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Mercedes-Benz Auto Finance Ltd. (MBAFC), part of the Mercedes-Benz Mobility group, has achieved a significant milestone by issuing its first Green Auto Loan Asset-Backed Security (ABS) in the Chinese Interbank…
The post Mercedes-Benz Pioneers Sustainable Finance with First Green Auto Loan ABS in China, Raising €100 Million for BEV Loans appeared first on ESG News.
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Mercedes-Benz Pioneers Sustainable Finance with First Green Auto Loan ABS in China, Raising €100 Million for BEV Loans – ESG News
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Mercedes-Benz Pioneers Sustainable Finance with First Green Auto Loan ABS in China, Raising €100 Million for BEV Loans
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Mercedes-Benz Pioneers Sustainable Finance with First Green Auto Loan ABS in China, Raising €100 Million for BEV Loans
by ESG News
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July 8, 2024
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Historic First: Mercedes-Benz issues the first Green Auto Loan ABS by a foreign automaker in China.
Investor Interest: Class A Notes oversubscribed three times, demonstrating strong demand.
Sustainable Commitment: Funds from the Green ABS to finance new Battery Electric Vehicle (BEV) loans.
Mercedes-Benz Auto Finance Ltd. (MBAFC), part of the Mercedes-Benz Mobility group, has achieved a significant milestone by issuing its first Green Auto Loan Asset-Backed Security (ABS) in the Chinese Interbank Bond Market. This RMB765 million (€100 million) issuance is a pioneering move as Mercedes-Benz becomes the first foreign automotive company to issue a Green ABS in China. The Class A Notes had a weighted average life of 1.42 years and an annual coupon rate of 1.87%, with an oversubscription ratio of three times. The issuance was arranged by China Merchants Securities, BNP Paribas (China) Limited, Bank of China, and Standard Chartered Bank (China) Limited.
“In line with our Ambition 2039, we continue to expand our green finance strategy. With this Green ABS, we are offering investors in the Chinese capital market another green financial investment. In 2022 and 2023, we had already successfully issued Green Panda Bonds,” said Steffen Hoffmann, Head of Treasury and Investor Relations of Mercedes-Benz Group AG.
The Green Auto Loan ABS adheres to China’s double-green approach for Finance Companies, with a collateral pool composed of auto loans for Battery Electric Vehicles (BEVs). The proceeds will be used to fund new BEV loan contracts for MBAFC customers in the upcoming months.
Related Article: Mercedes-Benz Embarks on Sustainable Business Journey Beyond Products
“With our product range we offer customers a comfortable entry into the electric era. The securitization of our customer receivables for electric vehicles demonstrates how much our financing products already support the sales of Mercedes-Benz electric vehicles,” stated Franz Reiner, CEO of Mercedes-Benz Mobility.
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