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Toyota's 'green bond' an industry first, quickly rises to $1.75 billion

Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h. Originally, the bond was set at $1.25 billion, but Justin Leach, manager of public relations for Toyota Financial Services (TFS), told AutoblogGreen that demand was high and it was quickly oversubscribed. TFS has been looking at more ways to diversify its portfolio after a Diversity & Inclusion Bond that was announced in early 2013 and, with the new Green Bond, TFS is offering something for the "number of investors out there who are looking for investment opportunities in green." The way the money from the bond is used, basically, is that TFS takes the $1.75 billion and uses it to finance the purchase or lease of the nine vehicles listed above. As of right now, all the eligible vehicles are plug-in or hybrids, but the rules simply say that the cars in the program have to meet certain "powertrain, fuel efficiency and emissions" criteria. That means: Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway California Low-Emission Vehicle II (LEV II) certification of super ultra-low emission vehicles (SULEVs) or higher, which would include partial zero emissions vehicles (PZEVs) and zero emissions vehicles (ZEVs). TFS raises plenty of billions in other ways for the rest of the lineup, and got into asset backed securities in 2010, Leach said. Given the success of this first Green Bond, Leach said he expects TFS to keep this idea in its arsenal. "This one was so well received, I would be surprised if we didn't see it again," he said. "If anyone was going to do it, it should be Toyota, right?" Toyota Financial Services (TFS) Issues Auto Industry's First-Ever Asset-Backed Green Bond Bond Proceeds to Fund Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles TORRANCE, Calif., (March 24, 2014) – Toyota Financial Services (TFS) issued the auto industry's first-ever Asset-Backed Green Bond in the amount of $1.75 billion.

PSA: Toyota wants to save your life, needs an hour of your time

Toyota wrote Autoblog to ask if we could spread the word about the Takata airbag inflator recall. Defective inflators remain installed in tens of millions of cars made by 19 carmakers, with manufacture dates that go back to the year 2000. Each inflator compounds the risk of serious injury or death in an airbag-activating crash. With a new ad campaign called "in about an hour," Toyota wants to make sure that unaware owners, or overly busy owners, know they can get their Toyota, Lexus, and Scion vehicles repaired free of charge in about the time it takes to do a load of laundry. The campaign focuses on cities in three so-called Zone A states where hot, humid climates worsen the threat of the ruptured inflators: Los Angeles, Dallas, and Miami. However, every owner everywhere who cares about his life, or his child's life, should at least check to see if his car is affected. All it takes is a quick VIN entry at the dedicated recall site at Toyota.com/Recall. The results will let you know if your car is affected and, if so, locate a local dealer for the free fix. The National Highway Transportation Safety Administration said the Takata affair has become "the largest and most complex safety recall in U.S. history." The numbers so far suggest the recall covers more than 42 million vehicles and more than 60 million airbags. Autoweek keeps an updated list of Takata information, including every make and model on the recall list. Consumer Reports published a list of frequently asked questions covering issues directly related and tangential to the recall. The 19 automakers maintain pages dedicated to the issue; Fiat Chrysler lists every relevant model and how it prioritizes repairs by Zone, Honda says it offers a free rental car while owner cars are repaired, Daimler vans says its fix only takes about an hour. And of course NHTSA serves all owners with its own VIN lookup site. We encourage you to check your vehicle — the life you save could be your own. Related Video:

Volvo S90 Recharge, Lexus RX 350 and spring beer picks | Autoblog Podcast #679

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski. They start off discussing the Volvo S90 Recharge and wonder out loud why the brand's plug-in technology isn't also offered with a wagon body style. They then discuss the Lexus RX350 and why it's likely an ideal premium crossover for a large percentage of buyers. From there, Greg and Jeremy cover some recent news items, including the current state of BMW's coupes and rumors that Toyota's next Land Cruiser will lose its V8 engine in favor of a turbocharged V6. Then it's time to go over some of our current favorite spring beers before turning to the mailbag and spending some listener's money. Autoblog Podcast #679 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2021 Volvo S90 Recharge 2021 Lexus RX 350 News BMW 2 Series preview Land Cruiser powertrain rumors Spring beers Mailbag Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: