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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.

What's in a trademark? Sometimes, the next iconic car name

The United States Patent and Trademark Office is a treasure trove for auto enthusiasts, especially those who double as conspiracy theorists.
Why has Toyota applied to trademark "Supra," the name of one of its legendary sports cars, even though it hasn't sold one in the United States in 16 years? Why would General Motors continue to register "Chevelle" long after one of the most famous American muscle cars hit the end of the road? And what could Chrysler possibly do with the rights to "313," the area code for Detroit?

Calgary Airport converts handicap parking to Lexus-only stalls

At the YYC Calgary International Airport, travelers found that the usual accessible parking spots (referred to handicap or disability parking here in the U.S.) near the doors had been painted over, no longer saved for the people who need them. Instead, they were reserved for Lexus drivers as part of a marketing campaign. Understandably, the airport received a complaint after a family with access needs entered the short-parking area to find the Lexus logos painted where the accessible parking had been, as CBC News reports. The airport had sold the spaces to Lexus as a way to generate revenue as part of a marketing campaign. Even worse, YYC hadn't replaced the accessible spaces yet, though Calgary Airport Authority spokesperson Jody Moseley told CBC News the airport was in the process of moving them when it started to draw attention. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The story ends well, however: The Calgary Airport Authority is converting the Lexus spaces back to accessible parking, and said in a statement of apology that the new accessible stalls meant to replace the original ones will also remain in place, so it's a net gain for disabled travelers. YYC also apologized to Lexus Canada, which it says "did not play a role in selecting, and was not aware of, the locations for the campaign." Lexus issued its own apology, saying it would "more carefully scrutinize the details of these types of marketing campaigns" in the future. Related Video: News Source: CBC News via JalopnikImage Credit: Geography Photos/Universal Images Group via Getty Images Government/Legal Lexus Luxury parking disabilities airport handicapped accessibility airport parking