Porsche Financial Services, Inc. Issues Second Successful Prime Auto Lease Transaction in the U.S. ABS market this year

Atlanta. Porsche Financial Services, Inc. (PFS), headquartered in Atlanta, Georgia has issued an additional auto lease Asset Backed Securities (ABS) offering in the USA with a principal amount of $966 million dollars. This follows a recent auto lease ABS issuance by PFS in August 2024.

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

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The securities issued in the Rule 144A transaction received a ‘AAA’ rating from the rating agencies, and achieved competitive pricing, highlighting the strength of PFS’s lease portfolio. 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 led by Wells Fargo Securities and supported by RBC Capital Markets, Scotiabank, US Bancorp and BNP Paribas as book runners. The deal attracted healthy subscription levels in each tranche from a growing investor base, comprised of investments funds, asset managers of financial institutions, trusts, banks and corporates.

“We are pleased with our second auto lease issuance in the U.S. ABS Market this year,” says Tobias Hausladen, Treasurer & Chief Financial Officer, Porsche Financial Services, Inc., “Investor demand continues to remain strong, and the transaction was able to upsize from an initial $750 million to $966 million.”

Porsche Financial Services, Inc. (PFS), based in Atlanta, Georgia, is the dedicated provider of leasing and financing products for Porsche in the United States. Founded in 1991, PFS provides custom financial solutions and products to Porsche customers and dealers in the United States. In 2012, PFS expanded its North America operations to become the captive finance provider for the exclusive brands of the Volkswagen Group which include Bentley, Lamborghini, and Bugatti. As an integrated premium financial services provider, every new product – whether it be a leasing offer or a service offer – contains the DNA of some of the world’s most exclusive vehicle manufacturers.