Last year saw Germany's True Sale International finally bring to stage the much-awaited launch of the inaugural funded German true-sale via this German based SPV. The collective group of German entities to back the TSI (see ASR 10/18/04) had finally tackled the legal environment that in the past saw true-sale structures taxed in Germany and baptized its true-sale platform with Volkswagen Bank's Driver One GmBh, a 1.2 billion ($1.58 billion) auto loan securitization.

Volkswagen Bank, a veteran to true-sale issuing via its non-German domiciled SPVs, already benefited from its past series of securitizations but sources at the bank said the new German domiciled SPV offered improved spreads and access to a wider investor base. The deal priced in the single digits over benchmarks and increased by 157 million prior to pricing.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.