Funding Strategy
The Funding Mix of VWFS Overseas is based on regional peculiarities. Each entity of the Volkswagen Financial Servies Overseas Group uses the local market for their refinancing. It is one of the basic objectives of our refinancing strategy to optimise our refinancing costs by focusing on the following topics:
- Well-diversified financing instruments: Ensuring our growth on the one hand, and refinancing at the best conditions possible on the other requires an extensive set of highly sophisticated instruments and measures. Our spectrum includes issuing bonds in different markets and currencies as well as asset-backed securities (ABS) and commercial papers and where possible collecting customer deposits. Due to our presence in different market segments we benefit from the most favourable conditions.
- Also utilising means outside the company rating: In the case of ABS tranches, it is the underlying receivables, which are subjected to the rating, but not the company. With all these issuances we have achieved triple-A ratings, which is a proof for their high quality.
- Finding and tapping new investors: The acquisition of new investors by usage of new instruments, tapping new regions or usage of new currencies we are extending our refinancing basis.
- Minimizing risks by usage of capital market derivatives: It goes without saying that we observe the development of the interest rate structure curve in order to take advantage of favourable refinancing rates. We utilise particular financial derivatives such as interest rate swaps so that we always successfully match maturities with our current business operations. In principle refinancing is carried out in local currency. If the refinancing is not done in local currency, the currency risk is fully hedged.
Letter of Comfort of our affiliated companies
With the exception of political risks, Volkswagen Financial Services Overseas AG hereby declares that, as the shareholder of its affiliated companies, over which it has managerial control and/or in which it holds a direct or indirect majority share of the share capital, it will exert its influence to ensure that the latter meet their liabilities to lenders in the agreed manner. Moreover, Volkswagen Financial Services Overseas AG confirms that, for the term of the loans, it will make no changes to the share structures of these companies which would adversely affect the letter of comfort without informing the lenders. This comfort also applies to holders of unguaranteed bonds issued by the following affiliated companies: Banco Volkswagen S.A., São Paulo, Brazil; LM Transportes Interestaduais Serviços e Comércio S.A., Salvador, Brazil; Volkswagen Finance (China) Co., Ltd., Beijing, China; Volkswagen Doğuş Finansman A.Ş., Istanbul, Turkey; VDF Filo Kiralama A.Ş., Istanbul, Turkey; VDF Faktoring A.Ş., Istanbul, Turkey.
Notice concerning notes
Debt Issuance and Commercial Paper Programmes
The following table shows the programmes issued by Volkswagen Financial Services Overseas AG and its affiliated subsidiaries.
EUR 5 bn Debt Issuance Programme
| Issuer |
Volkswagen Financial Services Overseas AG Volkswagen Financial Services Japan Ltd. |
| Guarantor | Volkswagen Financial Services Overseas AG |
| Arrangeur | Citigroup Global Markets Limited |
| Dealers | Barclays Bank Ireland PLC, Bayerische Landesbank, BNP Paribas, BRED Banque Populaire S.A., Citigroup Global Markets Limited, Citigroup Global Markets Europe AG, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Crédit Industriel et Commercial S.A., Danske Bank A/S, DNB Bank ASA, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, ING Bank N.V., NatWest Markets N.V., Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ) and Svenska Handelsbanken AB (publ) |
| Paying Agent | Citibank, N.A. |
JPY 60 bn Electronic Commercial Paper Programme
| Issuer | Volkswagen Financial Services Japan Ltd. |
| Guarantor | Volkswagen Financial Services Overseas AG |
| Arrangeur | MUFG Bank, Ltd. |
| Dealers | MUFG Bank, Ltd. Sumitomo Mitsui Banking Corporation Mizuho Bank, Ltd. |
| Paying Agent | MUFG Bank, Ltd. |
AUD 5 bn Debt Issuance Programme
| Issuer | VOLKSWAGEN FINANCIAL SERVICES AUSTRALIA PTY LIMITED |
| Guarantor | Volkswagen Financial Services Overseas AG |
| Arrangeur | Australia and New Zealand Banking Group Limited, Citigroup Global Markets Australia Pty Limited |
| Dealers | Australia and New Zealand Banking Group Limited, Citigroup Global Markets Australia Pty Limited, Commonwealth Bank of Australia, Deutsche Bank AG (Sydney Branch), Merrill Lynch (Australia) Futures Limited, Royal Bank of Canada, The Hongkong and Shanghai Banking Corporation Limited (Sydney Branch) |
| Paying Agent | Austraclear |
MXN 25 bn Dual Capital Market Programme
| Issuer | Volkswagen Leasing S.A. de C.V. |
| Guarantor | Volkswagen Financial Services Overseas AG |
| Arrangeur | HSBC Casa de Bolsa, S.A de C.V., Casa de Bolsa Santander, S.A de C.V. |
| Dealers | HSBC Casa de Bolsa, S.A de C.V., Casa de Bolsa Santander, S.A de C.V. |
| Paying Agent | The Bank of New York Mellon |
EUR 2.5bn Multi-Currency Commercial Paper Programme
| Issuer |
Volkswagen Financial Services Overseas AG Volkswagen Finance Overseas B.V. |
| Guarantor | Volkswagen Financial Services Overseas AG (for Volkswagen Finance Overseas B.V.) |
| Arrangeur | Citigroup |
| Dealers | Barclays, BayernLB, BNP Paribas, Bred Banque Populaire, Citigroup, Commerzbank Credit Agricole CIB, Crédit Industriel et Commercial, Danske Bank, DNB Markets, DZ Bank AG, Handelsbanken, ING, NatWest Markets, Nordea, SEB |
| Paying Agent | Citibank N.A., London Branch |
Here you will find information about the debt issuance programs of Volkswagen Financial Services Overseas AG until June 30, 2024
Here you will find information about the multi-currency commercial programs of Volkswagen Financial Services Overseas AG until June 30, 2024
Corporate Bonds
Volkswagen Financial Services Overseas AG
For bonds issued by Volkswagen Financial Services Overseas AG prior to 1 July 2024 for which Volkswagen Financial Services AG has assumed obligations for, please click here.
Asset Backed Securities
Volkswagen Financial Services Japan Ltd.
Driver Japan ten
| Trust Beneficial Interest | Asset Backed Loan | |
|---|---|---|
| Initial Balance | 33.8 bn JPY | 26.2 bn JPY |
| Ranking | Senior | Senior |
| Initial Credit Enhancement | 6.5 % | 6.5 % |
| Expected Weighted Average Lives | 2.58 years | 2.58 years |
| Closing Date | 25.02.2021 | 25.02.2021 |
| Expected Repayment Date | July 2025 | July 2025 |
| Final Maturity Date | June 2029 | June 2029 |
| Rating (Moody´s / Fitch / R&I) | Aaa(sf) / AAA(sf) / AAA(sf) | Aaa(sf) / AAA(sf) / AAA(sf) |
| Coupon | 0.10 % p.a. | 0.10 % 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 | ABL |
| Listing | n.a. | n.a. |
Download Main Documents
Driver Japan eleven
| Trust Beneficial Interest | Asset Backed Loan | |
|---|---|---|
| Initial Balance | 31.7 bn JPY | 23.3 bn JPY |
| Ranking | Senior | Senior |
| Initial Credit Enhancement | 6.5 % | 6.5 % |
| Expected Weighted Average Lives | 2.6 years | 2.6 years |
| Closing Date | 25.02.2022 | 25.02.2022 |
| Expected Repayment Date | August 2026 | August 2026 |
| Final Maturity Date | June 2030 | June 2030 |
| Rating (Moody´s / Fitch / R&I) | Aaa(sf) / AAA(sf) / AAA(sf) | Aaa(sf) / AAA(sf) / AAA(sf) |
| Coupon | 0.11 % p.a. | 0.11 % 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 | ABL |
| Listing | n.a. | n.a. |
Download Main Documents
Driver Japan twelve
| Trust Beneficial Interest | Asset Backed Loan | |
|---|---|---|
| Initial Balance | 21.3 bn JPY | 28.7 bn JPY |
| Ranking | Senior | Senior |
| Initial Credit Enhancement | 6.5 % | 6.5 % |
| Expected Weighted Average Lives | 2.6 years | 2.6 years |
| Closing Date | 27.02.2023 | 27.02.2023 |
| Expected Repayment Date | August 2027 | August 2027 |
| Final Maturity Date | June 2031 | June 2031 |
| Rating (Moody´s / S&P) | Aaa(sf) / AAA(sf) | Aaa(sf) / AAA(sf) |
| Coupon | 0.49 % p.a. | 0.49 % 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 | ABL |
| Listing | n.a. | n.a. |
Download Main Documents
Driver Japan thirteen
| Trust Beneficial Interest | Trust Beneficial Interest | |
|---|---|---|
| Initial Balance | 28.7 bn JPY | 26.3 bn JPY |
| Ranking | Senior | Senior |
| Initial Credit Enhancement | 6.5 % | 6.5 % |
| Expected Weighted Average Lives | 2.63 years | 2.63 years |
| Closing Date | 28.02.2024 | 28.02.2024 |
| Expected Repayment Date | August 2028 | August 2028 |
| Final Maturity Date | June 2032 | June 2032 |
| Rating (Moody´s / Fitch) | Aaa(sf) / AAAsf | Aaa(sf) / AAAsf |
| Coupon | 0.53 % p.a. | 0.53 % 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 | ABL |
| Listing | n.a. | n.a. |
Download Main Documents
Driver Japan fourteen
| Trust Beneficial Interest | Asset Backed Loan | |
|---|---|---|
| Initial Balance | 24.8 bn JPY | 25.2 bn JPY |
| Ranking | Senior | Senior |
| Initial Credit Enhancement | 6.5 % | 6.5 % |
| Expected Weighted Average Lives | 2.6 years | 2.6 years |
| Closing Date | 27.02.2025 | 27.02.2025 |
| Expected Repayment Date | August 2029 | August 2029 |
| Final Maturity Date | June 2033 | June 2033 |
| Rating (Moody´s / S&P) | Aaa(sf) / AAA (sf) | Aaa(sf) / AAA (sf) |
| Coupon | 1.09 % p.a. | 1.09 % 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/ABL | TBI/ABL |
| Listing | n.a. | n.a. |
Volkswagen Financial Services Australia Pty Ltd.
Driver Australia Master
| Class A Notes | Class B Notes | |
|---|---|---|
| Initial Balance | 1,650.0m AUD | 200.0m AUD |
| Ranking | Senior | Junior |
| Initial Credit Enhancement | 16.0 % | 10.0 % |
| Expected Weighted Average Lives | 2.15 years | 2.53 years |
| Closing Date | 27.12.2024 | 27.12.2024 |
| Expected Repayment Date | 25.12.2027 | 25.12.2027 |
| Legal Maturity Date | 25.02.2034 | 25.02.2034 |
| Rating (Fitch / S&P) | AAA(sf) / AAA(sf) | A+(sf) / A+(sf) |
| Coupon | 1-m-BBSW + 1.20 % p.a. | 1-m-BBSW + 1.60 % p.a. |
| Denomination | 100,000 AUD | 100,000 AUD |
| Payment Frequency | monthly | monthly |
| Redemption | sequential / pro rata / pass through | sequential / pro rata / pass through |
| Form | Global Registered Note | Global Registered Note |
| Listing | Australian Securities Exchange | Australian Securities Exchange |
Download Main Documents
Driver Australia seven
| Class A | Class B | |
|---|---|---|
| Initial Balance | 526.2m AUD | 33m AUD |
| Ranking | Senior | Junior |
| Initial Credit Enhancement | 13.50 % | 8.0 % |
| Expected Weighted Average Lives | 1.85 years | 2.84 years |
| Closing Date | 22.11.2021 | 22.11.2021 |
| Expected Repayment Date | December 2025 | December 2025 |
| Final Maturity Date | January 2030 | January 2030 |
| Rating (Moody´s / Fitch) | Aaa(sf) / AAA(sf) | Aa2(sf) / NR |
| Coupon | 1-m-BBSW + 70bps p.a. | 1-m-BBSW + 100bps p.a. |
| Denomination | 100,000 AUD | 100,000 AUD |
| Payment Frequency | monthly | monthly |
| Redemption | sequential / pro rata / pass through | sequential / pro rata / pass through |
| Form | Registered | Registered |
| Listing | Australian Securities Exchange | Australian Securities Exchange |
Download Main Documents
Driver Australia eight
| Class A | Class B | |
|---|---|---|
| Initial Balance | 650.3m AUD | 51m AUD |
| Ranking | Senior | Junior |
| Initial Credit Enhancement | 14.5 % | 7.7 % |
| Expected Weighted Average Lives | 1.60 years | 2.26 years |
| Closing Date | 25.10.2023 | 25.10.2023 |
| Expected Repayment Date | July 2027 | July 2027 |
| Final Maturity Date | February 2032 | February 2032 |
| Rating (S&P / Fitch) | AAA(sf) / AAA(sf) | A+(sf) / A+sf |
| Coupon | 1-m-BBSW + 1.30% p.a. | 1-m-BBSW + 2.60% p.a. |
| Denomination | 100,000 AUD | 100,000 AUD |
| Payment Frequency | monthly | monthly |
| Redemption | sequential / pro rata / pass through | sequential / pro rata / pass through |
| Form | Registered | Registered |
| Listing | Australian Securities Exchange | Australian Securities Exchange |
Download Main Documents
Driver Australia nine
| Class A | Class B | |
|---|---|---|
| Initial Balance | 650.3m AUD | 51m AUD |
| Ranking | Senior | Junior |
| Initial Credit Enhancement | 14.5 % | 7.7 % |
| Expected Weighted Average Lives | 1.68 years | 2.47 years |
| Closing Date | 27.05.2024 | 27.05.2024 |
| Expected Repayment Date | March 2028 | March 2028 |
| Final Maturity Date | September 2032 | September 2032 |
| Rating (Fitch / Moody's) | AAA(sf) / Aaa(sf) | NR / Aa2(sf) |
| Coupon | 1-m-BBSW + 1.15% p.a. | 1-m-BBSW + 1.85% p.a. |
| Denomination | 100,000 AUD | 100,000 AUD |
| Payment Frequency | monthly | monthly |
| Redemption | sequential / pro rata / pass through | sequential / pro rata / pass through |
| Form | Registered | Registered |
| Listing | Australian Securities Exchange | Australian Securities Exchange |
Download Main Documents
Driver Australia ten
| Class A | Class B | |
|---|---|---|
| Initial Balance | 657.8m AUD | 43.5m AUD |
| Ranking | Senior | Junior |
| Initial Credit Enhancement | 13.5 % | 7.7 % |
| Expected Weighted Average Lives | 1.60 years | 2.41 years |
| Closing Date | 25.10.2024 | 25.10.2024 |
| Expected Repayment Date | June 2028 | June 2028 |
| Final Maturity Date | February 2033 | February 2033 |
| Rating (S&P / Moody's) | AAA(sf) / Aaa(sf) | NR / Aa2(sf) |
| Coupon | 1-m-BBSW + 1.15 % p.a. | 1-m-BBSW + 1.50 % p.a. |
| Denomination | 100,000 AUD | 100,000 AUD |
| Payment Frequency | monthly | monthly |
| Redemption | sequential / pro rata / pass through | sequential / pro rata / pass through |
| Form | Registered | Registered |
| Listing | Australian Securities Exchange | Australian Securities Exchange |
Download Main Documents
Private Driver Australia 2023-1
| Class A | |
|---|---|
| Initial Balance | 500m AUD |
| Ranking | Senior |
| Initial Credit Enhancement | 12.30 % |
| Expected Weighted Average Lives | 1.53 years |
| Closing Date | 27.02.2023 |
| Expected Repayment Date | September 2026 |
| Final Maturity Date | June 2031 |
| Rating (S&P / Moody´s) | AAA(sf) / Aaa(sf) |
| Coupon | 1-m-BBSW + 150bps p.a. |
| Denomination | 100,000 AUD |
| Payment Frequency | monthly |
| Redemption | sequential / pro rata / pass through |
| Form | Registered |
| Listing | Australian Securities Exchange |
Download Main Documents
Driver Australia regulatory disclosure
The regulatory disclosure section of the Driver Australia transactions are stored in separate area of this homepage. To access them, you need to accept the disclaimer. Please click here to open the regulatory disclosure section of the Driver Australia transactions.
Volkswagen Finance (China) Co., Ltd.
Driver China fourteen
| Class A | |
|---|---|
| Initial Balance | 8,000m RMB |
| Ranking | Senior |
| Initial Credit Enhancement | 12,00 % |
| Expected Weighted Average Lives | 1.16 years |
| Closing Date | 26.10.2022 |
| Expected Repayment Date | August 2025 |
| Legal Maturity Date | August 2029 |
| Rating (Lianhe / CBR / Fitch) | AAA (sf) / AA+ (sf) / AAA (sf) |
| Coupon | 2.30% p.a. |
| Denomination | 100 RMB |
| Payment Frequency | monthly |
| Redemption | sequential / pro rata / pass through |
| Form | Registered Notes |
| Listing | China Central Depository and Clearing Co., Ltd. |
Download Main Documents
Driver China fifteen
| Class A | |
|---|---|
| Initial Balance | [5,232]m RMB |
| Ranking | Senior |
| Initial Credit Enhancement | [14],00 % |
| Expected Weighted Average Lives | [1.16] years |
| Closing Date | 30.05.2024 |
| Expected Repayment Date | March 2027 |
| Legal Maturity Date | March 2031 |
| Rating (CBR / S&P China / S&P Global) | AAA (sf) / AAA (sf) / AAAspc (sf) |
| Coupon | [●]% p.a. |
| Denomination | 100 RMB |
| Payment Frequency | monthly |
| Redemption | sequential / pro rata / pass through |
| Form | Registered Notes |
| Listing | China Central Depository and Clearing Co., Ltd. |
Download Main Documents
Click here for the refinancing activitites of Volkswagen Financial Services AG (Europe).
More Information of Volkswagen Financial Services Overseas AG
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