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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.

  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.

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, 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 50 bn Debt Issuance Programme
    Jun 24, 2021
    Base Prospectus 2021 - 1st supplement (04.08.2021)
    Aug 4, 2021
    Base Prospectus 2021 - 2nd supplement (30.03.2022)
    Mar 30, 2022
    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 - 3rd Supplement (28.11.2013)
    Nov 28, 2013
    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
    Jun 29, 2021
  • 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: 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: 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: 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 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 04.2022
    Apr 15, 2022
    Investor Report Driver Japan eight 05.2022
    May 17, 2022
    Investor Report Driver Japan eight 06.2022
    Jun 17, 2022
  • 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 04.2022
    Apr 15, 2022
    Investor Report Driver Japan nine 05.2022
    May 17, 2022
    Investor Report Driver Japan nine 06.2022
    Jun 17, 2022
  • 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 04.2022
    Apr 15, 2022
    Investor Report Driver Japan ten 05.2022
    May 17, 2022
    Investor Report Driver Japan ten 06.2022
    Jun 17, 2022
  • 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 04.2022
    Apr 15, 2022
    Investor Report Driver Japan eleven 05.2022
    May 17, 2022
    Investor Report Driver Japan eleven 06.2022
    Jun 17, 2022
  • 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 2.09 years 2.15 years
      Closing Date 25.11.2021
      25.11.2021
      Expected Repayment Date Mar 2025
      Mar 2025
      Final Maturity Date
      Nov 2029 Nov 2029
      Rating (Moody´s / Fitch / S&P) Aaa(sf) / AAA(sf) / AAA(sf) Aa3(sf) / A+(sf) / A+(sf)
      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 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 2021
      Nov 25, 2021
      DUKM C2 - Rating Report Moody's - Renewal 2021
      Nov 25, 2021
      DUKM C2 - Rating Report Fitch - Renewal 2021
      Nov 25, 2021
      DUKM C2 - Rating Report S&P - Renewal 2021
      Nov 25, 2021
      DUKM C2 - Final Verification Report - Renewal 2021
      Nov 25, 2021
      DUKM C2 - Final STS Notification - Renewal 2021
      Nov 25, 2021
      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 03.2022
      Apr 21, 2022
      Investor Report Driver UK Master C2 04.2022
      May 23, 2022
      Investor Report Driver UK Master C2 05.2022
      Jun 22, 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 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
      Feb 25, 2022
      S&P - New Issue Report
      Jun 25, 2018
      S&P- Press Release 2022
      Feb 25, 2022
      Moody's - New Issue Report
      Jun 25, 2018
      Moody's - Press Release 2022
      Feb 25, 2022

      Download Investor Reports  

      Investor Report Driver UK Master Compartment 4 03.2022
      Apr 21, 2022
      Investor Report Driver UK Master Compartment 4 04.2022
      May 23, 2022
      Investor Report Driver UK Master Compartment 4 05.2022
      Jun 22, 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 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 - New Issue Report
      Mar 25, 2019
      Moody's - New Issue Report
      Mar 25, 2019
      TSI - Declaration of Undertaking
      Mar 25, 2019

      Download Investor Reports  

      Investor Report Driver UK Master Compartment 5 03.2022
      Apr 21, 2022
      Investor Report Driver UK Master Compartment 5 04.2022
      May 23, 2022
      Investor Report Driver UK Master Compartment 5 05.2022
      Jun 23, 2022
    • 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) / Aa1(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 03.2022
      Apr 21, 2022
      Investor Report Private Driver UK 2018-1 04.2022
      May 23, 2022
      Investor Report Private Driver UK 2018-1 05.2022
      Jun 22, 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 2.70 years 2.71 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  
      Mar 25, 2021
      Private Driver UK 2020-1 - Preliminary Offering Circular 2022
      May 12, 2022
      Private Driver UK 2020-1 - STS Notification
      Mar 25, 2021
      Private Driver UK 2020-1 - STS Notification Update
      Dec 29, 2021
      Private Driver UK 2020-1 - Preliminary STS Notification 2022
      May 12, 2022
      Private Driver UK 2020-1 - Verification Report
      Mar 25, 2021
      Private Driver UK 2020-1 - Provisional Verification Report 2022
      May 12, 2022
      Fitch New Issue Report - Private Driver UK 2020-1
      Apr 27, 2020
      Fitch Press Release - Private Driver UK 2020-1
      Mar 25, 2021
      S&P Press Release - Private Driver UK 2020-1
      Dec 29, 2021

      Download Investor Reports  

      Investor Report Private Driver UK 2020-1 03.2022
      Apr 21, 2022
      Investor Report Private Driver UK 2020-1 04.2022
      May 23, 2022
      Investor Report Private Driver UK 2020-1 05.2022
      Jun 22, 2022
    • 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 1.400.0m AUD 200.0m AUD
      Ranking Senior Junior
      Initial Credit Enhancement 17.00 % 10.80 %
      Expected Weighted Average Lives 2.2 years 2.25 years
      Closing Date 29.12.2021 29.12.2021
      Expected Repayment Date 25.08.2026
      25.08.2026
      Legal Maturity Date
      25.02.2031
      25.02.2031  
      Rating (Fitch / S&P) AAA(sf) / AAA(sf) A+(sf) / A+(sf)
      Coupon 1-m-BBSW + 0.75% p.a. 1-m-BBSW + 1.10% 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
      Dec 29, 2021
      Final Rating Report S&P
      Dec 29, 2021
      Fitch Press Release
      Dec 29, 2021

      Download Investor Reports  

      Investor Report Driver Australia Master 03.2022
      Apr 19, 2022
      Investor Report Driver Australia Master 04.2022
      May 18, 2022
      Investor Report Driver Australia Master 05.2022
      Jun 20, 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 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 S&P
      Oct 25, 2019

      Download Investor Reports  

      Investor Report Driver Australia six 03.2022
      Apr 19, 2022
      Investor Report Driver Australia six 04.2022
      May 16, 2022
      Investor Report Driver Australia six 05.2022
      Jun 17, 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 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

      Download Investor Reports  

      Investor Report Driver Australia seven 03.2022
      Apr 19, 2022
      Investor Report Driver Australia seven 04.2022
      May 16, 2022
      Investor Report Driver Australia seven 05.2022
      Jun 17, 2022
    • 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 nine

        Class A    
      Initial Balance 5,370m RMB  
      Ranking Senior  
      Initial Credit Enhancement 11.70 %  
      Expected Weighted Average Lives 1.66 years  
      Closing Date 28.11.2019  
      Expected Repayment Date June 2022  
      Legal Maturity Date
      September 2027
         
      Domestic Rating (Lianhe / CBR / Fitch / Moody´s) AAA (sf) / AA+ (sf) / AA+ (sf) / Aaa (sf)    
      Coupon 3.49 % 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 9 - Offering Circular (english)
      Dec 5, 2017
      Driver China 9 - Offering Circular (chinese)
      Dec 5, 2017
      CBR - Rating Report
      Dec 5, 2017
      Lianhe - Rating Report
      Dec 5, 2017
      Fitch - Rating Report
      Dec 5, 2017
      Moody's - Rating Report
      Dec 5, 2017

      Download Investor Reports  

      Investor Report Driver China nine 03.2022
      Apr 22, 2022
      Investor Report Driver China nine 04.2022
      May 20, 2022
      Investor Report Driver China nine 05.2022
      Jun 22, 2022
    • Driver China ten

        Class A    
      Initial Balance 5,380m RMB  
      Ranking Senior  
      Initial Credit Enhancement 11.53 %  
      Expected Weighted Average Lives 1.68 years  
      Closing Date 27.03.2020  
      Expected Repayment Date November 2022  
      Legal Maturity Date
      January 2028
         
      Rating (CBR / S&P local / S&P international) AA+ (sf) / AAA (sf) / AAA(sf)    
      Coupon 2,9 % 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 10 - Offering Circular (english)
      Dec 5, 2017
      Driver China 10 - Offering Circular (chinese)
      Dec 5, 2017
      Driver China 10 - New Issue Report CBR
      Dec 5, 2017
      Driver China 10 - New Issue Report S&P global
      Dec 5, 2017
      Driver China 10 - New Issue Report S&P local
      Dec 5, 2017

      Download Investor Reports  

      Investor Report Driver China ten 03.2022
      Apr 22, 2022
      Investor Report Driver China ten 04.2022
      May 20, 2022
      Investor Report Driver China ten 05.2022
      Jun 22, 2022
    • 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 03.2022
      Apr 22, 2022
      Investor Report Driver China eleven 04.2022
      May 20, 2022
      Investor Report Driver China eleven 05.2022
      Jun 22, 2022
    • 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 03.2022
      Apr 22, 2022
      Investor Report Driver China twelve 04.2022
      May 20, 2022
      Investor Report Driver China twelve 05.2022
      Jun 22, 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 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 03.2022
      Apr 22, 2022
      Investor Report Driver China thirteen 04.2022
      May 20, 2022
      Investor Report Driver China thirteen 05.2022
      Jun 22, 2022

    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 2.48 years 2.78 years
      Closing Date 25.11.2021 25.11.2021
      Expected Repayment Date January 2026 January 2026
      Legal Maturity Date
      March 2029
      March 2029    
      Domestic Rating (DBRS/ Moody´s) AAA(sf) / Aaa(sf) Not Rated
       
      Coupon 1-m-EURIBOR + 0.52% p.a. 1-m-EURIBOR + 1.10% 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, 2021
      Press Release Moody's
      Nov 25, 2020
      Press Release DBRS
      Nov 25, 2021
      New Issue Report Moody's
      Dec 10, 2019
      New Issue Report DBRS
      Nov 25, 2021
      STS Notification VCL Master NL 11.2021  
      Feb 1, 2022
      SVI Verification Report VCL Master NL 11.2021  
      Nov 25, 2021
      SVI CRR Assessment VCL Master NL 11.2021
      Nov 25, 2021

      Download Investor Reports  

      Investor Report VCL Master Netherlands 03.2022
      Apr 19, 2022
      Investor Report VCL Master Netherlands 04.2022
      May 18, 2022
      Investor Report VCL Master Netherlands 05.2022
      Jun 20, 2022

More Information about Volkswagen Financial Services AG

Control and Profit and Loss Transfer Agreement

Control and Profit and Loss
Transfer Agreement