Press Release

Volkswagen Financial Services placed Australian Auto-ABS

  • Volume of receivables of Driver Australia two amounts to around AUD 463 million
Braunschweig, 26 February 2015. Volkswagen Financial Services have successfully placed their second Australian Asset Backed Securities (ABS) transaction. The securitisation transaction Driver Australia two, which is securitised with receivables of Volkswagen Financial Services Australia Pty Ltd., has a volume of around 463 million Australian dollars (AUD), about Euro 320 million. During the bookbuilding process, the Class A notes were placed at a price of one-month BBSW (Bank Bill Swap Rate, the Australian reference interest rate) plus 75 basis points and the Class B notes at plus 135 basis points. Thus the transaction could be placed at a lower interest rate spread as Driver Australia one in November 2013. The order book was oversubscribed 1.6 times (Class A) and 6.2 times (Class B) at placement pricing levels. The transaction bears the True Sale International GmbH quality label “Certified by TSI – Deutscher Verbriefungsstandard”.

The following tranches were placed:
 
  • AUD 436 million Class A notes
    Rating: [AAA(sf)]/[AAA(sf)]/[AAA(sf)] (DBRS/S&P/Fitch)
  • AUD 27 million Class B notes
    Rating: [A high(sf)]/[A+(sf)]/[A+(sf)] (DBRS/S&P/Fitch)
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 89 percent of this figure, with 11 percent deriving from used car financing. It was marketed by the Joint Arrangers New Zealand Banking Group Limited, Citigroup Global Market Australia Pty Limited and Volkswagen Financial Services AG.

Information for editors:

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies and the financial service companies in the US, Canada, Argentina and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania and Porsche brands 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 10,945 employees worldwide – including 5,389 alone in Germany (as at: 31.12.2013). The Annual Report 2013 of Volkswagen AG reported total assets for Volkswagen Financial Services of around EUR 115.1 billion, an operating result of EUR 1.6 billion, and a portfolio of around 10.7 million current contracts.

Contact for press inquiries:

Marc Siedler (Press Officer)
Phone: +49 (0)531 / 212-87675
E-Mail: marc.siedler@vwfs.com
www.vwfs.com