Volkswagen AG (VOW)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	COND	PRCD	VOW	Volkswagen AG	£850		2	EMEA	Apr 5, 2017

Tranche #1Volkswagen AG

currency

GBP

size (m)

500.000

maturity

Apr 12, 2021

type

Fixed

tenor

4.000

call

registration

Reg S Only

benchmark

ranking

Sr. Unsecured

moody's

s&p

BBB+

fitch

size description

re-open/tap

ipt

ipt-pxd

guidance

G+135 a

spread

122

coupon

1.5%

spread set

price

99.91600

yield

1.516%

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Volkswagen AG

currency

GBP

size (m)

350.000

maturity

Apr 12, 2025

type

Fixed

tenor

8.000

call

registration

Reg S Only

benchmark

ranking

Sr. Unsecured

moody's

s&p

BBB+

fitch

size description

re-open/tap

ipt

ipt-pxd

guidance

G+155 a

spread

147

coupon

2.25%

spread set

price

99.82100

yield

2.262%

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

4 yr: Registration: Reg S Only; Comments: 4yr GBP bmk. With 8yr. A2/BBB+. Barc/GS/HSBC(B&D). IPTs UKT Jan 2021 +135 area, guidance +125 area (+/-3 wpir) for exp 500m, tbp +122 for 500m. Books 1.3bn+. UKT 1.5 22/01/21 mid 104.54 (0.296), bid 104.52, HR 100%; 8 yr: Registration: Reg S Only; Comments: 8yr GBP bmk. With 4yr. A2/BBB+. Barc/GS/HSBC(B&D). IPTs UKT Mar 2025 +155 area, guidance +150 area (+/-3 wpir) for exp 300m, tbp +147 for 350m. Book 1bn. UKT 5 07/03/25 mid 132.235 (0.792), bid 132.215, HR 81%;

Guarantor(s)

Volkswagen Financial Services AG

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