Volkswagen Follows Toyota, Ford With Yuan Debt-Sale Plan
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Volkswagen AG plans to issue about 800 million yuan ($128 million) of asset-backed securities in China as soon as this month, following similar sales by Ford Motor Co. and Toyota Motor Corp., a person familiar with the matter said.
The securitised notes, due August 2020, are backed by automotive loan receivables originated by Volkswagen Financial (China) Co., a unit of Volkswagen Financial Services AG, Fitch Ratings Ltd. said in an e-mailed statement yesterday. The sale’s lead manager is China International Capital Corp., the person said asking not to be identified because the details are private.