Driver Eight ‘A’ notes come tight
Lead managers Commerzbank and Société Générale priced the Eu690m 1.83 year average life class ‘A’ tranche of VW’s Driver Eight German auto securitisation at 70bp over one month Euribor. This price was the tight end of guidance, which was low 70s, and the deal was 1.6 times covered.
The price incorporates no new issue premium, with outstanding issues from VW and BMW heard in the 70bp area.The Eu24.4m class B tranche proved slightly less popular, with no oversubscription. The leads priced this tranche at 160bp over one month Euribor, from guidance of 160bp area. This tranche ...
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