Commentary & Deal Flow

Launched:
2.5yr: €1.25bn @ MS+67bp - Books >€1.8bn
4.5yr: €750m @ MS+100bp - Books >€1.6bn
7.5yr: €500m @ MS+135bp - Books >€1.35bn
(Combined Books >€4.75bn)
Guidance:
2.5yr: MS+67bp - Books >€2.15bn
4.5yr: MS+100bp - Books >€1.85bn
7.5yr: MS+135bp - Books >€1.5bn
(Combined Books >€5.5bn)
IPTs:
2.5yr: MS+95/100bp
4.5yr: MS+125/130bp
7.5yr: MS+160/165bp

• Issuer: Volkswagen Bank GmbH
• Ticker: VW
• Country: DE
• Issuer LEI: 529900GJD3OQLRZCKW37
• Issuer Ratings (M/S/F): A1 (Negative) / BBB+ (Positive) / A- (Negative) (Moody's/S&P/Fitch)
• Expected Issue Ratings (M/S/F): A1 / BBB+ / A- (Moody's/S&P/Fitch)
• Status of the Notes: Senior Preferred, Unsecured
• Format: Reg S, Bearer Form, Green Bond, NGN, Tefra D
• Eligible Liabilities Format: Applicable (no set-off claims; no security given; no negative pledge; no events of default; recognition of EU bail-in power and acknowledgement of resolution measures; repurchase prior to maturity subject to regulatory approval)
• Pricing Date: 14-Sep-26
• Settlement Date: 21-Sep-26 (T+5)
• Tenors:
  • 2.5yr: 2.5-year
  • 4.5yr: 4.5-year
  • 7.5yr: 7.5-year
• Size:
  • 2.5yr: €1.25bn
  • 4.5yr: €750m
  • 7.5yr: €500m
• Maturity:
  • 2.5yr: 21-Mar-29
  • 4.5yr: 21-Mar-31
  • 7.5yr: 21-Mar-34
• ISIN:
  • 2.5yr: XS3508755496
  • 4.5yr: XS3508765966
  • 7.5yr: XS3508768390
• Coupon:
  • 2.5yr: Short First, FXD, Annual, Act/Act (ICMA)
  • 4.5yr: Short First, FXD, Annual, Act/Act (ICMA)
  • 7.5yr: Short First, FXD, Annual, Act/Act (ICMA)
• UoP: An amount equivalent to the net proceeds is intended to be used to finance and/or refinance the eligible projects defined by VWFSAG Group’s Green Finance Framework (GFF) dated Aug-26 and as further described in the Section "Use of Proceeds – Green Bonds" in the Base Prospectus. The GFF sets out the criteria under which proceeds raised under this Framework are allocated to the financing and refinancing of vehicles with zero tailpipe emissions. Such vehicles produce no CO2 or pollutant emissions from the tailpipe during the use phase. This characteristic relates to the use phase only and does not constitute a statement regarding the emissions or other environmental impacts arising over the full life cycle of the vehicle. Eligible instruments may include, but are not limited to, unsecured and secured bonds (covered or asset-backed), commercial papers, Schuldscheindarlehen, bi- and multilateral bank loans and deposits, of any status or seniority, ranking pari passu with conventional instruments of the same status and subordination and without any preferential claim, security interest or recourse to the financed assets
• GFF and SPO: The Green Finance Framework and SPO by ISS ESG are both available at the Issuer's website on: https://www.vwfs.com/en/investor-relations/volkswagen-financial-services-ag/refinancing.html#green_finance
• Denominations: €100k + €100k
• Target Market: The target market for the Notes is eligible counterparties and professional clients, each as defined in MIFID II (all channels for distribution, with appropriateness check). No EEA PRIIPs key information document (“KID”) or UK PRIIPs KID/ CCI product summary has been prepared as the Notes are not available to retail in the EEA or the United Kingdom and do not constitute packaged products or CCIs
• Selling Restrictions: As per the Debt Issuance Programme. No communications with or into the US. Sales into Canada: as per selling restrictions (sales to accredited investors and permitted clients only)
• Documentation: €50,000,000,000 Debt Issuance Programme dated 2-Sep-26
• Early Redemption: Regulatory Reasons and Taxation Reasons
• Governing Law: German Law
• Listing: Regulated market of the Luxembourg Stock Exchange
• Bookrunners: Lloyds, RBC Capital Markets (B&D), Wells Fargo Securities, Societe Generale, UniCredit
• Advertisement: The Base Prospectus and any supplements are available and the Final Terms, when published, will be available at: https://www.luxse.com/issuer/VolkswagenBank/44765
• Timing: Books Open, Today's business
• Books Subject: 12:45 UKT / 13:45 CET