VW announces dual-tranche euro hybrid bond


By Josie Cox LONDON, Aug 29 (IFR) - Volkswagen is preparing to print a dual-tranche euro hybrid bond consisting of non-call five-year and a non-call ten-year securities, a banker on the deal said on Thursday. The German car maker, rated A3/A- on a senior level, is expected to receive 50% equity credit from both Moody's and Standard & Poor's for the bonds, which will be perpetual and subject to coupon step-ups every five and ten years respectively. They are ...


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