Porsche has successfully closed its first transaction registered with the U.S. Securities and Exchange Commission (SEC) in the United States, a $911 million asset-backed securities (ABS) issuance through Porsche Financial Auto Securitization Trust 2026-1 (PFAST 2026-1). The securities transaction represents a new milestone in Porsche Financial Services’ (PFS) funding strategy and expands the company’s access to public capital markets.
PFS, headquartered in Atlanta, Georgia, provides leasing and financing products for Porsche customers and dealers in the United States. The completed securities transaction was backed by a pool of retail sales contracts financing Porsche vehicles and was divided into five tranches, including a floating rate tranche.
Porsche Expands Access to Public Capital Markets
The inaugural SEC registered transaction gives PFS another avenue for funding through the public capital markets. The securities issued received AAA ratings from major rating agencies and achieved competitive pricing, according to the company.
Key transaction details include:
- Principal amount of $911 million
- First SEC registered ABS transaction in the United States for PFS
- Five tranches, including a floating rate tranche
- Backing from retail sales contracts financing Porsche vehicles
The securities transaction was led by Wells Fargo Securities, with RBC Capital Markets, Société Générale and Truist Securities acting as joint book runners. DZ Financial Markets and Scotiabank served as co managers.
“With both our lease and retail programs now SEC-registered, we are holding ourselves to the highest standard of public-market disclosure across the full portfolio,” says Tobias Hausladen, Treasurer & Chief Financial Officer, Porsche Financial Services, Inc. “The deal attracted a record orderbook, confirmation that investors appreciate the strength of the Porsche brand, underlying quality of collateral, and the direction of our funding strategy.”
Funding Strategy Adds New Public Market Route
PFS said the securities transaction further expands its access to public capital markets as both its lease and retail programmes are now SEC registered. The company described the completed issuance as another milestone in its broader funding strategy.
The funding structure provides PFS with a public market transaction backed by retail sales contracts associated with Porsche vehicles. The company also highlighted the transaction’s rating and pricing as indicators of the reception of the issuance.
The transaction was supported by a group of financial institutions:
- Wells Fargo Securities as lead
- RBC Capital Markets, Société Générale and Truist Securities as joint book runners
- DZ Financial Markets and Scotiabank as co managers
The completed securities transaction adds to PFS’s funding options as its US operations continue to provide vehicle leasing and financing products. PFS is an indirect, wholly owned subsidiary of Porsche AG and has provided financial solutions to Porsche customers and dealers in the United States since 1991.