Volkswagen Leasing places MXN 2,500 million (USD 136 million) in three-year notes on the BMV

Volkswagen Leasing placed MXN 2,500 million (USD 136 million) in long-term notes (certificados bursátiles) on the Bolsa Mexicana de Valores under the ticker VWLEASE 26-3. The issue is part of its revolving program of up to MXN 25,000 million (USD 1,361 million). The book closed on October 1 and settlement took place on October 5, 2026.

The terms

• Amount: MXN 2,500 million (USD 136 million), 25 million notes with a face value of MXN 100.
• Tenor: 1,092 days, about 3 years, maturing October 1, 2029.
• Rate: TIIE de Fondeo plus 95 basis points; interest every 28 days.
• Guarantee: irrevocable and unconditional, from Volkswagen Financial Services Overseas AG, the issuer’s German parent.
• Rating: mxAAA from S&P Global Ratings.
• Underwriters: Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa. Common representative: Banco Multiva.
• Net proceeds: MXN 2,493 million (USD 136 million).

Why it matters

Between October 1 and 7, three AAA-rated issuers came to market with floating-rate notes over TIIE de Fondeo, at different spreads. Nafin, backed by the federal government, paid 23 basis points over 3.3 years. BanBajío, a commercial bank, paid 49 basis points over 3 years. Volkswagen Leasing, an auto finance company guaranteed by its parent, paid 95 basis points over the same tenor. The rating is the same, but the price changes with the type of issuer, the sector and the demand in each book.

Captive finance companies use the debt market to fund car loans and leases for individuals, fleets and dealers. Their funding cost flows through to the rates those customers pay.

What to review

• If your company leases or finances a fleet, how far your contract rate sits from the finance company’s funding cost.
• Whether a guarantee from your parent or a third party could lower the cost of your own debt.
• Whether a revolving program would give you recurring market access instead of relying on a single bank line.

At Borax Capital we structure debt on the securities market and negotiate funding with banks, development banks and funds, so companies arrive with the documentation and guarantees investors require.

US dollar amounts converted at Banco de México’s FIX rate of October 1, 2026 (MXN 18.3688 per USD). Source: informational placement notice for VWLEASE 26-3, Bolsa Mexicana de Valores, October 1, 2026. Information from public sources; the mention does not imply any commercial relationship. This content is for information only and is not investment advice or an offer of securities.

This content is for informational purposes only and does not constitute investment advice or an offer of securities.