SHIFTING GEARS

摘要

China's burgeoning securitisation market stepped up a notch in 2014 as six companies won approval to issue securities backed by auto loans, but Volkswagen's local financing unit went the extra mile to introduce international standards to the domestic arena. Volkswagen Finance's Rmb796m (US$130m) Driver China One brought international credit ratings to a domestic Chinese securitisation for the first time, with rankings from both Moody's and Fitch. The structure allowed VW to manage its local finances without compromising on its global standards, closely emulating the Driver standard that the company has used in multiple jurisdictions worldwide. China is already VW's largest market, and some analysts expect the auto ABS market there to double within a year.