Volkswagen Bank began marketing its EUR475 million ($648 million) auto loan receivables securitization deal, Diver Seven.

The deal has on offer EUR475.5 million triple-A notes and a EUR17.5million single-A plus rated notes. The Class B note in the deal builds on an earlier placement of Volkswagen’s VCL 11 mezzanine bonds. Driver Seven GmbH is a repeat securitization of auto loans originated by Volkswagen.

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