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Toyota Motor is prepping the first-ever "green bond" in the US auto asset-backed security (ABS) market, which will be used to finance future loans and leases of hybrid, electric and alternative-fuel vehicles.
The roughly $775 million auto loan bond is expected to be formally announced next week, sources told IFR.
Toyota Motor Credit has mandated Citigroup (structuring), Bank of America/Merrill Lynch, and Morgan Stanley as joint bookrunners on the trade.
(Read more: Toyota torecall 1.9 million Prius cars for software glitch)
—By Reuters