Deal of the month

Volkswagen's latest issue from its VCL programme is the first publicly marketed deal in asset-backed securities since the summer. "Everybody got a fair crack of the whip; none of it was pre-placed before the marketing," says Richard Curtis, head of bond syndicate, Emea at WestLB in London. The transaction was co-arranged by WestLB and Volkswagen Financial Services and marketed by WestLB and Fortis as joint lead managers.

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