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Volkswagen To Raise $1B

Volkswagen will raise $1 billion through the sale of asset-backed bonds.

Volkswagen will raise $1 billion through the sale of asset-backed bonds, The Wall Street Journal reports. The European auto maker appointed JP Morgan and Citigroup as joint lead managers for the transaction.

The bond has four tranches. The offer is backed by a group of retail installment sales agreements secured by new and used Volkswagen and Audi Automobiles and light-duty trucks formed and underwritten by Volkswagen Credit.

Click here for the story from The Wall Street Journal.

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