Volkswagen Defines BRL Securitization

Brazil’s Banco Volkswagen plans to raise BRL1.01bn ($592m) through a vehicle loan securitization done in the FIDC market. The 6-year fund should launch in May, according to Standard & Poor’s, which rates the BRL875m senior portion at AAA on a national scale, and assigns an A+ to a BRL55m mezzanine portion. The interest rate is to be determined during the bookbuilding process. Itau and HSBC are managing the sale.