VW drives past BMW for tightest priced China auto ABS

VW 230
By Rev Hui
13 Jan 2016

Volkswagen kicked off the Chinese auto ABS market this week, raising Rmb2.99bn ($460m) from the sector’s tightest priced transaction yet.

VW’s Driver China Three was split into three tranches: a Rmb2.6bn senior A tranche and a Rmb157m B portion, with the remaining amount a subordinated piece that was retained by the originator. The class A was rated AA(sf)/Aa3 (sf)/AA while the class B was rated A-(sf)/Baa1(sf)/BBB.

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