VW Credit (VCI) is in the market with an auto securitization called Volkswagen Auto Loan Enhanced Trust 2011-1 (VALET 2011-1 or 2011-1). The six-tranche offering, managed by JPMorgan Securities, is worth $1 billion.

This is the first transaction issued by VCI this year. VCI, which is the transaction's sponsor and servicer, is the indirect wholly owned captive finance unit of Volkswagen Group of America, which is a wholly owned subsidiary of Volkswagen AG, according to a Fitch Ratings  presale report. 

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