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Porsche places another ABS bond in the USAHigh investor demand in refinancing

Stuttgart. Porsche Financial Services, Inc. headquartered in Atlanta, Georgia, has issued a new ABS bond in the USA worth approximately 690 million US dollars. Porsche Financial Services is an indirect wholly owned subsidiary of Dr. Ing. h.c. F. Porsche AG. Just as with the transactions placed in 2011 and 2012, the private placement received top grades from the rating agencies, and in comparison to other benchmark issuers it achieved a very low credit spread. The average coupon rate is well below one percent. Lutz Meschke, Chief Financial Officer of Porsche AG said: “The further increased demand from existing investors and the attraction of new investors is mainly attributable to the steady confidence in Porsche as an issuer of ABS bonds and to the outstanding quality of the underlying lease portfolio.” The investors who purchased the ABS bond were insurance companies, pension funds, banks, asset managers, and corporations.

”The successful placement right after the end of the US fiscal crisis and the repeated significant oversubscription underscore the importance of Porsche as a well-established player in the ABS bond market,” Mr. Meschke added. Given this positive response, Porsche Financial Services intends to continue its refinancing strategy with further private placements in the US bond market. The transaction was supported by J.P. Morgan, Barclays Capital, and Société Générale as book runners and Deutsche Bank as co-manager.



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