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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.