Press Release

Volkswagen Financial Services issue Spanish Auto ABS

  • Receivables volume totals over one billion euros
Braunschweig, 24 January 2020. Volkswagen Financial Services have placed the Auto ABS (Asset Backed Securities) transaction Driver España six with a volume of more than EUR 1 billion. The issue is secured by receivables from Spanish vehicle financing contracts.

Tranche A (ISIN: ES0305471007) has a volume of around EUR 1 billion, has an AAA rating from DBRS and from Standard & Poor's, and was placed at a price of 1-month Euribor plus 27 basis points. Tranche A was oversubscribed 2.6 times.

In addition, Tranche B (ISIN: ES0305471015) was placed at a price of 1-month Euribor plus 80 basis points. It is rated A (high) by DBRS and A+ by Standard & Poor's. The volume amounts to EUR 35.7 million. Tranche B was oversubscribed 6.8 times.

With this transaction, the company has marketed a diversified pool of receivables from more than 130,000 financing contracts. Contracts for new vehicles make up around 79 percent of this figure, with the remaining 21 percent coming from used vehicle financing. The average financed value per vehicle is approximately EUR 15,800.

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, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand 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 16,267 employees worldwide – including 7,010 alone in Germany. Volkswagen Financial Services report total assets of around EUR 207.6 billion, an operating result of EUR 2.6 billion and a portfolio of around 20.3 million current contracts (as at: 31.12.2018).

 
Contact for press inquiries:

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