Porsche Financial Services ABS market Prime Auto Lease Transaction

08/21/2024

Porsche Financial Services, Inc. (PFS), headquartered in Atlanta, Georgia has issued auto lease Asset Backed Securities (ABS) in the USA with a principal amount of $850 million dollars. This follows two successful auto loan ABS issuances by PFS in 2023.

Atlanta. Porsche Financial Services,  is an indirect, wholly owned subsidiary of German luxury car maker Dr. Ing. h.c. F. Porsche AG (“Porsche AG”).

The securities issued in the Rule 144A transaction received a ‘AAA’ rating from the rating agencies, and achieved competitive pricing, highlighting strong investor interest and demand. The transaction, divided into five tranches, including a floating rate tranche, was backed by a pool of auto lease contracts financing Porsche vehicles.

The transaction was supported by BofA Securities, Barclays, Mizuho, and Wells Fargo Securities as book runners. The deal attracted 53 unique investors, comprised of investments funds, asset managers of financial institutions, trusts, banks and corporates.

“This marks another significant milestone in our financing strategy. We are pleased with the reintroduction of our prime auto lease platform,” says Tobias Hausladen, Treasurer & Chief Financial Officer, Porsche Financial Services, Inc., “Once again,…