Press Release

Volkswagen Financial Services placed Japanese Auto-ABS

  • Volume of receivables amounts to around JPY 64 billion
Braunschweig, 10 February 2016. Volkswagen Financial Services have today successfully placed their fifth Japanese auto Asset-Backed Securities (ABS) transaction. The securitisation transaction Driver Japan five, which is securitised with receivables of Volkswagen Financial Services Japan Ltd., has a volume of around 64 billion Japanese Yen (JPY), this corresponds to about Euro 494 million. The senior tranche was priced at 30 basis points over base rate. Driver Japan five is therefore the largest Auto ABS transaction ever in Japan. The order books were oversubscribed 2.1 times for the Senior Tranche notes at placement pricing levels.

The following tranches were placed:

  • Senior Tranche: 60 billion JPY
    Rating: [Aaa (sf)]/[AAAsf]/[AAA] (Moody´s/Fitch/R&I)
    Interest: Base rate plus 30 basis points
With this transaction, the company marketed a diversified pool of receivables from around 16,000 financing contracts. Contracts for new vehicles make up around 80 percent of this figure, with 20 percent deriving from used car financing. The transaction bears the quality label "Certified by TSI – deutscher Verbriefungsstandard" from True Sale International GmbH. It was marketed by the two Joint Lead Managers Merrill Lynch Japan Securities Co., Ltd. and Shinsei Securities Co., Ltd.

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 USA, 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 12,821 employees worldwide – including 6,254 alone in Germany (as at: 31.12.2014). The Annual Report 2014 of Volkswagen AG reported total assets for Volkswagen Financial Services of around EUR 137.4 billion, an operating result of EUR 1.7 billion and a portfolio of around 12.4 million current contracts.

Contact for press inquiries:

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