March 7, 2018 / 8:58 AM / 7 months ago

Volkswagen Leasing announces German auto ABS VCL 26

    LONDON, March 7 (IFR) - Originator & Servicer: Volkswagen
Leasing GmbH (Germany)
Arranger: BAML
Joint Lead Managers: BAML/Commerzbank
Joint Bookrunners: BAML/Commerzbank
Co-Managers: Credit Agricole/Scotiabank/RBC   
 CL  Size(€mm)  C/M/S*          CE    WAL   BMK  LFM     STATUS
 A   940.0      AAA/Aaa/AAA     7.2%  1.21  1mE  Feb-24  Offered
 B   21.0       A+/A1/A+        5.1%  2.00  1mE  Feb-24  Offered
 * Rating agencies are Creditreform/Moody's/S&P.
WAL assumes 0% default & delinquencies; 10% clean-up call; 5%
CPR
Class A is expected to be offered at a cash price above 100%.

- Roadshow meetings/calls available upon request
- Expected Closing/Settlement: 25 April 2018
- First IPD: 21 May 2018
- Legal Final Maturity: February 2024
- 10% Clean-up Call option
- Minimum Class A and B denominations: €100,000 + €100,000
- Registration: Reg S Registered only
- Listing: Luxembourg Stock Exchange
- Billing & Delivery: BofAML
- Deal Roadshow: Entry Code (Case Sensitive): VCL261
  Direct Link to Presentation: dealroadshow.com/?ec=VCL261

The provisional underlying German auto lease pool has 101,653
contracts, Avg Contract size is €9,838 , Weighted Avg Seasoning
is 7.81 months, Used/demo vehicles  4.72%, Closed End
Contract/Open End Contract 99.12/0.88%, no R.V. risk, no
replenishment period
C/E: Subordinated loan 3.0%, Over-collateralisation 0.9% and
fully funded Cash Collateral 1.2%, amortising with a floor of
1.0% during the life of the notes, plus Class B 2.1% for Class A
    

 (Reporting by Chris Moore)
  
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