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Volkswagen AG
Volkswagen Bank Gmbh

Volkswagen Bank Gmbh (VW)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
VW
Volkswagen Bank Gmbh€2,500
3EMEA
Sep 14, 2026
currency
EUR
size (m)
1,250.000
maturity
Mar 21, 2029
type
Fixed
tenor
2.500
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Senior Preferred
moody's
A1
s&p
BBB+
fitch
A-
size description
Maximum
re-open/tap
No
ipt
MS+95-100
ipt-pxd
-30.5
guidance
MS+67 area
spread
67
coupon
4.125%
spread set
-
price
99.80700
yield
4.217%
book size (m)
1,700
peak book (m)
2,150
x-covered
1.36
book attrition
-20.93%
nic
9
billing & delivering
RBC
active leads
-
joint leads
LLY,RBC,SOC,UNI,...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,700
peak book (m)
2,150
x-covered
1.36
book attrition
-20.93%
nic
9
billing & delivering
RBC
active leads
-
joint leads
LLY,RBC,SOC,UNI,...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
750.000
maturity
Mar 21, 2031
type
Fixed
tenor
4.500
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Senior Preferred
moody's
A1
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+125-130
ipt-pxd
-27.5
guidance
MS+100 area
spread
100
coupon
4.50%
spread set
-
price
99.82900
yield
4.549%
book size (m)
1,450
peak book (m)
1,850
x-covered
1.93
book attrition
-21.62%
nic
12
billing & delivering
RBC
active leads
-
joint leads
LLY,RBC,SOC,UNI,...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,450
peak book (m)
1,850
x-covered
1.93
book attrition
-21.62%
nic
12
billing & delivering
RBC
active leads
-
joint leads
LLY,RBC,SOC,UNI,...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Mar 21, 2034
type
Fixed
tenor
7.500
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Senior Preferred
moody's
A1
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+160-165
ipt-pxd
-27.5
guidance
MS+135 area
spread
135
coupon
4.875%
spread set
-
price
99.91200
yield
4.894%
book size (m)
1,300
peak book (m)
1,500
x-covered
2.6
book attrition
-13.33%
nic
12
billing & delivering
RBC
active leads
-
joint leads
LLY,RBC,SOC,UNI,...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,300
peak book (m)
1,500
x-covered
2.6
book attrition
-13.33%
nic
12
billing & delivering
RBC
active leads
-
joint leads
LLY,RBC,SOC,UNI,...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1700; Registration: Reg S Only; Comments: DBR 0.5 02/29 (@93.13) + 96.5bps, HR 106%. Tax Call: Yes. Regulatory Call: Yes. LEI: 529900GJD3OQLRZCKW37; Book size: 1450; Registration: Reg S Only; Comments: DBR 0 02/31 (@86.59) + 123.5bps, HR 107%. Tax Call: Yes. Regulatory Call: Yes. LEI: 529900GJD3OQLRZCKW37; Book size: 1300; Registration: Reg S Only; Comments: DBR 2.2 02/34 (@91.94) + 144.5bps, HR 100%. Tax Call: Yes. Regulatory Call: Yes. LEI: 529900GJD3OQLRZCKW37;
Use of Proceeds
Net proceeds will finance/refinance zero tailpipe emission vehicles (battery electric and hydrogen fuel cell vehicles) per VW Financial Services AG Group's Green Finance Framework (August 2026), covering use phase emissions only
Relative Value

Senior Preferred Green

2.5yr (Mar 2029) @ MS+95-100

Implied Spread for fresh 2.5yr @ MS+58
Priced at MS+67
NIC of +9


Senior Preferred Green

4.5yr (Mar 2031) @ MS+125-130

Implied Spread for fresh 4.5yr @ MS+88
Priced at MS+100
NIC of +12


Senior Preferred Green

7.5yr (Mar 2034) @ MS+160-165

Implied Spread for fresh 7.5yr @ MS+123
Priced at MS+135
NIC of +12


COMPS

Ticker

Issuer

Format

Ratings (M/S/F)

Size

Coupon

Maturity

Tenor

I-Sprd

VW

Volkswagen Bank

SP

A1/BBB+/A-

800

2.75

Jun-28

1.8

49

VW

Volkswagen Bank

SP

A1/BBB+/A-

900

3.125

Oct-29

3

67

VW

Volkswagen Bank

SP

A1/BBB+/A-

1000

3.125

Dec-29

3.2

66

VW

Volkswagen Bank

SP

A1/BBB+/A-

700

3.5

Jun-31

4.8

88

VW

Volkswagen Bank

SP

A1/BBB+/A-

500

3.625

Oct-32

6

102

VW

Volkswagen Bank

SP

A1/BBB+/A-

750

3.75

Dec-32

6.2

106

Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)Sep 14, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED: Volkswagen Bank GmbH €2.5bn 2.5yr, 4.5yr & 7.5yr SP; MS+67bp, MS+100bp & MS+135bpSep 14, 2026
ALLOCATIONS OUT: Volkswagen Bank GmbH €2.5bn 2.5yr, 4.5yr & 7.5yr SP; MS+67bp, MS+100bp & MS+135bpSep 14, 2026
LAUNCHED: Volkswagen Bank GmbH €2.5bn 2.5yr, 4.5yr & 7.5yr SP; MS+67bp, MS+100bp & MS+135bpSep 14, 2026
GUIDANCE: Volkswagen Bank GmbH €1-1.25bn max 2.5yr, €750m 4.5yr & €500m 7.5yr SP; MS+67bp, MS+100bp & MS+135bpSep 14, 2026
NEW ISSUE: Volkswagen Bank GmbH € bmk 2.5yr, 4.5yr & 7.5yr Green SP; MS+95/100bp, MS+125/130bp & MS+160/165bpSep 14, 2026
1 to 5 of 5
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About
Careers
Contact
Solutions
API Overview
API Documentation
Global Issuers List
Global Parents List
Pricing
OpenMarket Profiles
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
Evercall
More
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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