Reuters logo
CORRECTED-Volkswagen begins marketing dual-tranche euro hybrid bond
June 7, 2017 / 6:57 AM / 4 months ago

CORRECTED-Volkswagen begins marketing dual-tranche euro hybrid bond

(Corrects IPT level on NC10 tranche after erroneous lead communication)

By Sudip Roy

LONDON, June 7 (IFR) - Volkswagen has opened books on a dual-tranche euro hybrid bond, according to a lead.

The German carmaker has begun marketing a perpetual non-call 5.5-year at 3% area and a perpetual non-call 10-year at 4.125%-4.25%.

The deal is today’s business. Bank of America Merrill Lynch (B&D), CA-CIB, Goldman Sachs, HSBC and MUFG are lead managers.

The bonds are expected to be rated Baa2 by Moody’s and BBB- by S&P. The issuer is Volkswagen International Finance NV with Volkswagen AG acting as guarantor. The guarantor’s senior ratings are A3/BBB+ (both negative outlook).

Reporting by Sudip Roy, editing by Julian Baker

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below