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Volkswagen Financial Services issues more than €1.5B in auto ABS

Germany-based Volkswagen Financial Services AG said March 15 that it issued more than €1.5 billion in dual-tranche auto asset-backed securities.

The first tranche, amounting to €1.5 billion, was priced at 12 basis points plus one-month Euro Interbank Offered Rate and was 1.4x oversubscribed. The second tranche, amounting to €33.5 million, was priced at one-month EURIBOR plus 40 basis points and was 1.2x oversubscribed.

Through the transaction, Volkswagen Financial Services said it securitized a diversified provisional pool of receivables from some 103,000 leasing contracts.

Bank of America Merrill Lynch and Commerzbank served as joint lead managers.