VW Leasing Starts Local CP

Volkswgen Leasing has begun its weekly commercial paper auctions, pricing MXP300m in 28-day notes at 8.76%. Demand reached MXP700m, says a banker on the sale. The banker says the issuer may increase the tenor or size of the sales, slated to happen on a a weekly basis for an undetermined period of time. The issue follows retailer Liverpool’s pricing last week of MXP700m in 1-year commercial paper at the TIIE plus 150bp and BNP Personal finance’s placement of MXP1.4bn in weekly issues in different maturities of up to one year. Santander managed the VW sale.