VCL hits post-crisis tights as undersupply, ECB take spreads in

By Graham Bippart
29 Apr 2015

Volkswagen’s German auto lease ABS VCL 21 has priced its top rated tranche at the tightest spread achieved, at least for the issuer, since the crisis.

The class ‘A’ tranche, rated triple-A, was enlarged from €724.5m to €1bn before pricing, but lead managers Crédit Agricole and RBC Capital Markets still managed to sell the tranche at the tight end of its one month Euribor plus 20bp-22bp guidance. That is the tightest level ...

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