Buyers jump on first fresh ABS to drive down VW’s auto level

VW 230
By Tom Porter
22 Jan 2015

Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for the top rated notes of its market opening auto loan-backed transaction.

ABS syndicate desks have endured a slow start to 2015 and few deals are expected to follow Volkswagen’s €717m Driver Thirteen German auto loan trade before the end of the month, but many market participants are upbeat about supply prospects come February.

“I have a full pipeline,” said ...

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