Funding Strategy
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 (ABSs) 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.
Green Finance Framework 2023
Letter of Comfort
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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.
EUR 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. |
Downloads
PLN 5 bn Debt Issuance Programme
| Issuer | Volkswagen Financial Services Polska Sp. z o.o. |
| Guarantor | Guarantor for Volkswagen Financial Services Polska Sp. z o.o. Debt Instruments - Volkswagen Financial Services AG |
| Arrangeur | Bank Polska Kasa Opieki S.A. |
| Dealers |
mBank S.A. Bank Handlowy w Warszawie S.A. Intesa Sanpaolo S.p.A. Santander Bank Polska S.A. |
| Paying Agent | ING Bank |
EUR 7,5 bn Multi-Currency Commercial Paper Programme
| Issuer |
Volkswagen Financial Services AG Volkswagen Bank GmbH Volkswagen Financial Services N.V. Volkswagen Finans Sverige AB (publ) SkoFIN s.r.o |
| Guarantor | Volkswagen Financial Services AG (for Volkswagen Financial Services N.V. and SkoFIN s.r.o |
| Arrangeur | Citigroup |
| Dealers |
Barclays BayernLB BNP PARIBAS Bred Banque Populaire Citigroup Commerzbank Crédit Agricole CIB Crédit Industriel et Commercial Danske Bank DNB Markets DZ BANK AG Handelsbanken ING NatWest Markets Nordea SEB Swedbank |
| Paying Agent | Citibank, N.A., London Branch |
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.
Asset Backed Securities
Volkswagen Financial Services (UK) Ltd.
Driver UK Master C6
| Class A / Senior Schuldschein | Class B / Junior Schuldschein | |
|---|---|---|
| Initial Balance | 2,465.9m GBP | 385.8m GBP |
| Ranking | Senior | Junior |
| Initial Credit Enhancement | 29.37 % | 18.42 % |
| Expected Weighted Average Lives | 1.93 years | 2.04 years |
| Closing Date | 27.03.2023 | 27.03.2023 |
| Expected Repayment Date | May 2027 | May 2027 |
| Final Maturity Date | May 2032 | May 2032 |
| Rating (Fitch / S&P) | AAA(sf) / AAA(sf) | A+ (sf) / A+ (sf) |
| Coupon | SONIA + 75bp p.a. | SONIA + 155bp p.a. |
| Denomination | 100,000 GBP | 100,000 GBP |
| Payment Frequency | monthly | monthly |
| Redemption | 12m revolving period followed by sequential / pro rata mechanism pass through | 12m revolving period followed by sequential / pro rata mechanism pass through |
| Form | Registered Notes / Schuldschein Loan | Registered Notes / Schuldschein Loan |
| Listing | Luxembourg Stock Exchange | Luxembourg Stock Exchange |
Download Main Documents
Driver UK Master C7
| Class A / Senior Schuldschein | Class B / Junior Schuldschein | |
|---|---|---|
|
Initial Balance |
3,871.6m GBP |
784.9m GBP |
|
Ranking |
Senior |
Junior |
|
Initial Credit Enhancement |
30.30% |
19.50% |
|
Expected Weighted Average Lives |
2.16 years |
2.24 years |
|
Closing Date |
27.11.2023 |
27.11.2023 |
|
Expected Repayment Date |
June 2027 |
June 2027 |
|
Final Maturity Date |
November 2031 |
November 2031 |
|
Rating (Fitch / S&P) |
AAA(sf) / AAA(sf) |
A+(sf) / A+(sf) |
|
Coupon |
SONIA + 0.78% p.a. |
SONIA + 1.70% 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 / Schuldschein Loan |
Registered Notes / Schuldschein Loan |
|
Listing |
Luxembourg Stock Exchange |
Luxembourg Stock Exchange |
Download Main Documents
Driver UK Seven
| Class A | Class B | ||
|---|---|---|---|
| Initial Balance | 354.5m GBP | 54m 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 |
February 2031 |
February 2031 | |
| Rating (DBRS / Fitch / KBRA) | AAA(sf) / AAA(sf) / AAA(sf) |
A(high) / AA / AA- | |
| Coupon | SONIA + 65 bp p.a. | SONIA + 180 bp p.a. | |
| Denomination | 100,000 GBP | 100,000 GBP | |
| Payment Frequency | monthly | monthly | |
| Redemption | 6m revolving period followed by sequential / pro rata mechanism pass through |
6m 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
Driver UK Eight
| Class A | Class B | ||
|---|---|---|---|
| Initial Balance | 444.6m GBP | 68.1m GBP | |
| Ranking | Senior | Junior |
|
| Initial Credit Enhancement | 28.86 % | 17.96 % |
|
| Expected Weighted Average Lives | 2.04 years | 2.14 years | |
| Closing Date | 25.03.2024 | 25.03.2024 | |
| Expected Repayment Date | December 2027 | December 2027 | |
| Legal Maturity Date |
September 2031 |
September 2031 | |
| Rating (S&P / Fitch / KBRA) | AAA(sf) / AAA(sf) / AAA(sf) |
A+ / AA- / AA- | |
| Coupon | SONIA + 60 bp p.a. | SONIA + 135 bp p.a. | |
| Denomination | 100,000 GBP | 100,000 GBP | |
| Payment Frequency | monthly | monthly | |
| Redemption | 6m revolving period followed by sequential / pro rata mechanism pass through |
6m 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
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 Pon Financial Services B.V.
VCL Master Netherlands B.V.
| Class A Notes | Class B Notes | |
|---|---|---|
| Balance on Renewal | 798.2m EUR | 91.0m EUR |
| Ranking | Senior |
Junior |
| Initial Credit Enhancement | 32.90 % | 25.40 % |
| Expected Weighted Average Lives | 2.37 years | 2.61 years |
| Closing Date | 27.11.2023 | 27.11.2023 |
| Expected Repayment Date | January 2028 | January 2028 |
| Legal Maturity Date | March 2031 | March 2031 |
| Domestic Rating (DBRS/ Moody´s) | AAA(sf) / Aaa(sf) | Not Rated |
| Coupon | 1-m-EURIBOR + 0.67% 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 through | sequential / pro rata / pass through |
| Form | Global Registered Notes | Global Registered Notes |
| Listing | Luxembourg Stock Exchange | Luxembourg Stock Exchange |
Download Main Documents
Volkswagen D’Ieteren Finance SA
Driver Belgium Master
| Class A Notes | Class B Notes | |
|---|---|---|
| Balance on Renewal | 481m EUR | 21.25m EUR |
| Ranking | Senior |
Junior |
| Initial Credit Enhancement | 9.75 % | 5.76 % |
| Expected Weighted Average Lives | 2.48 years | 2.59 years |
| Closing Date | 27.11.2023 | 27.11.2023 |
| Expected Repayment Date | August 2027 | August 2027 |
| Legal Maturity Date | February 2034 | February 2034 |
| Domestic Rating (Fitch / Moody´s) | AAA(sf) / Aaa(sf) | AA- (sf) / Aa2(sf) |
| Coupon | 1-m-EURIBOR + 0.62% p.a. | 1-m-EURIBOR + 1.40% p.a. |
| Denomination | 250,000 EUR | 250,000 EUR |
| Payment Frequency | monthly | monthly |
| Redemption | sequential / pro rata / pass through | sequential / pro rata / pass through |
| Form | 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
Volkswagen Financial Services Polska sp. z o.o.
VCL Master Poland
| Notes | |
|---|---|
| Balance on Renewal | PLN 1,500m |
| Ranking | Senior |
| Initial Credit Enhancement | 21.50 % |
| Expected Weighted Average Lives | 1.96 years |
| Closing Date | 26.02.2024 |
| Expected Repayment Date | August 2027 |
| Legal Maturity Date | February 2033 |
| Coupon | 1-m-WIBOR+101/103% p.a. |
| Denomination | PLN 1,000,000 |
| Payment Frequency | monthly |
| Redemption | sequential / pro rata / pass through |
| Form | Global Registered Notes |
Download Main Documents
More Information about Volkswagen Financial Services AG
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