VCL is priced wider than usual as yield hunt intensifies

By Joseph McDevitt
30 Jan 2014

Volkswagen priced its latest VCL auto lease securitization wider than both VCL deals it priced in 2013, as spreads between different programmes in the German auto ABS sector continued to converge.

Lead managers Barclays and Commerzbank on Thursday priced the €697.5m of triple-A rated ‘A’ notes, with 1.24 year weighted average life and 8.2% credit enhancement, at 35bp over one month Euribor. The €22.5m of single-A rated ‘B’ notes with 1.77 year WAL and 5.2% credit enhancement were priced ...

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