Volkswagen Bank plans to securitizey €952 million ($1.3 billion) of German auto loans from its Driver series.

The deal, Driver Twelve, will be rated by DBRS and Moody’s Investors Service. The ratings agencies expect to rate the €922 million, senior notes, ‘AAA’/ ‘Aaa’. The notes are structured with 9% credit enhancement. The €30.5 million class B notes are expected to be rated ‘A’/ ‘A1’ and have 5.95% credit enhancement. Both tranches are due June 2020.

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