Familiar face VW jumps in with lease ABS

By Graham Bippart
22 Apr 2015

Volkswagen is back in the market with a German auto lease ABS from its VCL shelf. The regular issuer was last in the market in September, when it managed to almost touch the year’s tights with a 27bp print on its top-rated tranche.

Crédit Agricole and RBC Capital Markets announced the €724.5m VCL 21 deal on Wednesday. The issuer is offering both a €704.2m class ‘A’ tranche, AAA rated by DBRS, S&P and Fitch, and a €20.3m ‘B’ class, rated A(high)/A+/A+ tranche.

The pool comprises 73,200 lease contracts with ...

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