Published on 1/11/2022 in the Prospect News Investment Grade Daily.
New Issue: Toyota Motor Credit sells $2.6 billion of fixed-, floating-rate notes in four parts
By Rebecca Melvin and Cristal Cody
Concord, N.H., Jan. 11 – Toyota Motor Credit Corp. conducted a $2.6 billion four-part offering (A1/A+/A+) of floating-rate notes and fixed-rate notes, according to multiple FWPs filed with the Securities and Exchange Commission.
A $300 million tranche of series B floating-rate notes due Jan. 13, 2025 priced at SOFR plus 32 basis points at par.
A $1.15 billion tranche of 1.45% notes due Jan. 13, 2025 priced at 99.866 to yield 1.496% for a spread of Treasuries plus 30 bps. The notes were talked at a spread of Treasuries plus 45 bps area.
A $750 million tranche of 1.9% five-year notes priced at 99.896 to yield 1.922%, or a spread of Treasuries plus 40 bps. The notes were talked to yield Treasuries plus 55 bps to 60 bps area.
A $400 million tranche of 2.4% 10-year notes priced at 99.629 for a yield of 2.442%, or spread of Treasuries plus 68 bps. The notes were expected to yield in the Treasuries plus 85 bps to 90 bps area.
BofA Securities Inc., Citigroup Global Markets Inc., Credit Agricole CIB, MUFG and RBC Capital Markets LLC are the bookrunners.
Toyota Motor Credit is the U.S. financing arm of the Aichi, Japan-based automotive manufacturer.
| Issuer: | Toyota Motor Credit Corp.
|
| Amount: | $2.6 billion
|
| Issue: | Floating-rate notes and fixed-rate notes
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Credit Global Markets Inc., Credit Agricole Securities (USA) Inc., MUFG and RBC Capital Markets LLC
|
| Co-managers: | Banco Bradesco BBI SA, BBVA Securities Inc., C.L. King & Associates Inc., ICBC Standard Bank plc, Loop Capital Markets LLC, Mischler Financial Group Inc., Scotia Capital (USA) Inc. and U.S. Bancorp Investments Inc.
|
| Trade date: | Jan. 10
|
| Settlement date: | Jan. 13
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| 2025 floaters
|
| Amount: | $300 million
|
| Issue: | Floating-rate medium-term notes, series B
|
| Maturity: | Jan. 13, 2025
|
| Coupon: | SOFR plus 32 bps
|
| Price: | Par
|
| Yield: | SOFR plus 32 bps
|
| Call features: | Non-callable
|
| Cusip: | 89236TJU0
|
|
|
| 2025 notes
|
| Amount: | $1.15 billion
|
| Issue: | Fixed-rate medium-term notes, series B
|
| Maturity: | Jan. 13, 2025
|
| Coupon: | 1.45%
|
| Price: | 99.866
|
| Yield: | 1.496%
|
| Spread: | Treasuries plus 30 bps
|
| Call features: | Non-callable
|
| Price talk: | Treasuries plus 45 bps area
|
| Cusip: | 89236TJT3
|
|
|
| 2027 notes
|
| Amount: | $750 million
|
| Issue: | Fixed-rate medium-term notes, series B
|
| Maturity: | Jan. 13, 2027
|
| Coupon: | 1.9%
|
| Price: | 99.896
|
| Yield: | 1.922%
|
| Spread: | Treasuries plus 40 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps at any time
|
| Price talk: | Treasuries plus 55 bps to 60 bps area
|
| Total issue size: | $1 billion, including $600 million of notes issued on June 18
|
| Cusip: | 89236TJV8
|
|
|
| 2032 notes
|
| Amount: | $400 million
|
| Issue: | Fixed-rate medium-term notes, series B
|
| Maturity: | Jan. 13, 2032
|
| Coupon: | 2.4%
|
| Price: | 99.629
|
| Yield: | 2.442%
|
| Spread: | Treasuries plus 68 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps at any time
|
| Price talk: | Treasuries plus 85 bps to 90 bps area
|
| Cusip: | 89236TJW6
|
|
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