Volkswagen Financial Services establishes auto loan securitization program Driver Master
Clients Volkswagen Financial Services
Jones Day advised Volkswagen Financial Services in connection with the establishment of the auto loan securitization program Driver Master S.A. The Luxembourg securitization vehicle Driver Master S.A. has issued the first 12 series of asset-backed securities in a total amount of over €708 million under its newly established securitization platform to institutional investors. The issue proceeds were used to refinance an existing auto loan portfolio originated by members of the Volkswagen group consisting of VW, Audi, SEAT, and Skoda. The securitization platform provides for a one-year revolving period, an option to tap up the existing series of Notes as well as the issuance of further series of Notes up to a total volume of €10 billion.