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.