VW securitizes for the first time residual values via its Master Trust Securitization Program "VCL Master"

On February 25, 2010 Volkswagen Financial Services AG used its new Master Trust Leasing Securitization Program "VCL Master S.A." for the first securitization of residual values. VW Financial Services AG instructed Mayer Brown as transaction counsel, just as it had for the development of the auto loan securitization program "Driver".

The first residual value issuance via the VCL Master Securitization Program with a volume of Euro 250 million consists of four series of ECB eligible asset-backed securities backed with residual values from VW Leasing. The VCL Master Compartment 2 Notes have been assumed by Regency Assets Limited, WestLB, SEB AG and Volkswagen Bank. HSBC Bank plc acted as lead manager.

The Mayer Brown team included Dr. Ralf Hesdahl (lead), Andreas Lange (both Banking & Finance), Dr. Ingo Kleutgens, (Tax), Associates: Kirsten Schürmann, Stefanie Hentschel (both Banking & Finance), Susan Köhler (Tax, all Frankfurt).

For further information, contact:

Friederike Hartmann
Director Marketing & Business Development
T: +49 69 7941 1045
M: +49 160 9019 2756
fhartmann@mayerbrown.com

Dr. Ralf Hesdahl
Partner
T: +49 69 7941 1341
rhesdahl@mayerbrown.com

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