Volkswagen Financial Services AG is marketin its latest static securitization of German vehicle leases originated by its VW Leasing subsidiary in a €1.25 billion transaction.

VCL MULTI-COMPARTMENT S.A., Compartment VCL 25 will issue a senior €1.18 million of senior Class A notes with credit enhancement of 7.2% and preliminary triple A ratings from Moody's Investors Service and S&P Global Ratings. There is also €27 billion tranche of subordinate Class B notes. Both will pay a floating-rate of interest tied to the one-month Euribor.

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