VW unveils ECB eligible lease warehouse
HSBC has closed an innovative warehouse facility for VW Financial Services’ auto leasing business. The vehicle, VCL Master, issues triple-A rated notes to investors that are designed to be eligible for repo with the European Central Bank, expanding the potential investor base for the facility.
The first issue from the Eu1bn vehicle, Compartment 1, comprised four series of notes totalling Eu345m. The notes may be increased or decreased each month, replicating a conventional warehouse facility.
The notes may also be extended beyond their initial maturity with the consent of investors, while further issues of
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