Volkswagen Bank Gmbh (VW)

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Volkswagen Bank Gmbh (VW)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	VW	Volkswagen Bank Gmbh	€2,750		3	EMEA	May 19, 2026

Tranche #1Volkswagen Bank Gmbh

currency

EUR

size (m)

1,000.000

maturity

Nov 26, 2028

type

Fixed

tenor

2.500

call

registration

Reg S Only

benchmark

Swaps

ranking

Senior Non-Preferred

moody's

Baa1

s&p

BBB

fitch

BBB+

size description

re-open/tap

ipt

MS+110 area

ipt-pxd

-37

guidance

MS+80 area

spread

coupon

3.625%

spread set

price

99.84200

yield

3.699%

book size (m)

3,900

peak book (m)

4,200

x-covered

3.9

book attrition

-7.14%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

3,900

peak book (m)

4,200

x-covered

3.9

book attrition

-7.14%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #2Volkswagen Bank Gmbh

currency

EUR

size (m)

1,000.000

maturity

Nov 26, 2030

type

Fixed

tenor

4.500

call

registration

Reg S Only

benchmark

Swaps

ranking

Senior Non-Preferred

moody's

Baa1

s&p

BBB

fitch

BBB+

size description

re-open/tap

ipt

MS+140 area

ipt-pxd

-37

guidance

MS+110 area

spread

103

coupon

4.00%

spread set

price

99.83700

yield

4.045%

book size (m)

3,900

peak book (m)

4,500

x-covered

3.9

book attrition

-13.33%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

3,900

peak book (m)

4,500

x-covered

3.9

book attrition

-13.33%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #3Volkswagen Bank Gmbh

currency

EUR

size (m)

750.000

maturity

Nov 26, 2033

type

Fixed

tenor

7.500

call

registration

Reg S Only

benchmark

Swaps

ranking

Senior Non-Preferred

moody's

Baa1

s&p

BBB

fitch

BBB+

size description

re-open/tap

ipt

MS+170 area

ipt-pxd

-37

guidance

MS+140 area

spread

133

coupon

4.375%

spread set

price

99.54100

yield

4.452%

book size (m)

3,400

peak book (m)

3,800

x-covered

4.53

book attrition

-10.53%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

3,400

peak book (m)

3,800

x-covered

4.53

book attrition

-10.53%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 3900; Registration: Reg S Only; Comments: 97.0bps vs DBR 0 11/15/28 (93.522) / HR: 104%. LEI: 529900GJD3OQLRZCKW37; Book size: 3900; Registration: Reg S Only; Comments: 118.0bps vs DBR 2.4 11/15/30 (98.06) / HR: 98%. LEI: 529900GJD3OQLRZCKW37; Book size: 3400; Registration: Reg S Only; Comments: 141.2bps vs DBR 2.6 08/15/33 (97.175) / HR: 99%. LEI: 529900GJD3OQLRZCKW37;

Deal Comments

Combined order books >€6bn

Use of Proceeds

Net proceeds are intended to be used to finance and / or refinance the eligible Green Projects relating to vehicles with zero-tailpipe emissions as defined by VW FS AG Group’s Green Finance Framework (GFF) dated November 2025

Relative Value

Senior Non-Preferred - Green

2.5 year (Nov 2028) @ MS+110 area

Implied Spread for fresh 2.5 year @ +71

Priced at MS +73

NIC of +2

Senior Non-Preferred - Green

4.5 year (Nov 2030) @ MS+140 area

Implied Spread for fresh 4.5 year @ +101

Priced at MS +103

NIC of +2

Senior Non-Preferred - Green

7.5 year (Nov 2033) @ MS+170 area

Implied Spread for fresh 7.5 year @ +130

Priced at MS +133

NIC of +3

COMPS
Issuer Name	Rating	ESG	Rank	Issue Date	Coupon	Maturity	Size	Tenor	i-Spread
VW Bank	VW (Baa1 / BBB / -)	-	SNP	03-May-23	4.375	03-May-28	€ 500	2.0	+64
VW Bank	VW (Baa1 / BBB / -)	-	SNP	03-May-23	4.625	03-May-31	€ 500	5.0	+108
VW Bank	VW (A1 / BBB+ / A-)	Green	Sr Preferred	12-Jun-25	2.750	19-Jun-28	€ 800	2.1	+58
VW Bank	VW (A1 / BBB+ / A-)	Green	Sr Preferred	25-Sep-25	3.125	02-Oct-29	€ 900	3.4	+69
VW Bank	VW (A1 / BBB+ / A-)	Green	Sr Preferred	03-Dec-25	3.125	10-Dec-29	€ 1,000	3.6	+70
VW Bank	VW (A1 / BBB+ / A-)	Green	Sr Preferred	12-Jun-25	3.500	19-Jun-31	€ 700	5.1	+94
VW Bank	VW (A1 / BBB+ / A-)	Green	Sr Preferred	25-Sep-25	3.625	02-Oct-32	€ 500	6.4	+106
VW Bank	VW (A1 / BBB+ / A-)	Green	Sr Preferred	03-Dec-25	3.750	10-Dec-32	€ 750	6.6	+108
VW FS	VW (Baa1 / BBB+ / A-)	Green	Sr Unsecured	12-Nov-24	3.625	19-May-29	€ 1,100	3.0	+71
VW FS	VW (Baa1 / BBB+ / -)	Green	Sr Unsecured	03-Jun-24	3.875	10-Sep-30	€ 750	4.3	+73
VW FS	VW (Baa1 / BBB+ / A-)	Green	Sr Unsecured	12-Nov-24	3.875	19-Nov-31	€ 650	5.5	+97
VW Leasing	VW (A1 / BBB+ / -)	Green	Sr Unsecured	04-Jan-24	4.000	11-Apr-31	€ 750	4.9	+79
VW Leasing	VW (A1 / BBB+ / -)	Green	Sr Unsecured	18-Sep-23	4.750	25-Sep-31	€ 700	5.4	+87

Hide Details

CreditFlow: End of Day (Europe IG)	May 19, 2026

May 19, 2026

1 to 1 of 1

	PRICED: Volkswagen Bank €2.75bn 2.5yr & 4.5yr & 7.5yr Green SNP; MS+73 & MS+103 & MS+133	May 19, 2026
	ALLOCATIONS OUT: Volkswagen Bank GmbH €2.75bn 2.5yr, 4.5yr & 7.5yr Green SNP; MS+73, MS+103 & MS+133	May 19, 2026
	LAUNCHED: Volkswagen Bank GmbH €2.75bn 2.5yr, 4.5yr & 7.5yr Green SNP; MS+73, MS+103 & MS+133	May 19, 2026
	GUIDANCE: Volkswagen Bank GmbH € bmk 2.5yr, 4.5yr & 7.5yr Green SNP; MS+80a, MS+110a & MS+140a	May 19, 2026
	UPDATE: Volkswagen Bank € bmk 2.5yr & 4.5yr & 7.5yr Green SNP; MS+110a & MS+140a & MS+170a	May 19, 2026
	NEW ISSUE: Volkswagen Bank € bmk 2.5yr, 4.5yr, & 7.5yr Green SNP; MS+110a, MS+140a, & MS+170a	May 19, 2026

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Volkswagen Bank Gmbh (VW)

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