Finance
Porsche Financial Services, Inc. returns to the U.S. ABS market with Prime Auto Lease Transaction
Porsche Financial Services, Inc. returns to the U.S. ABS market with Prime Auto Lease Transaction
Atlanta, Aug. 21, 2024 (GLOBE NEWSWIRE) — Porsche Financial Services, Inc. (PFS), headquartered in Atlanta, Georgia has issued auto lease Asset Backed Securities (ABS) in the USA with a principal amount of $850 million dollars. This follows two successful auto loan ABS issuances by PFS in 2023.
Porsche Financial Service is an indirect, wholly owned subsidiary of German luxury car maker Dr. Ing. h.c. F. Porsche AG (“Porsche AG”).
The securities issued in the Rule 144A transaction received a ‘AAA’ rating from the rating agencies, and achieved competitive pricing, highlighting strong investor interest and demand. The transaction, divided into five tranches, including a floating rate tranche, was backed by a pool of auto lease contracts financing Porsche vehicles.
The transaction was supported by BofA Securities, Barclays, Mizuho, and Wells Fargo Securities as book runners. The deal attracted 53 unique investors, comprised of investments funds, asset managers of financial institutions, trusts, banks and corporates.
“This marks another significant milestone in our financing strategy. We are pleased with the reintroduction of our prime auto lease platform,” says Tobias Hausladen, Treasurer & Chief Financial Officer, Porsche Financial Services, Inc., “Once again, strong investor demand allowed us to upsize the transaction from an initial $750 million to the maximum $850 million.”
Porsche Financial Services, Inc. (PFS), based in Atlanta, Georgia, is the dedicated provider of leasing and financing products for Porsche in the United States. Founded in 1991, PFS provides custom financial solutions and products to Porsche customers and dealers in the United States. In 2012, PFS expanded its North America operations to become the captive finance provider for the exclusive brands of the Volkswagen Group which include Bentley, Lamborghini, and Bugatti. As an integrated premium financial services provider, every new product – whether it be a leasing offer or a service offer – contains the DNA of some of the world’s most exclusive vehicle manufacturers.
Attachment
CONTACT: Jennifer Bixler Porsche Cars North America, Inc. 470.827.1201 external.jennifer.bixler@porsche.us Jarred Hopkins Porsche Cars North America, Inc. 404.401.4448 jarred.hopkins@porsche.us
Finance
Stock market today: Nasdaq, S&P 500 edge higher ahead of Christmas break
US stocks opened higher to kick off the final, shortened trading session before the Christmas holiday. The benchmark S&P 500 (^GSPC) edged up about 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) rose roughly 0.3%. The Dow Jones Industrial Average (^DJI) hugged the flatline.
Wall Street is looking to enter its Christmas break rejuvenated, after tech stocks including AI chip giant Nvidia (NVDA) led the march higher on Monday. Markets close at 1 p.m. ET today and are off tomorrow for Christmas Day.
Sizable gains on Friday and Monday have put the indexes back on the path toward their record highs, from which they took a Fed-fueled nosedive last week.
Wall Street is reassessing the path of interest rates next year as it grapples with the reality that the Fed mostly pulled off a so-called soft landing — but couldn’t fully shake the US economy’s inflation problem. According to the CME FedWatch tool, most bets are on two coming holds at the Fed’s January and March meetings, followed by a toss-up in May.
Meanwhile, many eyes continue to be trained on Nvidia, which saw a more than 3.5% gain on Monday. As Yahoo Finance’s Dan Howley writes, 2024 was Nvidia’s year, with the stock up some 180%. But 2025 could contain plenty of challenges.
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Finance
China’s Finance Ministry Vows Greater, Faster Spending in 2025
China’s finance ministry reaffirmed it will increase public spending with a greater focus on boosting consumption to support the economy next year, ahead of growth headwinds from looming US tariffs.
China will “expand the magnitude of fiscal spending and accelerate the spending pace,” according to a statement published Tuesday following a two-day national conference held by the Ministry of Finance on fiscal work in 2025.
Finance
All 11 sectors expected to broaden out in 2025, strategist says
United Parcel Service (UPS) is just one of Powers Advisory Group Managing Partner Matt Powers’ top picks for 2025, calling the postal carrier and logistics operator as having “defensive characteristics and high valuations” as it looks to get carried by several tailwinds next year. UPS is set to release fourth quarter earnings results on January 30, 2025.
Powers sits down with Wealth host Brad Smith to talk about the other opportunities he is seeing across markets (^DJI, ^IXIC, ^GSPC) in the new year.
“Broadening it looks like so all 11 major sectors are actually expected to have year over year earnings increases in 2025. And I think we had or will have seven of the 11 this year, which suggests broadening out,” Powers tells Yahoo Finance.
“But the S&P [500] is trading at 21 times forward earnings, while dividend growth equities which is kind of our core focus are at 19 times. So we see again going back to that back-to-basics approach shifting towards value and just underappreciated areas of the market.”
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
This post was written by Luke Carberry Mogan.
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