Volkswagen Bank GmbH plans to sell €1.25 billion ($1.42 billion) of bonds backed by German auto loan receivables. The transaction, called Driver Master SA-Compartment 1, has been assigned provisional ratings from Moody’s Investors Service and DBRS.

The series 2015 deal offers €1.13 billion class A notes that benefit from initial credit enhancement (CE) of 9.45% and are rated ‘Aaa’/’AAA’ by Moody’s and DRBRS, respectively. The €52.5 million class B notes are rated ‘Aa3’/’A’ and benefit from initial credit enhancement of 5.25%. All of the notes are due May 25, 2024.

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.