Porsche Financial Services Issues $850M Auto Lease ABS In Strategic US Market Move

Published: Wednesday, August 21, 2024, 23:51 [IST]

Porsche Financial Services, Inc. (PFS), based in Atlanta, Georgia, has issued auto lease Asset Backed Securities (ABS) in the USA worth $850 million. This follows two successful auto loan ABS issuances by PFS earlier in 2023. The securities received a ‘AAA’ rating from rating agencies and achieved competitive pricing, indicating strong investor interest.

The transaction was divided into five tranches, including a floating rate tranche, and was backed by a pool of auto lease contracts financing Porsche vehicles. BofA Securities, Barclays, Mizuho, and Wells Fargo Securities acted as book runners for the deal. The transaction attracted 53 unique investors, including investment 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," said Tobias Hausladen, Treasurer & Chief Financial Officer of Porsche Financial Services, Inc. "Once again, strong investor demand allowed us to upsize the transaction from an initial $750 million to the maximum $850 million."

Porsche Financial Services (PFS), established in 1991 and headquartered in Atlanta, Georgia, provides leasing and financing products for Porsche customers and dealers in the United States. In 2012, PFS expanded its operations to include financing for other exclusive brands under the Volkswagen Group such as Bentley, Lamborghini, and Bugatti.

Porsche Cars North America (PCNA), founded in 1984 and headquartered in Atlanta since 1998, is the exclusive U.S. importer of several Porsche models including the 911 and Taycan. PCNA operates two Porsche Experience Centers in North America—one in Atlanta and another near Los Angeles—featuring driver development tracks and business centers.

The Atlanta campus includes two module-based 1.6-mile driver development tracks and Restaurant 356. The Los Angeles complex features a driver development track with eight educational modules totaling 4.1 miles and Restaurant 917. Both centers serve as hubs for Porsche's U.S. operations.

Comprehensive Dealer Support

PCNA supports 201 independently owned and operated Porsche dealerships across the U.S., along with three Porsche studios and six satellite stores. These dealerships provide parts, service, marketing support, and training to ensure customers receive a premium experience consistent with Porsche's brand values.

PCNA is an indirect wholly owned subsidiary of Porsche AG based in Stuttgart, Germany. The company’s success is rooted in its proud racing heritage with over 30,000 motorsport wins to date.

Photos and video footage are available to accredited journalists on the Porsche Press Database and on the Porsche Cars North America Newsroom.