Refinancing

In terms of funding, Volkswagen Financial Services AG generally pursues a strategy of diversification with the aim of achieving the best possible balance of cost and risk. This means accessing the widest possible variety of funding sources in the various regions and countries with the objective of safeguarding funding at optimum terms at all times.

The main topics of our refinancing strategy are:

-  Well diversified refinancing instruments

Ensuring our growth on the one hand, and refinancing at the best conditions possible on the other requires an extensive set of highly sophisticated instruments and measures. Our spectrum includes issuing bonds in different markets and currencies as well as asset-backed securities (ABS) and  commercial papers as well as customer deposits. Due to our presence in different market segments we benefit from the most favorable 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. 

-  Finding and tapping new investor

The acquisition of new investors by usage of new instruments, tapping new regions or usage of new currencies  extends our refinancing basis.

-  Minimizing risks by usage 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 favorable refinancing rates. We utilize particular financial derivatives such as interest rate swaps so that we always successfully match maturities with our current business operations. In principle refinancing is carried out in local currency. If the refinancing is not done in local currency, the currency risk is fully hedged.

Volkswagen Financial Services AG has published a new Green Finance Framework (GFF) to account for the latest marked standards.

Volkswagen Financial Services AG has published a new Green Finance Framework (GFF) to account for the recent reorganization that took place on July 1st, 2024. 

As part of the restructuring of the subgroups of Volkswagen Financial Services AG, Volkswagen Bank GmbH and Volkswagen Financial Services Overseas AG as of July 1, 2024, Volkswagen Financial Services AG assumed obligations from the EUR 50,000,000,000 debt issuance program of Volkswagen Financial Services Overseas AG ( see “Notice regarding bonds”). This also includes obligations from the Green Finance Framework 2023 of Volkswagen Financial Services Overseas AG:

For further information on issuances of Volkswagen Bank GmbH please click here.

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

As part of the restructuring of the subgroups of Volkswagen Financial Services AG, Volkswagen Bank GmbH and Volkswagen Financial Services Overseas AG as of July 1, 2024, Volkswagen Financial Services AG assumed obligations from the EUR 50,000,000,000 debt issuance program and the EUR 7,500,000,000 multi-currency commercial paper program of Volkswagen Financial Services Overseas AG ( see “Notice regarding bonds”). Information about these programmes can be found here:

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.

For corporate bonds issued by Volkswagen Bank GmbH please click here.

For corporate bonds issued by Volkswagen Leasing GmbH until June 30, 2024 please click here.

Volkswagen Financial Services (UK) Ltd. 

Volkswagen Pon Financial Services B.V.

Volkswagen D’Ieteren Finance SA 

Volkswagen Financial Services Polska sp. z o.o.