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REFILE-Volkswagen poised to sell expected £800m dual-tranche bond
April 5, 2017 / 10:53 AM / 8 months ago

REFILE-Volkswagen poised to sell expected £800m dual-tranche bond

(Clarifies guidance ranges, IPTs)

By Laura Benitez

LONDON, April 5 (IFR) - Volkswagen Financial Services has set guidance for an expected £800m four and eight-year dual-tranche bond, according to a lead bank.

Guidance is at Gilts plus 125bp area for an expected £500m size and 150bp area for an expected £300m size, respectively. Both are plus or minus 3bp, to price in the range.

Combined orders are over £2.2bn.

Initial price thoughts for the four-year were plus 135bp area and for the eight-year plus 155bp area.

Bookrunners are Barclays, Goldman Sachs and HSBC.

The deal is expected to price later today.

The issuer is rated A2/BBB+ by Moody‘s/S&P.

The deal follows Volkswagen International Finance’s four-tranche €8bn deal issued last month.

Reporting By Laura Benitez; Editing by Philip Wright, Julian Baker

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