Published on 4/9/2019 in the Prospect News Investment Grade Daily.
New Issue: Toyota Motor Credit sells $2 billion of fixed- and floating-rate notes
By Cristal Cody
Tupelo, Miss., April 9 – Toyota Motor Credit Corp. (Aa3/AA-) priced $2 billion of medium-term notes in two parts on Tuesday, according to a market source and FWP filings with the Securities and Exchange Commission.
Toyota sold $1.25 billion of 18-month floating-rate notes on top of guidance at par to yield Libor plus 15 basis points.
A $750 million tranche of 2.65% three-year notes came on the tight side of guidance at a spread of 38 bps over Treasuries. The notes priced at 99.937 to yield 2.672%.
Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG and RBC Capital Markets, LLC were the bookrunners.
Toyota Motor Credit is a Torrance, Calif.-based financing arm and subsidiary of Toyota Motor Corp.
| Issuer: | Toyota Motor Credit Corp.
|
| Amount: | $2 billion
|
| Description: | Series B medium-term notes
|
| Bookrunners: | Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG and RBC Capital Markets, LLC
|
| Co-managers: | Banco Bradesco BBI SA, Commerz Markets LLC, Fifth Third Securities, Inc., ING Financial Markets LLC, Multi-Bank Securities, Inc., Williams Capital Group, LP and U.S. Bancorp Investments, Inc.
|
| Trade date: | April 9
|
| Settlement date: | April 12
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
|
|
| 18-month floaters
|
| Amount: | $1.25 billion
|
| Description: | Floating-rate notes
|
| Maturity: | Oct. 9, 2020
|
| Coupon: | Libor plus 15 bps
|
| Price: | Par
|
| Yield: | Libor plus 15 bps
|
| Price guidance: | Libor plus 15 bps; initial talk at Libor plus low 20 bps area
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Description: | Fixed-rate notes
|
| Maturity: | April 12, 2022
|
| Coupon: | 2.65%
|
| Price: | 99.937
|
| Yield: | 2.672%
|
| Spread: | Treasuries plus 38 bps
|
| Price guidance: | Treasuries plus 40 bps area, plus or minus 2 bps; initial talk at Treasuries plus low 50 bps area
|
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