REFILE-Volkswagen poised to sell expected £800m dual-tranche bond
(Clarifies guidance ranges, IPTs)
By Laura Benitez
LONDON, April 5 (IFR) - Volkswagen Financial Services has set guidance for an expected £800m four and eight-year dual-tranche bond, according to a lead bank.
Guidance is at Gilts plus 125bp area for an expected £500m size and 150bp area for an expected £300m size, respectively. Both are plus or minus 3bp, to price in the range.
Combined orders are over £2.2bn.
Initial price thoughts for the four-year were plus 135bp area and for the eight-year plus 155bp area.
Bookrunners are Barclays, Goldman Sachs and HSBC.
The deal is expected to price later today.
The issuer is rated A2/BBB+ by Moody's/S&P.
The deal follows Volkswagen International Finance's four-tranche €8bn deal issued last month.
(Reporting By Laura Benitez; Editing by Philip Wright, Julian Baker)