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UPDATE 2-Porsche pulls ABS bond as emissions scandal expands
November 3, 2015 / 7:42 PM / 2 years ago

UPDATE 2-Porsche pulls ABS bond as emissions scandal expands

(Adds no diesels in bond deal, quote)

By Joy Wiltermuth

NEW YORK, Nov 3 (IFR) - Porsche pulled a US$505.3m auto bond deal from the market on Tuesday after US environmental regulators said the luxury carmaker, like parent Volkswagen, had cheated on emissions.

Porsche last week lined up Barclays, JP Morgan and Societe Generale to sell a new four-part bond of Triple A rated securities.

But it has shelved the deal after getting swept up in the emissions testing scandal at parent company Volkswagen.

The US Environmental and Protection Agency said Monday that emission-evading equipment had also been installed on some Porsche Cayenne sports utility diesel vehicles.

“Although the transaction would not have included any diesel vehicles, the pricing may have been impacted by the unexpected US EPA notice received yesterday by Porsche Cars North America,” Barclays said in a note. (Reporting by Joy Wiltermuth; Editing by Marc Carnegie)

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