Almost closed Volkswagen raises €2.15bn for leasing arm
Public bond investors in Europe received on Monday their first new issue from the car industry since the coronavirus crisis went global. The paper was not from an industrial company but Volkswagen Financial Services, its leasing division, which does not rely on VW producing new cars to repay its debt, but rather on customers who are legally obliged to keep paying their leases. The price was wide, but VWFS showed it had market access.
The deal came as the world’s second largest car maker — which as a group is the biggest European corporate bond issuer most years — has put large parts of its business on ice to safeguard staff and conserve cash as the vehicle industry has seized up.Volkswagen ...
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