Jan 26, 2012
- Hugh Leask
Issuers Scope Japanese Appetite As VW Prices ABS
Issuers in the U.K. and Europe now sounding out Japanese demand for future deals after Volkswagen Financial Services’ Driver Japan One auto loan securitization closed 3.5 times oversubscribed.
VW Financial Services priced the JPY25 billion ($322.2 billion) at Japanese midswaps plus 31 basis points late last week. The deal was backed with a pool of about 17,000 auto loans originated to Japanese borrowers. “Under Japanese regulation, it was not a public offering as you would deem it in the European market, but a private placement which allows you to place with up to 99 investors,” Stefan Rolf, head of securitization at VW Financial Services, told SI. The single tranche deal, which was divided between a senior....