Asset-Backed Securities headline

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We securitise parts of our receivables (lease, wholesale, retail) by selling them to special purpose vehicles based on an approved framework for asset-backed securities. The special purpose vehicles refinance themselves by issuing AB-CP's and bonds on the money and capital market.

Volkswagen Leasing GmbH
VCL 11

 

Class A

Class B 

    
Initial Balance

500,0 mn EUR

19,1 mn EUR

    

Ranking

Senior

Junior

    
Initial Credit Enhancement 

9.70%

6.20%

    
Expected Weighted Average Live

1,33 years

1,73 years

    

Expected Final Payment Date

Aug 14

Aug 14

    
Legal Final Maturity

Aug 15

Aug 15

    

Preliminary Rating (Moody's,S&P)

AAA/AAA 

A+/A+

    

Coupon

1-M-Euribor
+1.10% p.a.

1-M-Euribor
+2.50% p.a.

    

Denomination

50.000 EUR

50.000 EUR

    

Payment Frequency 

monthly

monthly

    

Redemption

sequential/pro rata/ 
pass through   

sequential/pro rata/ 
pass through   

    
Form

Global Bearer

Global Bearer

    

Listing

Luxembourg Stock
Exchange

Luxembourg Stock
Exchange

    
         


Volkswagen Leasing GmbH
VCL 12

 

Class A

Class B 

    
Initial Balance

500,0 mn EUR

19,1 mn EUR

    

Ranking

Senior

Junior

    
Initial Credit Enhancement  

9.70%

6.20%

    
Expected Weighted Average Live 

1,19 years

1,56 years

    

Expected Final Payment Date 

June 15

June 15

    
Legal Final Maturity

June 16

June 16

    

Preliminary Rating (Moody's,S&P)

AAAsf/AAA(sf) 

A+(sf)/A+(sf) 

    

Coupon

1-M-Euribor
+0.68% p.a. 

1-M-Euribor
+1.50% p.a.

    

Denomination

100.000 EUR

100.000 EUR

    

Payment Frequency

monthly

monthly

    

Redemption

 sequential/pro rata/
pass through   		 sequential/pro rata/ 
pass through  		    

Form 

Global Bearer

Global Bearer

    

Listing

Luxembourg Stock
Exchange

Luxembourg Stock
Exchange

    
         


Volkswagen Leasing GmbH
VCL 13

                                                   

Class A                     

 Class B                            

Initial Balance 920,0 mn EUR 33,0 mn EUR  

Ranking Senior Junior  

Initial Credit Enancement 9.20 % 5.90%  

Expected Weighted Average Live                                                   1,31 Years 1,78 years    
Expected Final Payment Date Feb 2016 Feb 2016  

Legal Final Maturity Feb 2017 Feb 2017  

Preliminary Rating (Moody's,
DBRS, S&P)		 Aaa(sf)/AAA(sf)/
AAA (sf) 		 A1(sf)/A high(sf)/
A+(sf)		  


Coupon 1-M-Euribor
+0.63% 		 1-M-Euribor
+ 1.45%		  


Denomination 100.000 EUR 100.000 EUR  

Payment Frequency monthly monthly  

Redemption sequential/pro rata/
pass through		 sequential/pro rata/
pass through		  


Form Global Bearer Global Bearer  

Listing Luxembourg Stock Exchange Luxembourg Stock 
Exchange		  


         


Volkswagen Leasing GmbH
VCL 14

 

Class A

Class B

  
Initial Balance

790,0 mn EUR

25,6 mn EUR

  

Ranking

Senior

Junior

  
Initial Credit Enhancement

8.70%

5.70%

  
Expected Weighted Average Live

1,30 years

 1,85 years  

Expected Final Payment Window

July 2016

July 2016

  
Legal Final Maturity

July 2017

July 2017

  

Preliminary Rating (Moody's,
DBRS, S&P)

Aaa(sf)/AAA(sf)/
AAA(sf)

A1(sf)/A high(sf)/
A+(sf)

  

Coupon

1-M-Euribor
+0.65% p.a.

1-M-Euribor
+1.50% p.a.

  

Denomination

100.000 EUR

100.000 EUR

  
Payment Frequency

monthly

monthly

  

Redemption

 sequential/pro rata/
pass through		 sequential/pro rata/
pass through		  


Form

Registered Notes
(RegS)

Registered Notes
(RegS)

  

Listing

Luxembourg Stock
Exchange

Luxembourg Stock
Exchange

  

         



Volkswagen Leasing GmbH
VCL 15


  Class A    Class B     

Initial Balance 930,0 mn EUR 28,0 mn EUR  

Ranking Senior Junior  

Initial Credit Enhancement 8.20% 5.40%  

Expected Weighted Average Live         1,31 years 1,92 years  

Scheduled Repayment Date January 2017 January 2017  

Legal Maturity Date January 2018 January 2018  

Preliminary Rating (Moody's,
DBRS, S&P)		 Aaa(sf)/AAA(sf)/
AAA(sf)		 A1(sf)/ A high (sf)/
A+(sf)		  


Coupon 1-M-Euribor
+0.53%		 1-M-Euribor
+1.30%		  


Denomination 100.000 EUR 100.000 EUR  

Payment Frequency monthly monthly  

Redemption sequential/pro rata/     
pass through		 sequential/pro rata/
pass through		  


Form Registered Notes
(RegS)		 Registered Notes
(RegS)		  


Listing Luxembourg Stock
Exchange		 Luxembourg Stock
Exchange		  


         



Volkswagen Bank GmbH
Driver Three

 

Class A

Class B

    
Initial Balance

924,5 mn EUR

35,0 mn EUR

    

Ranking

Senior

Junior

    
Initial Credit Enhancement  

9.00%

5.55%

    
Expected Weighted Average Live 

4,20 years

4,20 years

    
Legal Final Maturity 

Oct 2015

Oct 2015

    

Preliminary Rating
(Fitch,Moody's,S&P)

 AAA/Aaa/AAA

A+/A1/A+ 

    

Coupon

1-M-Euribor
+10BP

1-M-Euribor
+19BP

    

Denomination

50.000 EUR

50.000 EUR

    
Payment Frequency 

monthly

monthly

    

Redemption

 sequential/pro rata/ 
pass through  		 sequential/pro rata/ 
pass through  		    
Form 

Global Bearer

Global Bearer

    

Listing

Luxembourg Stock
Exchange

Luxembourg Stock
Exchange

    
         



Volkswagen Bank GmbH
Driver Six

 

Class A

Class B

    
Initial Balance

936,0 mn EUR

31,0 mn EUR

    

Ranking

Senior

Junior

    
Initial Credit Enhancement  

7.90%

4.80%

    
Expected Weighted Average Live 

1,92 years

2,36 years

    

Expected Final Payment Date

April 2012

April 2012

    
Legal Final Maturity 

Sep 2014

Sep 2014

    

Preliminary Rating
(Fitch,Moody's,S&P)

 AAA/Aaa/AAA

A+/A1/A+ 

    

Coupon

1-M-Euribor
+0.90% p.a.

1-M-Euribor
+1.70% p.a.

    

Denomination

50.000 EUR

50.000 EUR

    
Payment Frequency 

monthly

monthly

    

Redemption

 sequential/pro rata/ 
pass through  		 sequential/pro rata/ 
pass through  		    
Form 

Global Bearer

Global Bearer

    

Listing

Luxembourg Stock
Exchange

Luxembourg Stock
Exchange

    
         


Volkswagen Bank GmbH
Driver Seven

 

 Class A Class B    
Initial Balance

 500,0 mn EUR 19,1 mn EUR    
Ranking

 Senior Junior    
Initial Credit Enhancement        

 9.80 % 6.30 %    

Expected Weighted Average
Live

 1,983 years 2,13 years    
Expected Final Payment
Date

 Sep 2013 Sep 2013    
Legal Final Maturity

 April 2016 April 2016    
Preliminary Rating
(Fitch,Moody's)

 AAA/AAA A+/A+    
Coupon


 1-M-Euribor
+0.70% p.a.

1-M-Euribor
+1.65% p.a.

    
Denomination

 50,000 EUR 50,000 EUR    
Payment Frequency

 monthly monthly    
Redemption


 sequential/pro rata/
pass through		 sequential/pro rata/
pass through		    
Form

 Global Bearer Global Bearer    
Listing Luxembourg Stock
Exchange		 Luxembourg Stock
Exchange		    
         



Volkswagen Bank GmbH
Driver Eight

 

 Class A Class B    
Initial Balance                                    690,0 mn EUR               24,4 mn EUR                                                     
Ranking

 Senior Junior    
Initial Credit Enhancement

 9.20 % 5.95 %    
Expected Weighted
Average Live

 1,82 years 2,21 years    
Expected Final Payment
Date

 Feb 2016 Feb 2016    
Legal Final Maturity

 Feb 2017 Feb 2017    
Preliminary Rating (Fitch,
Moody's,DBRS)

 AAA(sf)/Aaa(sf)/
AAA(sf)		 A+(sf)/A1(sf)/
A high(sf)		    
Coupon


 1-M-Euribor
+0.70% p.a.		 1-M-Euribor
+1.60% p.a.		    
Denomination

 100,000 EUR 100,000 EUR    
Payment Frequency

 monthly monthly    
Redemption


 sequential/pro rata/
pass through		 sequential/pro rata/
pass through		    
Form

 Global Bearer Global Bearer    
Listing
 Luxembourg Stock
Exchange		 Luxembourg Stock
Exchange		    
         


Volkswagen Bank GmbH
Driver Nine

 

Class A        

Class  B                              

    
Initial Balance                                    690,0 mio. EUR               24,4 mio. EUR  
 
Ranking Senior Junior    
Initial Credit Enhancement 9.20 % 5.95 %  
 
Expected Weighted Average
Live		 1,74 years 2,13 years    
Expected Final Payment
Date		 April 2016 April 2016    
Legal Final Maturity April 2017 April 2017  
 

Preliminary Rating (Fitch,Moody's,
DBRS,S&P)

 AAA(sf)/Aaa(sf)/
AAA(sf)/AAA(sf) 		 A+(sf)/A1(sf)/
A high(sf)/A+(sf) 		    
Coupon 1-M-Euribor
+0.60 % p.a.		 1-M-Euribor
+1.45% p.a. 		  


Denomination 100,000 EUR 100,000 EUR    
Payment Frequency monthly monthly  
 
Redemption sequential/pro rata/
pass through		 sequential/pro rata/
pass through		  

 
Form Global Bearer Global Bearer    
Listing Luxembourg Stock
Exchange		 Luxembourg Stock
Exchange		    
         



Volkswagen Finance S.A.
Driver España One

  Class A Class B

  

  
Initial Balance                                       570,5 mn EUR                     58,4 mn EUR   

 

  
Ranking Senior Junior

 

  
Initial Credit Enhancement 19.00% 10.50%

 

  
Expected Weighted Average Live   1,43 years 1,87 years

 

  
Expected Final Payment Date Oct 2014 Oct 2014

 

  
Legal Final Maturity Sep 2022 Sep 2022

 

  
Rating (Fitch,S&P) AAA(sf)/AAA(sf)   A+(sf)/A+(sf)


 
Coupon 1-M-Euribor
+1.25% p.a. 		 1-M-Euribor
+2.75% p.a.  


 

  
Denomination 100.000 EUR 100.000 EUR


 
Payment Frequency monthly monthly                           

 

  
Redemption sequential/pro rata/
pass through		 sequential/pro rata/
pass through



 
Form Book Entries Book Entries


 
Listing AIAF Fixed Income Market AIAF Fixed Income
Market


 

  
         


Volkswagen Financial Services Japan Ltd.
Driver Japan One

  Trust Beneficial
Interest   		 Asset Backed Loan     


Initial Balance 18,9 bn EUR 6,1 bn EUR  

Ranking Senior Senior  

Initial Credit Enhancement 9.2% 9.2%  

Expected Weighted Average Live            2,1 years 2,1 years  

Expected Final Payment Date Sep 2015 Sep 2015  

Legal Final Maturity May 2020 May 2020  

Rating (Moody's,S&P,R&I) Aaa(sf)/AAA(sf)/
AAA		 Aaa(sf)/AAA(sf)/
AAA		  


Coupon 0.73% p.a. 0.73% p.a.  

Denomination 100.000.000 JPY 100.000.000 JPY  

Payment Frequency monthly monthly  

Redemption sequential/pro rata/     
pass through		 sequential/pro rata/
pass through		  


Form TBI AL  

Listing n.a. n.a.  

       



Quickfinder

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Volkswagen Leasing GmbH VCL 11
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Volkswagen Leasing GmbH VCL 11 - Supplement
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