By Cristal Cody
Tupelo, Miss., Oct. 13 – Toyota Motor Credit Corp. priced $2.75 billion of medium-term notes (A1/A+/A+) in three tranches on Tuesday, according to a market source and FWP filings with the Securities and Exchange Commission.
The company sold $600 million of floating-rate notes due Oct. 14, 2022 at par to yield SOFR plus 34 basis points.
Toyota priced $1.15 billion of 0.35% two-year notes at 99.911 to yield 0.395%, or a spread of 25 bps over Treasuries.
The notes were talked to price at the 40 bps spread area.
A $1 billion tranche of 0.8% five-year notes priced at 99.834 to yield 0.834%.
The notes were sold with a spread of 53 bps over Treasuries versus talk at the 75 bps to 80 bps area.
BofA Securities Inc., Commerz Markets LLC, Mizuho Securities USA Inc., RBC Capital Markets, LLC and TD Securities (USA) 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: | $2.75 billion
|
| Description: | Series B medium-term notes
|
| Bookrunners: | BofA Securities Inc., Commerz Markets LLC, Mizuho Securities USA Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC
|
| Co-managers: | AmeriVet Securities, Inc., ANZ Securities, Inc., ING Financial Markets LLC, R. Seelaus & Co., LLC, Scotia Capital (USA) Inc., Siebert Williams Shank & Co., LLC and UniCredit Capital Markets LLC
|
| Trade date: | Oct. 13
|
| Settlement date: | Oct. 16
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| Two-year floaters
|
| Amount: | $600 million
|
| Maturity: | Oct. 14, 2022
|
| Coupon: | SOFR plus 34 bps
|
| Price: | Par
|
| Yield: | SOFR plus 34 bps
|
| Call feature: | None
|
|
|
| Two-year notes
|
| Amount: | $1.15 billion
|
| Maturity: | Oct. 14, 2022
|
| Coupon: | 0.35%
|
| Price: | 99.911
|
| Yield: | 0.395%
|
| Spread: | Treasuries plus 25 bps
|
| Call feature: | None
|
| Price guidance: | Treasuries plus 40 bps area
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Oct. 16, 2025
|
| Coupon: | 0.8%
|
| Price: | 99.834
|
| Yield: | 0.834%
|
| Spread: | Treasuries plus 53 bps
|
| Call feature: | Make-whole call before maturity at Treasuries plus 10 bps
|
| Price guidance: | Treasuries plus 75 bps-80 bps area
|
|
|
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