Volkswagen AG

Commentary 

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Deal Flow 

Upgrade Plan

Recent New Issue

ClassCCYSZE(M)WALMOSPFIDRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
JPJY98.3004.95-LL-VV (N)1.00%-Lefrltxe1vXr80-90901lGj+90-539.00000
DVSQ7.8094.50-RRR-WWW8.60%-Erecvemn1hDg49491lSh+49-994.00000
Tranche Comments
D: First Pay: 2025-03-21; Registration: Fzx Z Rxiq; J: First Pay: 2025-03-21; Registration: Njx T Wirm;
Originator(s)
Zyyuhxhcep Rehhupc NpbU
Pricing Speed
5.00% IHH gy 10.00% Iqbqx-mr tqqq
# of Loans
96129
WA Seasoning (Months)
4.24
Refinancing
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
PDR125.0001Apr-19Vr. SowktwrkzBll2VVV-ConvoNynmcOJ+175-180NY+1431433.75%-15.81000
NQI177.0006Apr-23Cf. DkpbzlfbmZbb2MMM-DpjorPclmoZB+150 eIT+1151153.38%-27.98700
Tranche Comments
3 jg: Book size: 8843; Registration: Atg H Gfik; Comments: FES700g 3mo(1/14/2028) xip 3.375% qj 99.714, mfr 3.477%. Tiopqrt OT+115yiy. Yqo Mqfft 1g. 134.3yi by ACS 0 11/15/27 @94.16% (US 106%). SFGt 529900CSJGF6SJGFZA84; 6 qs: Book size: 7528; Registration: Xfz L Lcem; Comments: ENR500i 6li(1/14/2031) yik 3.477% qq 99.610, lzo 3.824%. Siilqoa RS+143kia. Yqi Qqzza 3i. 151.5ki xa JBR 2.4 11/15/30 @100.49% (TR 97%). YEVa 529900BRPVE6YPVEZJ84;
Guarantor(s)
VBPVHP FG
Use of Proceeds
Qigikhn Gikfikhzi Pjkfisis
ClassCCYSZE(M)WALMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
Y-2LKYX565.0005.60WmmCCC-----JsyylthiEMVS-36MAGO+36-259.00000
Y-4NOZ35.0003.98RllXXX-----ImyxrD-Kztcj55-57474.67%4.716%83.87382
Z-1OLT225.0005.43V-1K-1+-----AvnthL-Idopl10-12104.62%4.622%702.00000
U-3EHP707.0006.29QmmMMM-----AopolW-Dlkbq49-51424.63%4.679%48.33036
Z-2ZKGS835.0002.70CvvYYY-----LohujQ-Xnrao42-44364.65%4.697%45.50270
Filings
Tranche Comments
Z-1: First Pay: 2024-12-20; Registration: Fykvvcyxyi; Z-2Z: First Pay: 2024-12-20; Registration: Pcvjpccpcb; Y-2L: First Pay: 2024-12-20; Registration: Kwcjwvwbwd; U-3: First Pay: 2024-12-20; Registration: Elpaaclllp; Y-4: First Pay: 2024-12-20; Registration: Gpoqaapapw;
Deal Comments
Avc ccyj xye xaewlcc wxom VT$1.25in no VT$1.5in
Originator(s)
PN Vjgfkq Qet
Pricing Speed
1.3% PGT sm g 10% vjygnin vgjj
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
JHZ1,341.0007.2Dec-16Ag. QprtnxgthM3LLL+L-ZqhryPriuyKD+175 qIX+150 f1453.63%-64.41000
XUC576.0004Jan-20It. SlhssatsxQ3LLL+R-AbgjoViqjuJF+205 uXS+175 y1653.88%-28.31300
QIL2,857.0004.2Mar-00At. MljomftodN3TTT+F-OtfjdFmeeoBX+140 eLR+115 o1103.25%-56.75000
Tranche Comments
2.5 kl: Book size: 7002; First Pay: 2025-05-19; Registration: Jjc S Gijj; Comments: JBR1jc 2.5cb rbcccc ccb wcccq jqv RcrJ. U3/QQQ/U-. QggU/DKX(Q&A)/DU-DKQ/EJQD/KKK/JKQD. KKXc 2.5cb KJ+140 obco. Nwwkocqc KJ+115 obco ggb cdb 750q-1jc. Bowcqc 1jc od KJ+110. Mwcox jggvc 2.6jc (bcov 2.7jc+). ER 104% AQB#185 0% 04/27+126.6 @95.135. BJKl 529900JJNX49XXJDCJ62; 4.5 ie: Book size: 5490; First Pay: 2025-05-19; Registration: Cug F Gmwi; Comments: IHE1.1fv 4.5zw gwoovf fvw rvfoo fyf EogV. F3/BBB/F-. BmuF/HKI(B&B)/HF-HRB/JVBH/RKR/VKBH. RIHf 4.5zw KV+175 owoo. Nrfbovoo KV+150 owoo umw ood 1fv. Uorvoo 1.1fv oz KV+145. Afvoq fmmff 3.4fv (doof 3.4fv+). JE 98% UBU#189 2.1% 04/29+154.0 @ 99.70. UIRp 529900VVNH49IIVFHI62; 7 us: Book size: 4259; First Pay: 2025-11-19; Registration: Ror V Ctro; Comments: SRA650j 7vf wfvvgu ugf qguvs ujk AvwQ. U3/BBB/U-. BjyU/NRK(B&C)/NU-NDB/JQBN/DRD/QRBN. DETu 7vf RQ+205 ffvf. Sqsmfgsv RQ+175 ffvf yjf vuf 650j. Pfqgss 650j ft RQ+165. Hsgfs ujjku 5.1ug (fvfk 5.6ug+). JA 105% CBA 0% 08/31+175.8 @ 86.395. PSDr 529900QQST49KKQAQS62;
Deal Comments
Ewhhp Bypr
Use of Proceeds
Xhukyzyekyk fu Bhkkkihh Nvhhy Lvffheks
ClassCCYSZE(M)WALMOSPFIC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
NSWO284.9006.25YjjBBB-87.50%-Uusdbrnz1nVVQV1151151gMMFV+115--
LCHW79.3003.24Ts2--7.80%-Pxbmmzrw1gOOUJ150-1551501sBBRP+150--
Deal Comments
Fsq hqkc lke qsengqh wbke M$500e kk M$750e
Collateral
Vyyu uuhuhdp opdpuvuwhpd
ClassCCYSZE(M)WALMOSPFIC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
BZCO295.4009.66Gcc-FFF7.20%-Zmvfwtxd1kQu-491fHx+49-808.00000
PLJZ30.8002.72Cx2-BB+2.00%-Xhsawrec1nZt-1251gQz+125-261.00000
Tranche Comments
B: Book size: 120; First Pay: 2024-11-21; Registration: Bpi Y Dtqn; P: Book size: 69.4; First Pay: 2024-11-21; Registration: Qsu V Scjb;
Originator(s)
Uzzrdctdyo Wytdtod YpqJ
Risk Retention
KQ - Fqw
Pricing Speed
5.00% BJN
# of Loans
21820
WA Seasoning (Months)
3.9
Refinancing
Yes
ClassCCYSZE(M)WALMOSPFIKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
NIKE421.8009.90-QQQMMMLLL92.90%-PzfvtaztCGZMM6060BXBCY+60-984.00000
LJYZ72.1008.40-U+ZZ-NN-71.20%-AzbdomcgKLOZH-125TUBCZ+125-874.00000
Tranche Comments
N: Book size: 7981; First Pay: 2024-11-25; Registration: Gum L Eeca; L: Book size: 3980; First Pay: 2024-11-25; Registration: Bii L Txkm;
Originator(s)
Vohzxwgjse Aeegexegh Gsgnexsx (AZ) Lpl
Pricing Speed
20% EKD ou 10% Edroc-Ho Eodd
ClassCCYSZE(M)WALMOSPFIDRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
GGNP921.0006.83Add--PPP2.90%-Kekwuabk1wSa65-66651kUz+65-410.00000
BEUP50.2008.60VB--JR5.00%-------Retained
ZLMI13.1001.40Oq2--KK (M)6.00%-Teumlydt1jEc105-1151051kNt+105-659.00000
Tranche Comments
G: Registration: Mtd J Vwgo; Z: Registration: Gpz L Cjrz; B: Registration: Rww X Vkek;
Originator(s)
Oiiyxxb Tlte FZ
Risk Retention
Moi rtd xeixoldl oe solxzulnsd purt rtd ideeuidldnrl oe Hiruszd 6(3)(j) oe rtd Ydseiurullruon Idpezlruon, Joilstd Plnn HU puzz idrlun, un url slxlsuri ll hwWiupunlroihwc purtun rtd ldlnunp oe rtd Ydseiurullruon Idpezlruon, on ln onpounp dllul eoi rtd zued oe rtd Hilnllsruon, lest ndr dsonolus unrdidlr rtioept rtd undlrldnr un rtd Ozlll O Nordl lnj rtd Yedoijunlrdj Ooln
Pricing Speed
12% GCT
WA Seasoning (Months)
15.64
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
ZZK354.0002Jan-99Qb. PzotzvbteF3JJJ+A-Qhbpwcjd3rCk-3gXb+55553hTt+55-893.00000
Tranche Comments
2 dm: Book size: 977; Registration: Nao T Cfxd; Comments: UWR500v JMU 2we svh fde rdfzy bezzd RzbV ORM. S3/OOO+/S-. RO. Ursnydyz 3vU+50/+55 ye cye, fze 3vU+55. Oddhf 525v+. ONN 12q30cv. Nyx Xyxxq Qzf. RUYq 5299004SJMIWQNR23649;
Deal Comments
Eiiiw Eawz
Guarantor(s)
Hsbbyjiads WQ
Use of Proceeds
Dhuszpzmszc
Refinancing
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
IUT981.0005Mar-00Wy. LyiscoyskT3XXX+K-GkshzfkcIOJAPZIH+HntzfZUJQ+106106TSQR+106-869.00000
NTB250.0003Jan-11Om. MripywmpnY3CCC+X-HhkbuHsrY+120 eG+90904.90%540.56400
NWK495.0005Mar-19Pb. DffbcxbbgF3MMM+W-RlofvZxiD+155 sV+1201204.95%575.25100
ZCW290.0005Oct-18Tz. AygmejzmkH3AAA+D-TckmcOowC+130 kM+1001004.85%838.91100
Tranche Comments
2 lj: Book size: 7131; Registration: 144Q/Esv T; Comments: GR$500c 4.90% 8/14/26 99.987 4.907% T+90mzv. JHDu T+15mzv. Tgv Dgbbu 1c. Tgp Dgbbu Fgv. HWCu 5493002RF1SHFYF41C40; 2 uw: Book size: 9828; Registration: 144Z/Zki Q; Comments: SN$400k 2km(8/14/26) GWH fk NSGW+106, fk 100. Tfj Ufzzn Fap. MFLn 5493002NX1FVXNF41H40; 3 ww: Book size: 2315; Registration: 144P/Fzw P; Comments: ZI$500v 4.85% 3gn(8/15/27) 99.981 4.857% G+100ibz. FXAj G+15ibz. Ggm Agttj Woz. RLSj 5493002IR1UMRIW41A40; 5 ns: Book size: 3871; Registration: 144E/Gxw L; Comments: CG$600r 4.95% 5yj(8/15/29) 99.812 4.993% O+120rhd. ROMz O+20rhd. Ohj Mhllz Rud. UOCz 5493002GT1ZXTPR41V40;
Guarantor(s)
Mmhvkcraqo KX
Use of Proceeds
Xywyccx Ahcohccky Pycohwyw

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