VW Bank on Track for MXP Debut

Mexico’s Volkswagen Bank is on track to raise MXP1bn ($74m) in a Mexican domestic market debut, according to a banker on the deal. The 3-year floating rate notes are expected to be issued at the end of November or in early December, market conditions permitting, and will be guaranteed by parent Volkswagen Financial Services. The sale is the issuer’s first from a new MXP7bn program. Proceeds are marked for funding operations. HSBC and Santander are managing the transaction, rated AAA on a national scale.