VW readies second Driver ABS this year
Volkswagen Bank is looking to sell its second securitization of the year from its German Driver programme. Leads expect VW’s broad investor base will ensure smooth execution, despite the difficult market conditions that have pushed non-captive and bank affiliate car loan ABS spreads wider in the secondary market.
Driver 11, which is backed by German loans, is made up of a €690m 1.8 year class ‘A’ tranche, with a triple-A rating and 9.2% credit enhancement, and a €24.4m 2.2 year class ‘B’ tranche, rated A+/A(high)/A1. It has 5.95% credit enhancement. Both tranches will be sold at
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