PLANO, Texas, June 17, 2021 /PRNewswire/ — Toyota Financial Services (TFS) issued its latest Asset-Backed Green Bond, reinforcing the company’s longstanding commitment to the sale of environmentally friendly vehicles. Net proceeds from the $1.6 billion bond offering will be used for the acquisition of new retail installment sales contracts and operating lease contracts financing Toyota passenger vehicles from model year 2020 or later and which meet each of the three eligibility criteria:
- Be a hybrid electric vehicle, plug-in hybrid electric vehicle, fuel cell electric vehicle or battery electric vehicle
- The base trim model of the vehicle must have a maximum tailpipe carbon dioxide emission of not more than 110 grams per kilometer (approximately 177 grams per mile)
- The vehicle must have a smog rating of “7” or better (“10” being the cleanest), as determined by the U.S. Environmental Protection Agency
For this newest offering, TFS set the highest eligibility requirements for vehicle qualification of any of its Green Bonds to date. There are currently six eligible vehicle models in the Toyota lineup, including Camry Hybrid, Corolla Hybrid, Prius, Prius Prime, RAV4 Prime and Mirai.
TFS revolutionized the Green Bond market by introducing the auto industry’s first-ever Asset-Backed Green Bond in 2014. The company followed with a series of additional Asset-Backed Green Bonds and unsecured U.S. Dollar and Euro-denominated Green Bonds. This issuance marks the company’s…
