Porsche Financial Services, 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.
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,” Tobias Hausladen, treasurer and chief financial officer of Porsche Financial Services, said. “Once again, strong investor demand allowed us to upsize the transaction from an initial $750 million to the maximum $850 million.”
