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LONDON, March 23 (IFR) - Volkswagen has started marketing a €4bn+ multi-tranche euro benchmark transaction as it returns to the euro unsecured bond market for the first time since the emissions cheating scandal, according to a lead.
The automaker has released initial price thoughts for a €1bn+ March 2019 floating rate note at 45bp area over three month Euribor.
It is marketing a €1bn+ March 2021 tranche at 60bp area over mid-swaps, a €1bn+ October 2023 tranche at plus 95bp area and a €1bn+ March 2027 tranche at 130bp area over mid-swaps.
Books are open. The expected issue ratings are A3 from Moody's and BBB+ from S&P. (Reporting by Robert Hogg, Editing by Helene Durand)