VW Tightens FIDC

VW Tightens FIDC

Brazil Bonds Structured Finance

Brazil’s Banco Volkswagen was able to bring in the yield on a BRL930m ($508m) vehicle loan securitization done under the FIDC format. The BRL875m 6-year senior portion pays the DI+1.25%, coming in under a DI+1.75% ceiling. Likewise, a BRL55m portion pays DI+2.05%, under a DI+2.75% limit. A banker on the deal calls the final rates “unexpected,” and owed to much stronger interest than is normally seen in the FIDC market. “This shows there is demand for those transactions that are well structured f

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