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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.

2016 Lexus GS F revealed ahead of Detroit debut

The last time we heard about Lexus' new Detroit Auto Show-bound performance car debut, all signs pointed to GS F. Now, the cat's out of the bag, and we've got the first official images and details of the Japanese automaker's latest performance sedan, and honestly, it's exactly what you'd expect – though that isn't necessarily a bad thing. Power comes from the automaker's 5.0-liter naturally aspirated V8 – the same eight-pot that powers the RC F – good for 467 horsepower at 7,100 rpm and 389 pound-feet of torque that comes on strong between 4,800 and 5,600 rpm. That force is sent to the rear wheels via Lexus' eight-speed automatic transmission. In order to make this F a significantly better-handling vehicle than the standard GS, Lexus is fitting its Torque Vectoring Differential from the RC F, which uses three modes – Standard, Slalom, and Track – to alter torque delivery to better suit different driving dynamics. Lexus has released a few preliminary specifications about the GS F, so we know the sedan tips the scales at 4,034 pounds and will ride on 19-inch wheels with 255/35-series tires up front, and 275/35 rubber out back. This all sounds pretty good, but we can't help feel a wee bit disappointed, especially considering the numbers being thrown down by competitors like the BMW M5 and Mercedes-Benz E63 AMG, not to mention the new 640-hp, 200-mph Cadillac CTS-V that'll also debut at next week's Detroit show. Still, if the Lexus RC F is any indication of the brand's future performance offerings, we don't doubt the GS F will, at the very least, be a super fun car to toss around. Stay tuned for the GS F's official unveiling, next week.

2014 Lexus IS brings boldest design yet to entry-level luxury

Lexus is evidently dead serious about removing some of the starch from its collar, as evidenced by the boldly styled new IS sedan just unveiled here at the Detroit Auto Show. We didn't know what to make of Lexus' entry-level sport sedan when we first saw images of it earlier this week. Dominated by the gaping maw of a spindle grille and flanked by headlamps with Nike swoosh daytime running lamps, the photos showed a distinctive (if not completely cohesive) design. Having now seen the design in the metal, we have to admit it comes together better than it does on screen.
The new model will feature both rear- and all-wheel drive models in both 2.5-liter V6 (IS250) and 3.5-liter V6 (IS350) trims. Lexus also showed an IS300h hybrid model at the reveal, but it is earmarked for Lexus' home market of Japan, along with Europe and other markets. No word yet on why the model probably won't be sold here in North America, but our AutoblogGreen compatriots are looking into it.
Aside from its bold new look front and rear, the IS carries forward a lot of the ideas seen in other newer Lexus models, namely the GS. Hidden beneath the IS' sheetmetal is the multilink rear suspension from the GS, along with its electric power steering setup. The new IS rides atop a three-inch longer wheelbase for better rear seat room, but during our brief time sitting in the car at the press conference melee, it still didn't feel terribly roomy (it rarely does in this class). At least the seatbacks fold 60/40 for the first time for additional utility.