Children 15 years of age and younger will get free admission to the Formula E 2016 London ePrix. In a move to get a younger generation interested in electric mobility and motorsports, the electric race series is raising the age limit for free tickets from five to 15 years old. "The fan base for traditional motor racing has been steadily getting older and older and this has to be addressed if the sport is to have a future," says Formula E CEO Alejandro Agag. "Through embracing digital and social media, through our involvement in computer games and eSports, Formula E has successfully reached out to younger fans, which made offering them entry to our season finale the next logical step." Read more from Formula E.
Toyota Financial Services (TFS) is offering is expanding its Green Bond program. This third asset-backed Green Bond from TFS will help fund new retail finance contracts and lease contracts to the tune of $1.6 billion. It will help provide access to Toyota and Lexus vehicles with hybrid or alternative fuel powertrains, minimum fuel economy of 35 mpg city/35 mpg highway, and EPA smog ratings of 8 or better. This includes the Toyota Prius, Prius C, Prius V, Camry Hybrid, Avalon Hybrid, and Mirai, and the Lexus CT 200h and ES 300h. Read more in the press release below.
Bond Proceeds to Fund New Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles
May 13, 2016
TORRANCE, Calif., May 13, 2016 – Demonstrating an ongoing commitment to supporting the sale of green vehicles, Toyota Financial Services (TFS) issued its third Asset-Backed Green Bond in the amount of $1.6 billion. TFS revolutionized the Green Bond market by introducing the auto industry's first-ever Asset-Backed Green Bond in 2014. Green Bonds are an important component of TFS' broad-ranging funding program and serve to enhance Toyota's already extensive green commitment.
Proceeds of the TFS Green Bond will be used to fund new retail finance contracts and lease contracts for Toyota and Lexus vehicles that meet specific criteria, including powertrain, fuel efficiency and emissions. There are currently eight vehicle models in the Toyota and Lexus portfolio that qualify.
The TFS Green Bond program is unique in the auto industry and enhances Toyota's leadership reputation for green innovation. Toyota currently offers hybrid editions in nearly all of its vehicle categories. The company estimates that Toyota's hybrid technology has helped save more than 5.8 billion gallons of gasoline worldwide since 1997, and resulted in 58 million fewer tons of CO2 emissions.
"Toyota is dedicated to finding environmentally sustainable solutions in everything we do," said Mike Groff, TFS President & CEO. "That commitment extends even to our funding activities, where the Green Bond is an example of the innovation that TFS brings to the financial marketplace. The Green Bond reflects our commitment to enabling consumer access to environmentally friendly vehicles."
To develop the Green Bond, TFS worked closely with Citi, which has a long-standing relationship with TFS and shares its commitment to green innovation. Citi served as the structuring lead manager of the bond, and Lloyds and RBC acted as joint-lead managers.
"Citi is thrilled to continue its support for Toyota Financial Services as it issues its third asset-backed green bond," said Tyler Dickson, Global Head of Capital Markets Origination at Citi. "Through these innovative transactions, Toyota is playing a leadership role in meeting investor demand for environmentally friendly, energy efficient assets, and Citi is proud to be its partner as the market grows and evolves."
TFS will commit to use the proceeds of the Green Bond toward the purchase of retail finance contracts and lease contracts for Toyota and Lexus vehicles that meet high green standards as established by three criteria:
Gas-electric hybrid or alternative fuel powertrain
Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway
EPA Smog Rating of 8 or better (10 being the cleanest), as determined by the U.S. EPA for the purchase of a vehicle in California
Qualifying models from Toyota include: Prius, Prius c, Prius v, Camry Hybrid, Avalon Hybrid, and Mirai. From Lexus, qualifying vehicles are CT 200h and ES 300h.
For more information on TFS' Capital Markets programs, please visit www.toyotafinancial.com. For more information about Toyota's commitment to the environment, please visit