Japanese investors pile into VW Driver Japan auto ABS

Volkswagen’s second Driver Japan auto ABS has received a warm response from Japanese institutional investors, allowing the leads to tighten guidance without opening the deal up to offshore accounts.

  • 12 Feb 2013
Goldman Sachs and Mitsubishi UFJ Morgan Stanley initially marketed the ¥25bn ($267m) deal last week at yen offer-side (OS) swaps plus 24bp-29bp. At that level, the deal enjoyed a barrage of interest from domestic investors, according to a banker on the trade, enabling the spread to be tightened ...

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