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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.

Best new convertibles for 2024 and 2025

If you’re here, then youÂ’re already in the right mindset. Convertibles rule, and we have all the best convertibles listed for you further below. Driving around with the top off is an experience you need to live to fall in love with. When the weatherÂ’s right, youÂ’re on a proper bit of road, and the car youÂ’re in is a good one, few automotive experiences can top it. The experience is extra special when you have a musical exhaust note filtering directly into your ears and echoing off the landscape around you. And while rolling the windows down and opening a moonroof can get you part of the way there, it's nothing like feeling the wind wash over you with absolutely no roof overhead. The downsides can be just as harsh as the upsides when youÂ’re in the wrong conditions, though. Convertibles are typically worse to live with in cold climates, and driving around with the top up frequently means you might be subject to more road noise and worse visibility than an equivalent coupe. And when it comes to pure performance, convertibles are inherently compromised from a weight and structural rigidity perspective. All that said, we still think the upsides outweigh the compromises if your number one objective is to simply have fun. ItÂ’s a good thing then that there are a ton of great convertibles for sale these days. And no, the list of possibilities isnÂ’t as long as it used to be. Long-running standbys like the Mercedes-Benz E-Class and C-Class Convertibles are gone (replaced by the one CLE-Class). And so are others like the Audi TT Roadster, Fiat 124 Spider and Nissan Z Roadster. Nevertheless, opportunities abound from the ultra-cheap and fun, to physics-defying supercars and everything else in between. WeÂ’ll give you options for which new convertibles we think are the best below, so read on to find out.   Mazda MX-5 Miata Pros: Lightweight and compact; great engine and transmission combo; one of the most raw and pure driving experiences out thereCons: Not great for tall people; infotainment is dated; tiny trunk Read our Mazda MX-5 Miata Review Miata is always the answer, right? In this case, that rings even more true than usual. In fact, you could stop reading this list right here and go buy a Miata and youÂ’d likely be just as happy driving it around as you would be in any of the more expensive offerings that follow. ThatÂ’s just the magic of the MX-5.

Kickin' it: Lexus, John Elliott turn Nike Air Force 1 into fashion tires

At New York Fashion Week, Lexus unveiled a collaboration that spanned numerous cultural realms, from the trendy streetwear and sneaker world to the high-art scene to the luxury auto space. Using its new UX crossover as the canvas, Lexus partnered with rising style entrepreneur John Elliott to create all-white tires designed after the iconic Nike Air Force 1. The pairing stems from a different collaboration in which John Elliott partnered with Nike to create a custom Air Force 1. Elliott kept the timeless silhouette simple in white coloring, but created a new look by layering and stacking parts of the shoe's upper to create the illusion of shadows and shades. The tires are intended to do the same. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Aside from the obvious connection of wheels and tires often nicknamed "shoes," sneaker and car cultures have intertwined on numerous occasions throughout the years. Most recently, a Rolls-Royce SUV-themed pair of Air Jordan IIIs popped up, Volvo customized pairs of Adidas Stan Smiths, and Puma made kicks inspired by the BMW GINA concept car. Those who know the Air Force 1 see the parallels all over the tires. The Nike swoosh, the circular heel design of the sole, and the air holes from the shoe's toe box are obvious, with subtle touches such the textures of the shoe's rubber and leather filling the rest of the space. A small "AF1" badge is a nice nod to the shoe's metal lace ornament, as well. Lexus didn't release much information about the art concept, but there are small changes elsewhere on the car. The black wheel arch cladding is white, as are the side mirrors. We're surprised the UX wasn't completely white, grille and all, like the shoe, though. A John Elliiott badge on the lower rear quarter of the car makes sure everybody knows who worked on the project. Unlike John Elliott's Air Force 1s, this UX is not for sale. Sneaker influencer Ray Polanco Jr. was invited to the event and gave some better looks at the tires below: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.