Porsche AG has issued the largest green Schuldschein, a means of attracting corporate investment, with a volume of one billion euros. It is the first transaction of its kind by a car manufacturer and the funds will be used exclusively to refinance sustainable projects.
The green Schuldschein was issued in tranches offering maturities of five, seven and ten years as well as fixed and variable interest rates. The huge demand resulted in the original order book volume having to be increased.
“We have seen that more and more investors want to invest their funds sustainably,” says Lutz Meschke, Deputy Chairman and Member of the Executive Board for Finance and IT at Porsche. “With the green Schuldschein, we now give lenders such an opportunity.”
The funds raised from this transaction will be exclusively used to finance the Porsche Taycan project. “We have succeeded in issuing the Schuldschein at extremely favourable terms in the current favourable capital market environment. This shows the high level of trust investors have in the long-term development of our brand and in Porsche as a company,” says Meschke.
More than 100 institutional investors such as banks, pension funds and insurance companies have participated in the transaction. The huge demand from international investors that had not, in the past, participated in Schuldschein issues by Porsche was particularly encouraging. Primarily, these originated from Asia.
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