VW leaves emissions scandal behind it with negative green print

By Mike Turner
16 Sep 2020

Volkswagen, the German car company, became the latest to get the bond market’s motor going on Wednesday, when it brought a dual tranche green trade that was priced well inside fair value.

The A3/BBB+ rated issuer priced its eight and 12 year tranches 15bp and 17bp inside fair value, respectively, based on where its own curve was trading before the new deal was announced.

This was reminiscent of its rival Daimler, which printed €1bn of 10 year notes 20bp-25bp inside fair ...

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