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Volkswagen Bonds Are Choking on More Than Emissions
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VW bonds take a big hit following the emissions scandal. The annual cost of insuring 10 million euros of VW debt against default for five years is 214,000 euros. VW's cash flow after dividends is estimated at 5 billion euros by Fitch in 2016-2017. What is happening to VW goes beyond the emissions scandal. The overly easy environment for corporate borrowing with the loose monetary policy in Europe and the U.S. has made it easy for corporate borrowers to raise money at really low rates. This environment is about to change with VW being the beginning of a shift. In January 2015 VW raised 1 billion euros, with a 15 year bond and interest rate of 1.625%. This bond has dropped in price to 85.6% of face value.
VW bonds following the emissions scandal in 2015
09/25/2015
Grouped Articles
Volkswagen Bonds Are Choking on More Than Emissions
Wall Street Journal 09/25/2015
VW Scandal to Hurt Its Financing Arm
Wall Street Journal 09/28/2015
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