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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.

Lexus IS to get Deviant at SEMA

It's time to start gathering intel on SEMA, and it starts with this drawing of a modified 2014 Lexus IS. Lexus ran a competition on DeviantART, an online community for artists, to find a suitably modified IS that it could build and display at the temple of all things aftermarket in Las Vegas. The winner, as judged by a four-person panel from among more than 600 entries, is the IS rendered above by Rob Evans.
The winner looks like the beginning of a build for an IS entry into Japan's Super GT series, with a seriously exaggerated front spoiler and rear diffuser and fender flares that aren't just punched out, they're throwing 12-punch combinations.
Evans will have his car built by VIP Auto Salon and plastered all over Lexus materials promoting its presence at the show. Oh, and he gets an IS F-Sport for a year, among other prizes. Second place went to Lucia Lee, third place to Guangho Huang. A press release below has more on the competition and the winner.

Lexus IS 250 to get new turbo four?

"All show, no go." That's how I described the 2014 Lexus IS 250 F Sport that you see above, when I reviewed it back in November. Don't get me wrong, there's a lot to like about the new IS, but the 204-horsepower, 2.5-liter V6 in the IS 250 is not on that list. In my review, I suggested that Lexus ought to get on the bandwagon of offering a small-displacement, turbocharged, four-cylinder engine in its base IS (like its rivals), and now the folks at Motor Trend are furthering that discussion.
Lexus pulled the wraps off its new NX 200t crossover at the Beijing show recently, and it'll be the first vehicle in the company's lineup to use a brand-new - you guessed it - 2.0-liter turbo-four. With 238 horsepower and 258 pound-feet of torque on tap, that represents a healthy increase over the 204 hp and anemic 185 lb-ft currently being offered with the 2.5-liter V6, and we imagine the fuel economy gains will be rather significant, too. For comparison, the Lexus' four-pot power numbers are very close to the 240 hp and 255 lb-ft offered in the same-sized engine that BMW uses in the 328i.
Motor Trend also posits that Lexus may consider changing the base IS' name from 250 to 200, or perhaps 200t, to properly reflect the new engine's displacement. Of course, that's assuming Lexus doesn't pull a BMW or Mercedes-Benz, and no longer has its alphanumeric names properly reflect the size of the powerplant found underhood.