EMEA

摘要

Volkswagen leasinc cleared its latest German auto deal last week, securing the tightest pricing since its emissions manipulation scandal broke last year. Final levels on the Triple A rated €702m senior tranche of vcl 23 were set at 55bp over one-month Euribor, tightened from initial price thoughts in the 55bp-57bp range. The notes were 1.6x covered. The €18.7m Class B notes, rated AA-/A1/ A+, cleared at 135bp, in from IPTs at 140np-150bp. That tranche was 3.5x covered. The levels are tighter than where VW cleared its last German auto deal in late October, as well as its Spanish trade earlier this year. VCL 22 printed an €800m Class A tranche at 62bp, tightening from IPTs of 60bp-65bp. The Class Bs printed at 150bp.