VW shrugs off headwinds with Driver España auto deal

By David Bell
24 Sep 2015

Volkswagen’s Driver España deal was priced in line with guidance on Tuesday, with ABS investors undeterred by Monday’s 20% drop in the benchmark issuer’s share price as a result of its US emissions data scandal.

The €700m class ‘A’ notes, rated Aa2/AA by Moody’s and S&P, were priced at 53bp above Euribor. The deal attracted orders in excess of €1bn, allowing joint leads BNP Paribas, HSBC, and Volkswagen Financial Services AG to price the deal in line with initial price thoughts ...

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