BNY Mellon takes Volkswagen's wheel
03 April 2014 London
Image: Shutterstock
BNY Mellon has been appointed account bank and paying agent by Volkswagen Financial Services AG on a €3 billion asset-backed security (ABS) warehousing programme for auto leases.
This is the third ABS leasing deal that Volkswagen Financial Services AG and BNY Mellon have worked on together in the last two years.
Volkswagen Financial Services AG is one of the top three originators of ABSs in the world and the largest originator in Europe. The German auto-ABS asset class accounted for nearly a quarter of the entire European ABS volume in 2013.
BNY Mellon has significantly increased its market share in the German auto-ABS asset class in recent years and we are optimistic about growth in this asset class,” said Dean Fletcher, head of EMEA corporate trust at BNY Mellon.
“We have seen a structural shift in European corporates turning from the banks to the capital markets, to raise debt. Earlier this year business expectations and consumer confidence in Germany both hit their highest levels in over two years, which may accelerate future corporate issuance activity.”
Volkswagen Financial Services AG is responsible for the worldwide financial services activities of the Volkswagen Group. The Volkswagen Group is the largest carmaker in Europe and in 2013 it increased the number of vehicles it delivered to customers by nearly five per cent, helped by strong growth in China.
In addition to the account bank and paying agent roles, BNY Mellon has also been appointed cash administrator and calculation agent, interest determination agent, and Luxembourg listing agent to VCL Master Residual Value S.A. Compartment 1.
This is the third ABS leasing deal that Volkswagen Financial Services AG and BNY Mellon have worked on together in the last two years.
Volkswagen Financial Services AG is one of the top three originators of ABSs in the world and the largest originator in Europe. The German auto-ABS asset class accounted for nearly a quarter of the entire European ABS volume in 2013.
BNY Mellon has significantly increased its market share in the German auto-ABS asset class in recent years and we are optimistic about growth in this asset class,” said Dean Fletcher, head of EMEA corporate trust at BNY Mellon.
“We have seen a structural shift in European corporates turning from the banks to the capital markets, to raise debt. Earlier this year business expectations and consumer confidence in Germany both hit their highest levels in over two years, which may accelerate future corporate issuance activity.”
Volkswagen Financial Services AG is responsible for the worldwide financial services activities of the Volkswagen Group. The Volkswagen Group is the largest carmaker in Europe and in 2013 it increased the number of vehicles it delivered to customers by nearly five per cent, helped by strong growth in China.
In addition to the account bank and paying agent roles, BNY Mellon has also been appointed cash administrator and calculation agent, interest determination agent, and Luxembourg listing agent to VCL Master Residual Value S.A. Compartment 1.
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