German car firms in MTN battle after VW’s busiest quarter

By Jon Hay, Kathleen Gallagher
03 Apr 2014

Germany’s three carmakers unleashed a volley of private and niche currency MTNs on Wednesday and Thursday, leading to jostling. Volkswagen was planning to print a note in Norwegian kroner on Thursday, but Daimler beat it to the punch, causing VW to issue in Swedish kronor instead.

But Volkswagen still managed to print a jumbo €600m two year floater as a semi-private placement led by Société Générale, that bankers said was attractively priced for the issuer.

All these issues came in April, but the first quarter of 2014 was Volkswagen’s busiest ever three month period ...

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