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Porsche successfully places another ABS bond in the USAAgain strong investor interest in Porsche refinancing for the financial services business

Stuttgart. For the second time this year, Dr. Ing. h.c. F. Porsche AG, Stuttgart, has successfully issued an ABS bond in the USA. The transaction, worth approximately 660 million US dollars, was issued as a private placement by the subsidiary Porsche Financial Services Inc. headquartered in Lisle, Illinois, USA, and given top marks by the rating agencies. In the process, Porsche achieved one of the lowest credit margins for comparable transactions. On average, the coupon was just over one per cent. The investors were investment managers, insurance companies, pension funds, banks and corporations.

Despite the ongoing uncertainty and turbulence on the capital markets, Porsche was therefore able to demonstrate for the second time this year that there is still very strong investor appetite for top-rated bonds. “With both these transactions, Porsche has established itself as the benchmark for ABS bonds. Companies often require a number of years and several transactions to win the investors’ trust and achieve this success. Porsche has managed this with its very first two private placements,” said Lutz Meschke, Porsche AG’s Chief Financial Officer. “The strong investor demand again resulted in the bond being significantly oversubscribed, notwithstanding other major car manufacturer transactions being in the market at the same time,” Meschke added.

Encouraged by this response, Porsche aims to achieve a more regular presence in the US private bond market. The transaction was supported by J.P. Morgan, Barclays Capital and RBS as book runners and Société Générale as co-manager.

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12/16/2011