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Volkswagen Financial Services places €750M auto ABS

VolkswagenFinancial Services AG said April 8 that it placed auto asset-backedsecurities transaction with around €750 million of volume.

The transaction, which involved a diversified pool of receivablesfrom around 74,000 leasing contracts, comprised two tranches: Class A notes of€702 million priced at one month EURIBOR plus 55 basis points and class B notesof €18.7 million at one month EURIBOR plus 135 basis points.

The order book for the class A tranche was 1.55xoversubscribed and the class B tranche 4.1x oversubscribed.

The transaction was co-arranged by Volkswagen FinancialServices AG and HSBC Bank plc. Joint lead managers ofthe deal were HSBC Bank plc and Mitsubishi UFJ Securities International plc.