BayernLB, ING and LBBW place record green promissory note for Porsche AG Promissory note loans of EUR one billion significantly oversubscribed

Munich/Frankfurt/Stuttgart, 12 August 2019– BayernLB, ING and LBBW have jointly arranged a green promissory note for Porsche AG. ING also supported the transaction as a "Green Advisor". It is the first green promissory note loan transaction by an automotive manufacturer and at the same time the largest green promissory note to date. It was placed in tranches with maturities of five, seven and ten years and offered with both fixed and variable interest rates. The desired broad diversification of the investor base was achieved, and the high level of interest of around 100 German and international investors led to an increase in the originally planned volume from EUR 300 million to EUR one billion. The marketing was also carried out via the online platform, Debtvision.

Porsche AG will use the capital raised as part of its Green Finance Framework for the research, development and production of electric cars (Porsche Taycan) as well as for investments in efficient factories that exclusively produce battery-powered vehicles. Compliance with the Green Bond Principles has also been confirmed by the independent agency, ISSoekom. "We are seeing an increasing number of investors wanting to invest their money sustainably. With the green promissory note, we are now opening up an opportunity for investors to do this," says Lutz Meschke, deputy chairman of the Board of Management and the Board of Management for Finance and IT at Porsche. "This green promissory note is unique in terms of its volume and sets a new benchmark," says Dr Jörg Senger, head of sales and origination at BayernLB. "The growing interest of investors in green or sustainable investments is clearly shown in the order books."

"The placement of Porsche's promissory note was a great success for all parties involved, in particular the extremely high demand from foreign investors," says Klaus Pahle, head of the promissory note desk at ING. "We are convinced that this form of green structuring will also pave the way for other companies". “Green financial products are becoming increasingly important not only for investors, but also for companies. With the support of this extraordinary promissory note transaction, LBBW is once again demonstrating its problem-solving expertise in the field of sustainable and green finance," explains Joachim Erdle, head of corporate finance at LBBW.

ING Wholesale Banking Germany comprises ING's corporate customer business in Germany and is part of the ING Group's global Wholesale Banking network with offices in more than 40 countries. ING Wholesale Banking provides banking services to large, international corporate customers. In addition to traditional banking products such as corporate lending and transaction services, ING is a leading global provider of structured project financing, which is complemented by innovative capital market solutions.

ING Wholesale Banking Germany employs around 300 people at its Frankfurt am Main head office, which managed a loan volume of EUR 36 billion at the end of 2018.