Volkswagen Auto Lease Trust 2026-B Enters Underwriting for $991.83M Notes

What Happened

• Volkswagen Auto Lease Trust 2026-B (via VALU Funding and VW Credit, Inc.) announced on Sept 15, 2026 that it entered an Underwriting Agreement with Mizuho Securities USA LLC (and other underwriters) to sell five classes of notes. The Notes (Classes A-1, A-2-A, A-2-B, A-3 and A-4) total $991,830,000 and are expected to be issued on or about the Closing Date of Sept 22, 2026.
• The filing describes the related securitization documents to be dated as of the Closing Date, including an Indenture with Citibank, N.A. (the indenture trustee), transfers of a SUBI certificate representing lease receivables, servicing and administration agreements, and an asset representations review agreement. The offering is registered on Form SF-3.

Key Details

• Underwriting Agreement executed: Sept 15, 2026 (Mizuho Securities USA LLC as representative).
• Aggregate principal amount of notes: $991,830,000 across Classes A-1, A-2-A, A-2-B, A-3 and A-4.
• Expected issuance (Closing Date): on or about Sept 22, 2026.
• Indenture trustee: Citibank, N.A.; offering registered under Form SF-3 (Commission File Nos. 333-276654, 333-276654-01). CEO certification required by Form SF-3 was filed as Exhibit 36.1.

Why It Matters

• This 8-K reports a securitization financing — the creation and sale of asset-backed notes secured by Volkswagen/Audi retail lease receivables. For investors, the material point is that VALU Funding/VCI are raising nearly $1.0 billion of funding through these notes; the transaction transfers lease assets into the issuing trust and establishes the payment and servicing mechanics under the indenture and related agreements.
• The filing does not report earnings or changes to VW Credit’s corporate management or equity; it is a financing/special-purpose-entity transaction. Investors interested in buying the notes or assessing credit exposure should review the final prospectus and the listed transaction documents for details on structure, priority of payments, collateral, and credit support.