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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
COND
PRCD
VW
Volkswagen Financial Services NV£350
1EMEA
May 28, 2026
currency
GBP
size (m)
350.000
maturity
Apr 4, 2029
type
Fixed
tenor
2.750
call
-
registration
Reg S Only
benchmark
G
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
G+110-115
ipt-pxd
-19.5
guidance
G+93#
spread
93
coupon
5.125%
spread set
-
price
99.84600
yield
5.192%
book size (m)
700
peak book (m)
1,000
x-covered
2
book attrition
-30.00%
nic
7
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
700
peak book (m)
1,000
x-covered
2
book attrition
-30.00%
nic
7
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 700; Registration: Reg S Only; Comments: UKT 0.500% Jan-2029 (Mid 90.743 / Bid 90.728) | HR 111%. LEI: 529900ZTQC8D1TW6BL41;
Deal Comments
UPDATE: Spread Set at G+93# The deal was upsized from exp. GBP300m to GBP350m
Guarantor(s)
Volkswagen Financial Services AG
Use of Proceeds
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
Relative Value

Green
Short 3 year (April 2029) @ UKT+110 to +115

Implied Spread for fresh 3 year @ +86
Priced at +93
NIC of +7

Ticker

Coupon

Rating (M/S/F)

Maturity

Maturity (Years)

Size

UKT-Spread (Bid)*

I-Spread (Bid)*

VW

5.875

Baa1/BBB+/-

May-29

3.0

£250m

85

107

VW

5.250

Baa1/BBB+/A-

Jul-31

5.1

£250m

106

124

GM

5.350

Baa2/BBB/BBB

Mar-29

2.8

£300m

87

96

HNDA

5.600

A3/BBB+/A-

Sep-30

4.3

£450m

79

101

HNDA

5.050

A3/BBB+/A-

Aug-31

5.2

£300m

94

112

Indicative pre-announcement Bid UKT-Spread / I-Spread