
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.
Green Finance
Green Finance Framework 2023
Volkswagen Financial Services AG - Green Finance Framework 2023
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Aug 31, 2023 |
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Second Party Opinion by ISS ESG on Green Finance Framework 2023
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Aug 31, 2023 |
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Volkswagen Financial Services AG - Presentation Green Finance Framework 2023
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Aug 31, 2023 |
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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 1, 2023 EUR 50 bn Debt Issuance ProgrammeBase Prospectus 2022 (15.09.2022)Sep 15, 2022 Base Prospectus 2022 (15.09.2022)Base 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 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 07.2023
Jul 18, 2023 Investor Report Driver Japan nine 07.2023Investor Report Driver Japan nine 08.2023
Aug 18, 2023 Investor Report Driver Japan nine 08.2023Investor Report Driver Japan nine 09.2023
Sep 15, 2023 Investor Report Driver Japan nine 09.2023 -
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 07.2023
Jul 18, 2023 Investor Report Driver Japan ten 07.2023Investor Report Driver Japan ten 08.2023
Aug 18, 2023 Investor Report Driver Japan ten 08.2023Investor Report Driver Japan ten 09.2023
Sep 15, 2023 Investor Report Driver Japan ten 09.2023 -
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 07.2023
Jul 18, 2023 Investor Report Driver Japan eleven 07.2023Investor Report Driver Japan eleven 08.2023
Aug 18, 2023 Investor Report Driver Japan eleven 08.2023Investor Report Driver Japan eleven 09.2023
Sep 15, 2023 Investor Report Driver Japan eleven 09.2023 -
Driver Japan twelve
Trust Beneficial Interest Asset Backed Loan Initial Balance 21.3 bn JPY 28.7 bn JPY Ranking Senior Senior Initial Credit Enhancement 6.5 % 6.5 % Expected Weighted Average Lives 2.6 years 2.6 years Closing Date 27.02.2023 27.02.2023 Expected Repayment Date August 2027 August 2027 Legal Final Maturity June 2031 June 2031 Rating (Moody´s / S&P) Aaa(sf) / AAA(sf) Aaa(sf) / AAA(sf) Coupon 0.49 % p.a. 0.49 % p.a. Denomination 100,000,000 JPY 100,000,000 JPY Payment Frequency monthly monthly Redemption sequential / pro rata
pass throughsequential / pro rata
pass throughForm TBI ABL Listing n.a. n.a. Download Main Documents
Information Memorandum Driver Japan twelve (EN)Feb 27, 2023 Information Memorandum Driver Japan twelve (EN)Information Memorandum Driver Japan twelve (JP)Feb 27, 2023 Information Memorandum Driver Japan twelve (JP)New Issue Report Moody's (EN)Feb 27, 2023 New Issue Report Moody's (EN)New Issue Report S&P (EN)Feb 27, 2023 New Issue Report S&P (EN)Download Investor Reports
Investor Report Driver Japan twelve 07.2023
Jul 18, 2023 Investor Report Driver Japan twelve 07.2023Investor Report Driver Japan twelve 08.2023
Aug 18, 2023 Investor Report Driver Japan twelve 08.2023Investor Report Driver Japan twelve 09.2023
Sep 15, 2023 Investor Report Driver Japan twelve 09.2023 -
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 06.2023Jul 21, 2023 Investor Report Driver UK Master C2 06.2023Investor Report Driver UK Master C2 07.2023Aug 23, 2023 Investor Report Driver UK Master C2 07.2023Investor Report Driver UK Master C2 08.2023Sep 22, 2023 Investor Report Driver UK Master C2 08.2023 -
Private Driver UK 2020-1
Class A Class B Initial Balance 601.6m GBP 70.1m GBP Ranking Senior Junior Initial Credit Enhancement 28.8 % 20.25 % Expected Weighted Average Lives 2.82 years 2.85 years Closing Date 27.04.2020 27.04.2020 Expected Repayment Date January 2026 January 2026 Legal Maturity Date June 2031 June 2031 Rating (Fitch / S&P) AAA(sf) / AAA(sf) NR Coupon SONIA + 62bp p.a. SONIA + 125bp p.a. Denomination 100,000 GBP 100,000 GBP Payment Frequency monthly monthly Redemption 24m revolving
period followed by sequential /
pro rata mechanism
pass 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 06.2023Jul 21, 2023 Investor Report Private Driver UK 2020-1 06.2023
Investor Report Private Driver UK 2020-1 07.2023Aug 23, 2023 Investor Report Private Driver UK 2020-1 07.2023
Investor Report Private Driver UK 2020-1 08.2023Sep 22, 2023 Investor Report Private Driver UK 2020-1 08.2023
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Driver UK Master C6
Class A / Senior Schuldschein Class B / Junior Schuldschein Initial Balance 784.8m GBP 119.5m GBP Ranking Senior Junior Initial Credit Enhancement 29.12 % 18.32 % Expected Weighted Average Lives 2.02 years 2.17 years Closing Date 27.03.2023 27.03.2023 Expected Repayment Date February 2026 February 2026 Legal Maturity Date May 2031 May 2031 Rating (Fitch / S&P) AAA(sf) / AAA(sf) A+ (sf) / A+ (sf) Coupon SONIA + 80bp p.a. SONIA + 170bp p.a. Denomination (Notes) 100,000 GBP 100,000 GBP Payment Frequency monthly monthly Redemption 14m revolving
period followed by sequential /
pro rata mechanism
pass through14m revolving
period followed by sequential /
pro rata mechanism
pass throughForm Registered Notes / Schuldschein Loan Registered Notes / Schuldschein Loan Listing Luxembourg Stock Exchange Luxembourg Stock Exchange Download Main Documents
Driver UK Master C6- Offering CircularMar 27, 2023 Driver UK Master C6- Offering CircularDriver UK Master C6 - STS Notification
Mar 27, 2022 Driver UK Master C6 - STS NotificationDriver UK Master C6 - PCS Verification Report
Mar 27, 2022 Driver UK Master C6 - PCS Verification ReportFitch New Issue Report - Driver UK Master C6
Mar 27, 2023 Fitch New Issue Report - Driver UK Master C6Fitch Press Release - Driver UK Master C6
Mar 27, 2023 Fitch Press Release - Driver UK Master C6S&P New issue Report - Driver UK Master C6
Mar 27, 2023 S&P New issue Report - Driver UK Master C6S&P Press Release - Driver UK Master C6
Mar 27, 2023 S&P Press Release - Driver UK Master C6Download Investor Reports
Investor Report Driver UK Master Compartment 6 06.2023Jul 21, 2023 Investor Report Driver UK Master Compartment 6 06.2023Investor Report Driver UK Master Compartment 6 07.2023Aug 23, 2023 Investor Report Driver UK Master Compartment 6 07.2023Investor Report Driver UK Master Compartment 6 08.2023Sep 22, 2023 Investor Report Driver UK Master Compartment 6 08.2023 -
Driver UK Seven
Class A Class B Initial Balance [●]m GBP [●]m GBP Ranking Senior Junior Initial Credit Enhancement [29.1] % [18.3] % Expected Weighted Average Lives [2.06] years [2.15] years Closing Date 25.10.2023 25.10.2023 Expected Repayment Date [June 2027] [June 2027] Legal Maturity Date [April 2031] [April 2031] Rating (DBRS / Fitch / KBRA) [AAA(sf) / AAA(sf) / AAA(sf)] [A(high) / AA- / AA] Coupon SONIA + [●] bp p.a. SONIA + [●] bp p.a. Denomination (Notes) 100,000 GBP 100,000 GBP Payment Frequency monthly monthly Redemption 6m revolving
period followed by sequential /
pro rata mechanism
pass through6m revolving
period followed by sequential /
pro rata mechanism
pass throughForm Registered Notes Registered Notes Listing Luxembourg Stock Exchange Luxembourg Stock Exchange Download Main Documents
Driver UK Seven - ProspectusSep 11, 2023 Driver UK Seven - ProspectusPre-Sale Report Driver UK Seven - DBRSSep 11, 2023 Pre-Sale Report Driver UK Seven - DBRSPre-Sale Report Driver UK Seven - FitchSep 11, 2023 Pre-Sale Report Driver UK Seven - FitchPre-Sale Report Driver UK Seven - KBRASep 11, 2023 Pre-Sale Report Driver UK Seven - KBRAPreliminary STS Notification Driver UK SevenSep 11, 2023 Preliminary STS Notification Driver UK SevenPreliminary Verification Report Driver UK Seven - PCSSep 11, 2023 Preliminary Verification Report Driver UK Seven - PCSPreliminary CRR Assessment Driver UK Seven - PCSSep 11, 2023 Preliminary CRR Assessment Driver UK Seven - PCSPreliminary LCR Assessment Driver UK Seven - PCSSep 11, 2023 Preliminary LCR Assessment Driver UK Seven - PCSDriver UK Seven - Marketing PackageSep 11, 2023 Driver UK Seven - Marketing PackageDownload Investor Reports
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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 06.2023Jul 18, 2023 Investor Report Driver Australia Master 06.2023Investor Report Driver Australia Master 07.2023Aug 18, 2023 Investor Report Driver Australia Master 07.2023Investor Report Driver Australia Master 08.2023Sep 18, 2023 Investor Report Driver Australia Master 08.2023 -
Driver Australia seven
Class A Class B Initial Balance 526.2m AUD 33m AUD Ranking Senior Junior Initial Credit Enhancement 13.50 % 8.0 % Expected Weighted Average Lives 1.85 years 2.84 years Closing Date 22.11.2021 22.11.2021 Expected Repayment Date December 2025 December 2025 Final Maturity Date January 2030 January 2030 Rating (Moody´s / Fitch) Aaa(sf) / AAA(sf) Aa2(sf) / NR Coupon 1-m-BBSW + 70bps p.a. 1-m-BBSW + 100bps p.a. Denomination 100,000 AUD 100,000 AUD Payment Frequency monthly monthly Redemption sequential / pro rata /
pass 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 06.2023Jul 17, 2023 Investor Report Driver Australia seven 06.2023Investor Report Driver Australia seven 07.2023Aug 16, 2023 Investor Report Driver Australia seven 07.2023Investor Report Driver Australia seven 08.2023Sep 18, 2023 Investor Report Driver Australia seven 08.2023 -
Driver Australia eight
Class A Class B Initial Balance [491.5]m AUD [38.6]m AUD Ranking Senior Junior Initial Credit Enhancement [14.5] % [7.7] % Expected Weighted Average Lives [1.61] years [2.28] years Closing Date [25.10.2023] [25.10.2023] Expected Repayment Date [July 2027] [July 2027] Final Maturity Date [February 2032] [February 2032] Rating (S&P / Fitch) [Aaa(sf)] / [AAA(sf)] [A+(sf)] / [A+sf] Coupon 1-m-BBSW + [•]bps p.a. 1-m-BBSW + [•]bps p.a. Denomination 100,000 AUD 100,000 AUD Payment Frequency monthly monthly Redemption sequential / pro rata /
pass throughsequential / pro rata /
pass throughForm Registered Registered Listing Australian Securities Exchange Australian Securities Exchange Download Main Documents
Driver Australia eight - Preliminary Offering CircularAug 24, 2023 Driver Australia eight - Preliminary Offering CircularDriver Australia eight - Marketing PackageAug 24, 2023 Driver Australia eight - Marketing PackageDriver Australia eight - Pre-Sale Report FitchAug 24, 2023 Driver Australia eight - Pre-Sale Report FitchDriver Australia eight - Pre-Sale Report S&PAug 24, 2023 Driver Australia eight - Pre-Sale Report S&P -
Private Driver Australia 2023-1
Class A Initial Balance 500m AUD Ranking Senior Initial Credit Enhancement 12.30 % Expected Weighted Average Lives 1.53 years Closing Date 27.02.2023 Expected Repayment Date September 2026 Final Maturity Date June 2031 Rating (S&P / Moody´s) AAA(sf) / Aaa(sf) Coupon 1-m-BBSW + 150bps p.a. Denomination 100,000 AUD Payment Frequency monthly Redemption sequential / pro rata / pass through Form Registered Listing Australian Securities Exchange Download Main Documents
Private Driver Australia 2023-1 - Offering CircularFeb 27, 2023 Offering Circular PDAUS 2023-1Private Driver Australia 2023-1 - New Issue Report Moody'sFeb 27, 2023 New Issue Report Moody'sPrivate Driver Australia 2023-1 - New Issue Report S&PFeb 27, 2023 New Issue Report S&PDownload Investor Reports
Investor Report Private Driver Australia 2023-1 06.2023Jul 17, 2023 Investor Report Private Driver Australia 2023-1 06.2023Investor Report Private Driver Australia 2023-1 07.2023Aug 16, 2023 Investor Report Private Driver Australia 2023-1 07.2023Investor Report Private Driver Australia 2023-1 08.2023Sep 18, 2023 Investor Report Private Driver Australia 2023-1 08.2023 -
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 06.2023
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Investor Report Driver China eleven 08.2023
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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 06.2023
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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 06.2023
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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 06.2023
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Aug 21, 2023 Investor Report Driver China fourteen 07.2023Investor Report Driver China fourteen 08.2023
Sep 19, 2023 Investor Report Driver China fourteen 08.2023 -
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 06.2023Jul 18, 2023 Investor Report VCL Master Netherlands 06.2023Investor Report VCL Master Netherlands 07.2023Aug 18, 2023 Investor Report VCL Master Netherlands 07.2023Investor Report VCL Master Netherlands 08.2023Sep 18, 2023 Investor Report VCL Master Netherlands 08.2023
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 06.2023Jul 17, 2023 Investor Report Driver Belgium Master 06.2023Investor Report Driver Belgium Master 07.2023Aug 18, 2023 Investor Report Driver Belgium Master 07.2023Investor Report Driver Belgium Master 08.2023Sep 18, 2023 Investor Report Driver Belgium Master 08.2023
Volkswagen Financial Services Polska sp. z o.o.
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VCL Master Poland
Notes Balance on Renewal PLN 1,500m Ranking Senior Initial Credit Enhancement 21.50 % Expected Weighted Average Lives 1.93 years Closing Date 27.02.2023 Expected Repayment Date July 2026 Legal Maturity Date February 2032 Rating (Fitch/ Moody´s) AAA(sf) / Aa1(sf) Coupon 1-m-WIBOR+95% p.a. Denomination PLN 1,000,000 Payment Frequency monthly Redemption sequential / pro rata /
pass throughForm Global Registered Notes Download Main Documents
Offering Circular VCL Master PolandFeb 27, 2023 Offering Circular VCL Master PolandSTS Notification VCL Master PolandFeb 27, 2023 STS Notification VCL Master PolandSVI Verification Report VCL Master PolandFeb 27, 2023 SVI Verification Report VCL Master PolandSVI CRR Assesment VCL Master PolandFeb 27, 2023 SVI CRR Assesment VCL Master PolandSVI LCR Assesment VCL Master PolandFeb 27, 2023 SVI LCR Assesment VCL Master PolandDownload Investor Reports
Investor Report VCL Master Poland 06.2023Jul 18, 2023 Investor Report VCL Master Poland 06.2023Investor Report VCL Master Poland 07.2023Aug 18, 2023 Investor Report VCL Master Poland 07.2023Investor Report VCL Master Poland 08.2023Sep 18, 2023 Investor Report VCL Master Poland 08.2023