Porsche Issues $1.04 Billion Of ABS Bonds In The US
Despite its long history, it was only last year when Porsche had its initial public offering, and it not only proved the existing success of the manufacturer but fueled future success for Porsche. However, Porsche has issued Asset-Backed Security bonds in the United States since 2011. These ABS offerings have earned an AAA rating, and the most recent transaction had a record principal amount of $1.04 billion.
The transaction was supported by established names like Wells Fargo, J.P. Morgan, and Société Générale who acted as book runners, and the investors included entities like investments funds, asset managers of financial institutions, trusts, banks, and corporates. The billion-dollar transaction is an increase from $750 million, and it represents growth for Porsche and warm reception for the manufacturer in the market. With this great financial success, Porsche continues to look forward to an exciting future.
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