VW Financial still popular in sterling

Sterling_increase_pound_Adobe_230x150
By Mike Turner
26 Nov 2019

Volkswagen Financial Services returned to the sterling bond market on Tuesday, after hitting the market twice over the summer.

The issuer, rated A3/BBB+, opened books for a five year deal at initial price thoughts of 165bp over Gilts via HSBC and NatWest Markets.  

The leads set price guidance of 155bp, plus or minus 3bp, with books above £800m.

Some demand fell off when the spread was set at 152bp, ...

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