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Volkswagen Financial sells 3.5B Chinese yuan of asset-backed securities

Volkswagen Financial Services AG placed roughly 3.5 billion Chinese yuan worth of securities backed by vehicle-financing contracts from Volkswagen Finance China.

The company said Nov. 24 that the first tranche of the dual-tranche offering amounted to 3.07 billion yuan and was placed at a fixed rate of 5.14%. The second tranche, amounting to 132 million yuan, was priced at 5.60%.

Volkswagen Financial Services is a division of German car manufacturer Volkswagen.

As of Nov. 24, US$1 was equivalent to 6.59 Chinese yuan.