Volkswagen Finans sets up a master platform for securitisation of lease receivables

Volkswagen Finans Sverige AB (publ) (“Volkswagen Finans”), a Swedish financial institute (Sw. finansiellt institut) providing automotive finance services such as auto loans and auto leasing for consumers or companies, has set up a SEK 15 billion master platform for securitisation of lease receivables. Instead of a transfer of the auto lease receivables, the transaction is based on a sub-participation in payments made in respect of the underlying lease receivables and security interests over the relevant automotives and lease receivables.

Under the master platform, several series of notes have been issued. The most senior tranche has been rated Aaa(sf) by Moody’s, AAA(sf) by Scope and AAA(sf) by DBRS. STS Verification International GmbH has verified compliance of the transaction with the requirements of simple, transparent and standardised securitision transactions under the European Securitisation Regulation. Skandinaviska Enskilda Banken AB (publ) acted as arranger and sole lead manager. Volkswagen Finans was also advised by Hogan Lovells International LLP in the transaction.

Volkswagen Finans was advised by Mannheimer Swartling on Swedish legal matters in the transaction.