Volkswagen Financial Services has placed an asset backed securities transaction with a volume of €1bn (£863m) by leasing receivables.

As there was a high demand from investors, the volume was increased by 250m compared to the originally targeted transaction amount.

In the book building process tranche A was placed at a price of 1-month Euribor plus 17 basis points. Tranche B was placed at plus 78 basis points.

Transaction VCL 29 will receive the STS (simple, transparent and standardized securitisations) status for high-quality securitisations introduced at the beginning of the year.

Alongside the transaction a provisional diversified pool of receivables was securitized from nearly 76,000 leasing contracts.

The average financed value per vehicle amounts to approximately EUR 11,000. The transaction holds the “certified by TSI – German Securitisation Standard” seal of quality of True Sale International GmbH.

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The transaction was marketed by BNP Paribas and LBBW, two joint leaders.

Volkswagen Financial Services recently backed the UK launch of Heycar, an online marketplace for the used car market.

It launched in August with an inventory of more than 100,000 listed vehicles from over 50 automotive brands at 1,400 dealerships.

Every vehicle listed on the platform comes with a warranty, has less than 100,000 miles on the clock and is less than eight years old.

Mat Moakes, chief executive of Heycar said: “The UK car industry is worth £50bn, yet it works inefficiently for consumers and dealers. Buying a used car can be like a lottery, you don’t know what you’ll get. Existing websites are often cluttered with ads, eroding consumer trust. Dealers are burdened with rising fees for listing used cars online, which squeezes their margins without a guarantee of leads or sales being generated.”

He said Heycar solves these “pain points” with a simpler, more effective solution for used car buyers and dealers.