Press release

Volkswagen Financial Services placed Japanese Auto-ABS

  • Volume of receivables amounts to around JPY 30 billion
Braunschweig, 13 February 2014. Volkswagen Financial Services have successfully placed their third Japanese Asset-Backed Securities (ABS) transaction yesterday. The securitisation transaction Driver Japan Three, which is securitised with receivables of Tokyo based Volkswagen Financial Services Japan Ltd, has a volume of around 30 billion Japanese Yen (JPY), this corresponds to about Euro 215million.

The senior tranche was priced at base rate plus 18 basis points. Thus the Volkswagen Financial Services were able to refinance at more favourable terms compared to the previous emissions Driver Japan One (January2012) and Driver Japan Two (February2013).

The following tranches were placed:

Senior Tranche: 30 billion JPY
Rating: [Aaa (sf)]/[AAA (sf)]/[AAA] (Moody´s/S&P/R&I)
Interest: Base rate plus 18 basis points
With this transaction, the company marketed a diversified pool of receivables from more than 13,000 financing contracts. Contracts for new vehicles make up around 83 percent of this figure, with 17 percent deriving from used car financing. It was marketed by the two Joint Lead Managers Merrill Lynch Japan Securities Co., Ltd. and SMBC Nikko Securities Inc.

Information for editors:

Volkswagen Financial Services are responsible for the worldwide financial service activities of the Volkswagen Group – with the exception of the brands Scania and Porsche and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 10,133 employees worldwide – including 5,259 alone in Germany (as at: 31.12.2012). The Annual Report 2012 of Volkswagen AG reported total assets for Volkswagen Financial Services of around EUR 111.1 billion, an operating result of EUR 1.41 billion, and a portfolio of around 9.6 million current contracts.

Contact for press inquiries:
Marc Siedler (Press Officer)
Phone: + 49 (0)531 / 212-87675