By Cristal Cody
Prospect News, Nov. 8 - VW Credit Canada, Inc. sold C$550 million 2.55% three-year notes on Monday, a source connected with the deal told Prospect News.
The notes priced at 99.871 to yield 2.595%, or a spread of 88 basis points over the Canadian government curve. The offering priced tighter than price talk of 90 bps.
The bookrunners were TD Securities Inc. and HSBC Securities (Canada) Inc.
The notes are guaranteed by parent company Volkswagen AG.
VW Credit Canada is the Quebec-based financial service provider for Volkswagen Group Canada dealerships.
| Issuer: | VW Credit Canada, Inc.
|
| Guarantor: | Volkswagen AG
|
| Amount: | C$550 million
|
| Maturity: | Nov. 18, 2013
|
| Securities: | Notes
|
| Bookrunners: | TD Securities Inc. and HSBC Securities (Canada) Inc.
|
| Coupon: | 2.55%
|
| Price: | 99.871
|
| Yield: | 2.595%
|
| Spread: | 88 bps over Canadian government curve
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 16
|
| Distribution: | Canada
|
| Price talk: | 90 bps over Canadian government curve
|
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