Bonds with terms of two and a half, five and eight years
Braunschweig, 6 January 2021. Volkswagen Leasing GmbH, a wholly owned subsidiary of Volkswagen Financial Services AG, has issued three bonds with a total volume of EUR 2.5 billion. The bonds, which have terms of two and a half, five and eight years, are expected to be rated A3 (Moody's) and BBB+ (Standard and Poor's). All the bonds are guaranteed by Volkswagen Financial Services AG. The transaction was oversubscribed more than three times.
"We are very satisfied with our first bond issue in the new year and are delighted with the trust and confidence placed in us by investors. In the course of the past year, which was dominated by the COVID-19 pandemic and its repercussions on the financial markets, refinancing rates decreased sharply again, with the consequence that we are significantly below the prices of last spring," says Frank Fiedler, CFO of Volkswagen Financial Services AG.
Volkswagen Leasing GmbH
EUR 1 billion
EUR 750 million
EUR 750 million
99. 439 %
The bonds were marketed by a banking consortium comprising BNP Paribas, Citi, DZ Bank AG, Mizuho and SEB.
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 16,571 employees worldwide – including 7,414 alone in Germany. Volkswagen Financial Services report total assets of around EUR 223.5 billion, an operating result of EUR 2.96 billion euros and a portfolio of around 21.5 million current contracts (as at: 31.12.2019).