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Volkswagen could return to hybrid bond market in second half of 2017
March 22, 2017 / 10:52 AM / 9 months ago

Volkswagen could return to hybrid bond market in second half of 2017

LONDON, March 22 (IFR) - Volkswagen could return to the European hybrid bond market in the second half of the year, the company’s head of group treasury said on an investor call on Wednesday.

Volkswagen International Finance began the call with bond investors at 10:00am ahead of a potential senior unsecured bond transaction on Thursday.

A euro-denominated multi-tranche benchmark, two-year floater, four-year fixed, 6.5-year fixed and 10-year fixed transaction is expected.

This will be the first test of investor appetite for a new issue from Volkswagen since it was rocked by an emissions scandal in September 2015.

The senior unsecured transaction will be issued on the basis of a standalone prospectus, subject to market conditions.

Volkswagen, guaranteed by Volkswagen AG, is rated A3 (negative) by Moody’s and BBB+ (negative) by S&P.

The German car maker has mandated Barclays, BNP Paribas, Citigroup, Mizuho Securities, SG CIB and UniCredit to arrange the investor calls.

Reporting By Laura Benitez; editing by Sudip Roy

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