Volkswagen Financial Services Pty Ltd are marketing Driver Australia Five, an Australian denominated asset backed securitisation deal, with notes totalling A$699 million on issue. Collateral pool comprises commercial hire purchase and consumer loans. According to a banker working on the deal, price guidance for the $661.5 million Class A notes is "1-month BBSW plus 95 basis points area" (with expected ratings of AAA(sf) and AAAsf from S&P and Fitch, respectively); and around "1-month BBSW plus 150 basis points" for the $37.5m Class B notes (expected ratings A+(sf) and AA- sf from S&P and Fitch, resp). The transaction is expected to price on or before 6 April 2018, "subject to market conditions". The arranger is ANZ, which is also one of the joint lead managers and bookrunners, along with Bank of America Merrill Lynch. Co-managers are ING Bank N.V. and Credit Agricole CIB. The latest monthly structured finance collateral performance review from Moody's Investors Service has reported delinquency rates for Australian car loan securitisations and prime residential mortgage-backed securities rose in January 2018, compared to December 2017. "Specifically, 30-plus day delinquencies for Australian auto loan ABS transactions rose to 1.85 per cent in January 2018, from 1.64 per cent in December 2017 and 1.50 per cent in January 2017," said Alena Chen, a Moody's senior analyst. "In addition, delinquencies for prime RMBS transactions rose to 1.55 per cent in January 2018 from 1.51 per cent in December 2017 and 1.54 per cent in January 2017."