VW forced wide of IPTs for Driver as market sell-off bites

By Joseph McDevitt
26 Jun 2013

Formal guidance for Volkswagen Bank’s Driver 11 German auto loan securitization has been set wider than initial price thoughts in the class ‘A’ and ‘B’ tranches to take account of continued weakness in the secondary market.

Lead managers Raiffeisen International, Royal Bank of Scotland and Volkswagen Financial Services tested investor appetite on Tuesday at price thoughts of one month Euribor plus mid-to high 20s for the €690m of 1.8 year class 'As', and the same benchmark plus low 70s area for the €24.4m 2.2 ...

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