On May 13, following the launch of auto mortgage securitization products, Volkswagen Financial Services issued RMB financial bonds, further expanding the financing channels in China, all for Chinese investors. The financial bonds were sold by Volkswagen Finance (China) Co., Ltd., a wholly-owned subsidiary of Volkswagen Financial Services AG. The total amount of bonds was 2 billion yuan, or about 270 million euros. The financial bonds were issued through bookkeeping, with a maturity of three years and a coupon rate of 3.60%. The issuance of financial bonds achieved 2.2 times oversubscription, which fully reflected the investors' great confidence in Volkswagen financial bonds.
Frank Fiedler, chief financial officer of Volkswagen Financial Services AG, said: "In recent years, our business in China has grown rapidly, and entering the Chinese bond market will further contribute to future development. Volkswagen Financial Services has been exploring diversified financing. Channels, following the expansion of the ABS project in China, we have successfully entered the credit bond market. These are important measures for us to achieve our financing strategy. Our goal is to achieve local financing and diversify financing channels."
So far, based on loans issued by Volkswagen Finance (China) Co., Ltd., Volkswagen Financial Services AG has issued three ABS products to support the Chinese market. In the past few years, the business of Volkswagen Finance (China) Co., Ltd. has steadily expanded, and at the end of last year, it set a new record for the stock contract to break through 645,000.
Credit bonds, direct bank deposits, and auto mortgage securitization (ABS) are the most important components of Volkswagen Financial Services' diversified financing strategy worldwide. Last year, Volkswagen Financial Services raised 34.2 billion euros through credit bonds, accounting for about 22% of the total financing of Volkswagen Financial Services.
The bond information is as follows:
Issuer: Volkswagen Finance (China) Co., Ltd.
Total issue amount: RMB 2 billion
Main body rating: AA+ (China Chengxin International Credit Rating Co., Ltd.)
Bond Rating: AA+ (China Chengxin International Credit Rating Co., Ltd.)
Bond term: 3 years
Issue price: 100.00
Ticket rate: 3.60 %
Trading Market: China Interbank Bond Market
The financial bonds were jointly underwritten by Morgan Stanley Huaxin Securities Co., Ltd. and Bank of China Co., Ltd.
Volkswagen Financial Services
Volkswagen Financial Services is an important business component of the Volkswagen Group of Germany, consisting of Volkswagen Financial Services AG and associates and financial services companies directly or indirectly affiliated with the Volkswagen Group in the United States, Canada, Argentina and Spain ( Does not include Scania, the Porsche brand and the financial services of Porsche Holding AG in Salzburg). Its core business areas include financing, leasing, banking and insurance, fleet management and mobility solutions for dealers and customers. Volkswagen Financial Services has a total of 15,182 employees worldwide, including 6,513 in Germany (as of December 31, 2015). The annual report of the Volkswagen Group in Germany shows that the total assets of Volkswagen Financial Services are approximately 157.9 billion euros, of which the turnover is 1.9 billion euros and the total contract amount is 16.6 million.
Welded heat exchanger has a compact structure design, efficient heat transfer performance and convenient and flexible use, which determines that it is born to replace the superior performance of traditional shell and tube heat exchangers.
The all-welded plate heat exchanger has a compact structure design, efficient heat transfer performance and convenient and flexible use, which determines that it has the superior performance of replacing the traditional tube and shell heat exchanger.
All welded plate heat exchanger structure and welding:
1. Appearance and form
The four ports of the all-welded plate heat exchanger are the upper and lower and left and right positions on the side, because the welding process is used, so the frame itself can not be opened.
2. Internal components
The sealing gasket is omitted inside the all-welded heat exchanger, all of which are welded by stainless steel sheets, usually used for high temperature and high pressure conditions, so the thickness of the sheets is 1mm.
Welded Heat Exchanger,Full Welded Heat Exchanger,Welding Heat Exchanger,Condenser Industrial Heat Exchanger
Jiangsu Baode Heat-Exchanger Equipment Co.,LTD , https://www.baodehex.com