Volkswagen Bank announced a €717 million ($138 million) auto loan securitization issued under the sponsor’s auto loan receivable program in Germany.

On offer under Driver Thirteen’s capital structure are €691.5 million of ‘AAA’ rated class A notes and €25.5 million of ‘A’ rated class B notes. The notes have been assigned preliminary ratings by DBRS. Initial credit enhancement is 9.0% for the class A notes and 5.6% for the class B notes.

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