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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 RC F is a predatory sport coupe with a 450-horsepower beating heart

Take a look at that face. We can't be the only ones who see an automotive Predator staring back, right? Certainly, the Lexus RC F Coupe boasts a visually striking design that some are going to love and others are going to hate, but we can at least appreciate that it's aggressive, especially compared to the standard RC Coupe that we saw at the Tokyo Motor Show. And with good reason - there's a 5.0-liter V8 engine sitting under that massively domed hood with "more than 450 horsepower," along with a newly calibrated eight-speed automatic gearbox.
Interestingly, Lexus has tuned the RC F's engine to run on an Atkinson cycle under most circumstances, while it switches to the more typical Otto cycle when more power is required, presumably using some sort of advanced variable valve timing technology. Helping put that power to the ground with all those ponies wreaking havoc underhood is a torque vectoring differential, a first from Lexus.
Also involved in keeping the RC F planted is an aero package that includes wings and ducts galore. The headline bit is an active rear wing that deploys at 50 miles per hour and retracts back into the deck when the car drops back to 25 mph. A clear-coated carbon fiber roof can optionally join that carbon rear wing. There are apparently going to be three 19-inch wheel options, including the ones you see in our live image gallery above.

Lexus RC configurator comes alive, priced from $42,790*

Fancy yourself an example of Lexus' take on the BMW 4 Series and Audi A5? Well, now you can customize your very own RC on Lexus' consumer website. With prices starting at $42,790 for a rear-drive model while an all-wheel-drive RC kicks off at $45,025. Neither price includes Lexus' *$925 destination charge.
With a wild (by Lexus' standards) color palette and the option of regular and F Sport trims, there's a fair amount to play with in this configurator. That said, it follows the brand's typical strategy of offering colors and upholsteries along with a wide range of pre-determined options packages.
For those waiting on the configurator for the RC F, it looks like you'll have to wait a big longer, as Lexus hasn't launched a builder for its high-performance, 467-horsepower, $63,325 coupe. Stay tuned for that one.