australia regulatory disclosure
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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 throughForm 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 (english)Driver China 11 - Offering Circular (chinese)Nov 27, 2020 Driver China 11 - Offering Circular (english)Driver China 11 - New Issue Report CBRNov 27, 2020 Driver China 11 - New Issue Report CBRDriver China 11 - New Issue Report S&P (China)Nov 27, 2020 Driver China 11 - New Issue Report S&P (China)Driver China 11 - New Issue Report S&P GlobalNov 27, 2020 Driver China 11 - New Issue Report S&P (China)Download Investor Reports
Investor Report Driver China eleven 10.2022
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Investor Report Driver China eleven 11.2022
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Investor Report Driver China eleven 12.2022
Jan 16, 2023 Investor Report Driver China eleven 12.2022
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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 throughForm 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 (English)Driver China 12 - Offering Circular (Chinese)Jun 1, 2021 Driver China 12 - Offering Circular (Chinese)Driver China 12 - New Issue Report LianheJun 1, 2021 Driver China 12 - New Issue Report LianheDriver China 12 - New Issue Report CBRJun 1, 2021 Driver China 12 - New Issue Report CBRDriver China 12 - New Issue Report Moody'sJun 1, 2021 Driver China 12 - New Issue Report Moody'sDownload Investor Reports
Investor Report Driver China twelve 10.2022
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Dec 20, 2022 Investor Report Driver China twelve 11.2022Investor Report Driver China twelve 12.2022
Jan 16, 2023 Investor Report Driver China twelve 12.2022 -
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 throughForm 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 (English)Driver China 13 - Offering Circular (Chinese)Nov 17, 2021 Driver China 13 - Offering Circular (Chinese)Driver China 13 - New Issue Report CCXINov 17, 2021 Driver China 13 - New Issue Report CCXIDriver China 13 - New Issue Report CBRNov 17, 2021 Driver China 13 - New Issue Report CBRDriver China 13 - New Issue Report Moody'sNov 17, 2021 Driver China 13 - New Issue Report Moody'sDownload Investor Reports
Investor Report Driver China thirteen 10.2022
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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 throughForm 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 (English)Driver China 14 - Offering Circular (Chinese)Oct 27, 2022 Driver China 14 - Offering Circular (Chinese)Driver China 14 - New Issue Report CBROct 27, 2022 Driver China 14 - New Issue Report CBRDriver China 14 - New Issue Report LianheOct 27, 2022 Driver China 14 - New Issue Report LianheDriver China 14 - Presale Report FitchOct 27, 2022 Driver China 14 - Presale Report FitchDownload Investor Reports
Investor Report Driver China fourteen 10.2022
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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 throughsequential / pro rata /
pass throughForm Global Registered Notes Global Registered Notes Listing Luxembourg Stock Exchange Luxembourg Stock Exchange Download Main Documents
Prospectus VCL Master NLNov 25, 2022 Prospectus VCL Master NLPress Release Moody'sNov 25, 2022 Press Release Moody'sPress Release DBRSNov 25, 2022 Press Release DBRSNew Issue Report Moody'sDec 10, 2019 New Issue Report Moody'sNew Issue Report DBRSNov 25, 2021 New Issue Report DBRSSTS Notification VCL Master NL 11.2022Nov 25, 2022 STS Notification VCL Master NL 11.2022SVI Verification Report VCL Master NL 11.2022Nov 25, 2022 SVI Verification Report VCL Master NL 11.2022SVI CRR Assessment VCL Master NL 11.2022Nov 25, 2022 SVI CRR Assessment VCL Master NL 11.2022Download Investor Reports
Investor Report VCL Master Netherlands 10.2022Nov 22, 2022 Investor Report VCL Master Netherlands 10.2022Investor Report VCL Master Netherlands 11.2022Dec 20, 2022 Investor Report VCL Master Netherlands 11.2022Investor Report VCL Master Netherlands 12.2022Jan 20, 2023 Investor Report VCL Master Netherlands 12.2022
Volkswagen Financial Services (UK) Ltd.
Volkswagen Financial Services Australia Pty Ltd.
Volkswagen Finance (China) Co., Ltd.
Volkswagen Pon Financial Services B.V.
Volkswagen D’Ieteren Finance SA
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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 throughsequential / pro rata /
pass throughForm 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 BelgiumNov 25, 2022 Prospectus Driver BelgiumSTS Notification Driver Belgium MasterNov 25, 2022 STS Notification Driver Belgium MasterSVI Verification Report Driver Belgium MasterNov 25, 2022 SVI Verification Report Driver Belgium MasterNew Issue Report FitchNov 25, 2022 New Issue Report FitchNew Issue Report Moody'sNov 25, 2022 New Issue Report Moody'sPress Release FitchNov 25, 2022 Press Release FitchPress Release Moody'sNov 25, 2022 Press Release Moody'sDownload Investor Reports
Investor Report Driver Belgium Master 11.2022Dec 19, 2022 Investor Report Driver Belgium Master 11.2022Investor Report Driver Belgium Master 12.2022Jan 18, 2023 Investor Report Driver Belgium Master 12.2022
Volkswagen Financial Services Polska sp. z o.o.
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VCL Master Poland
Notes Balance on Renewal PLN [1,727m] Ranking Senior Initial Credit Enhancement [21.50] % Expected Weighted Average Lives [1.89] years Closing Date [27.02.2023] Expected Repayment Date [June 2026] Legal Maturity Date [February 2032] Rating (Fitch/ Moody´s) [AAA](sf) / [Aa1](sf) Coupon 1-m-WIBOR+ [•]% p.a. Denomination PLN [1,000,000] Payment Frequency monthly Redemption sequential / pro rata /
pass throughForm Global Registered Notes Listing Luxembourg Stock Exchange Download Main Documents
Preliminary Prospectus VCL Master PolandJan 6, 2023 Preliminary Prospectus VCL Master PolandPreliminary STS Notification VCL Master PolandJan 6, 2023 Preliminary STS Notification VCL Master PolandSVI Preliminary Verification Report VCL Master PolandJan 6, 2023 SVI Preliminary Verification Report VCL Master PolandSVI Preliminary CRR Assesment VCL Master PolandJan 6, 2023 SVI Preliminary CRR Assesment VCL Master PolandSVI Preliminary LCR Assesment VCL Master PolandJan 6, 2023 SVI Preliminary LCR Assesment VCL Master PolandDownload Investor Reports