VOLKSWAGEN INTERNATIONAL FINANCE N.V.
FINANCIAL STATEMENTS
41
The issuance in 2023 relates to below bonds:
In March 2023, VIF issued two fixed rate bonds with an aggregate principal amount of €1,75
billion. The first bond is due in March 2026 and has a principal amount of €1,0 billion with a
coupon of 3,875%. The second bond is due in March 2029 and has a principal amount of €0,75
billion with a coupon of 4,250%.
Moreover, in May and June 2023 VIF issued two fixed rate unlisted bonds in HKD, with a
nominal amount of HKD 320 million (EUR 38 million) and HKD 430 million (EUR 51 million),
respectively. Their maturities are in 2025 and 2026. Directly connected to each issuance, a Cross-
Currency Interest Rate Swap was traded.
Still in June 2023, a fixed rate listed bond in JPY was issued with a nominal of JPY 6 billion
(EUR 40 million). The bond matures in 2028. A Cross-Currency Interest Rate Swap was also
traded in connection with this issuance.
Furthermore, in early September 2023 VIF placed two unsecured subordinated hybrid notes with
an aggregate principal amount of €1,75 billion. The hybrid notes are perpetual, but may be called
unilaterally by VIF. The first possible call date for the first note (€1 billion and a coupon of 7,50%)
is after five years, and the first possible call date for the second note (€0,75 billion and a coupon
of 7,875%) is after nine years.
Lastly, by the end of September 2023, VIF placed its first CNY onshore bond under the Debt
Financing Instruments (DFI) program in China, regulated by the National Association of
Financial Market Institutional Investors (NAFMII). The bond is unlisted and has a fixed rate of
3,050%, with a nominal of CNY 1,5 billion (EUR 193 million). It matures in September 2025.
The proceeds of the bond were granted as an onshore loan.
The interest on the perpetual hybrid notes become due in the event of dividends being declared,
as determined on the discretion of VWAG. VIF has no influence on these mandatory payment
events, as it cannot prevent the declaration of dividends by VWAG. Accordingly the perpetual
hybrid notes were classified as liabilities.
The issuance in 2022 is summarized below:
In March 2022, VIF placed two unsecured subordinated hybrid notes with an aggregate principal
amount of €2,25 billion. The hybrid notes are perpetual, but may be called unilaterally by VIF.
The first possible call date for the first note (€1 billion and a coupon of 3,748%) is after five years,
and the first possible call date for the second note (€1,25 billion and a coupon of 4,375%) is after
nine years. This resulted in an inflow of cash funds amounting to € 2,25 billion.
(in thousands of EUR)
Cash
movements
Non-cash
movements
Total
As at 1 January 2022 - - 30.729.514
Issuance 7.063.226 -
7.063.226
Repayment
(3.686.489) -
(3.686.489)
Interest
(912.077) 489.104
(422.973)
Amortization of issuance fees and discount 11.191 -
11.191
Foreign exchange adjustments - 426.412
426.412
As at 31 December 2022 2.475.851 915.516 34.120.881
31 December 2022