Volkswagen Leasing has announced plans to launch a €475 million
securitisation of German vehicle leases, the first European
asset-backed securitisation of the year.

The securitisation, to be launched next week, will be divided
into two slices: a €457.5 million AAA tranche, with a weighted
average life of 1.38 years; and a €17.5 million A+-rated tranche
with a weighted average life of 1.8 years.

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According to one of the banks managing the sale, the underlying
portfolio will consist of 35,704 leasing contracts, with an average
contract size of €14,004 and written on average 2.7 months ago. The
portfolio is further comprised of 94.7 percent of new vehicles, and
used vehicles for 5.3 percent.

Following meetings with investors next week, the transaction
will be managed by JP Morgan, WestLB and VW Bank GmbH.

Jason T Hesse

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