Commentary & Deal Flow

Volkswagen Group of America Finance, LLC (“VW”) exp Baa1/BBB+/A- US$2bn 144A/Reg S 3-part sr notes (2y FXD due 9/11/27 and 3y FXD due 9/11/28 and 5y FXD due 9/11/30). MWC on 2y, MWC then 1mo par call on 3y, 1mo on 5y. GS/HSBC/MS (B&D)/SMBC/StanChart joint active books. Guarantor: Volkswagen Aktiengesellschaft. Guarantor Ratings: Baa1/BBB+/A- (s/s/n). Denoms: 200,000 x 1,000. Sales into Canada: Yes - Exemption. UOP: gcp. Pricing 9/2. Settle 9/11 (T+7). 144A CUSIPS: 2y: 928668CV2, 3y: 928668CW0, 5y: 928668CX8. 144A ISINs: 2y: US928668CV22, 3y: US928668CW05, 5y: US928668CX87.

IPTs: 2y T+110 area, 3y T+120 area, 5y T+135 area.
LAUNCHED: $700m 2y at T+82, $700m 3y at T+95, $600m 5y at T+112.

PRICED:
$700m 4.45% 9/11/27 99.958 4.472% T+82. MW+15.
$700m 4.55% 9/11/28 99.933 4.574% T+95. MW+15.
$600m 4.85% 9/11/30 99.943 4.863% T+112. MW+20.