Toyota Motor Credit Corp. is preparing another $1.25 billion worth of class A and B “green notes.” Proceeds from “green notes” are used to make financing available for green vehicles such as gasoline-electric hybrids, electric vehicles or alternative fuel vehicles.
Toyota Auto Receivables 2015-B is Toyota’s second auto loan securitization in 2015. It is also company’s second “green” auto loan securitization. Last year, the company offered $1.75 billion worth of “green bonds” – first of a kind in the auto industry.
Last year’s transaction was used for consumers to finance nearly 40,000 green vehicles.
Toyota Auto Receivables 2015-B is backed by the same mix of collateral as Toyota’s previous transaction, according to a pre-sale report. The collateral pool includes no loans with terms greater than 72 months or borrowers with FICO scores below 620, according to the presale report by Standard and Poor’s. The transaction received preliminary S&P rating of ‘AAA (sf)’ and ‘AA+ (sf)’ on the class A and B notes respectively.
