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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.

  • € 35 bn Debt Issuance Programme

       
    Issuer Volkswagen Financial Services AG
    Volkswagen Leasing GmbH
    Volkswagen Financial Services N.V.
    Volkswagen Financial Services Japan Ltd.                    
    Volkswagen Financial Services Australia Pty Ltd.
    Guarantor VOLKSWAGEN FINANCIAL SERVICES AG
    Arrangeur
    UNICREDIT BANK
    Dealers BANCO BILBAO VIZCAYA ARGENTARIA, BARCLAYS, BAYERNLB, BNP PARIBAS, BOFA MERRILL LYNCH,
    CITIGROUP, COMMERZBANK AG, CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
    Danske Bank A/S, DEUTSCHE BANK, Goldman Sachs International, HSBC, J.P. MORGAN,
    LANDESBANK BADEN-WÜRTTEMBERG, Lloyds Bank Corporate Market Wertpapierhandelsbank GmbH, MUFG,
    MIZUHO SECURITIES, NATWEST MARKETS, RBC Capital Markets, SANTANDER GLOBAL CORPORATE BANKING,
    Skandinaviska Enskilda Banken AB (publ), SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING,
    TD Securities, UNICREDIT BANK
    Issuing + Paying Agent CITIBANK, N.A.

    Download

    EUR 35 bn Debt Issuance Programme
    Jun 24, 2021
    Base Prospectus 2021 - 1st supplement (04.08.2021)
    Aug 4, 2021
    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: 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 750 m
    Interest rate: 0.125%; WKN: A2LQ6R; ISIN: XS2374595127
    Aug 10, 2021
    Maturity: 01.10.2027; CUR+amount: EUR 650 m
    Interest rate: 2.250%; WKN: A2LQ6G; ISIN: XS1972547696
    Mar 28, 2019
    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.  

Banco Volkswagen

  • Driver Brasil four

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

    Download Main Documents

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

    Download Investor Reports  

    Investor Report Driver Brasil four 06.2021
    Jul 8, 2021
    Investor Report Driver Brasil four 07.2021
    Aug 5, 2021
    Investor Report Driver Brasil four 08.2021
    Sep 8, 2021

More Information about Volkswagen Financial Services AG

Control and Profit and Loss Transfer Agreement

Control and Profit and Loss
Transfer Agreement