By Andrea Heisinger
New York, Jan. 5 - Toyota Motor Credit Corp. priced $1.6 billion of notes (Aa2/AA/) in two parts on Wednesday, an informed source said.
The $900 million tranche of 2.8% five-year notes priced at 99.861 to yield 2.83% with a spread of Treasuries plus 70 basis points. The notes came at the tight end of guidance in the range of 70 bps to 72 bps, a source said.
The second part of the sale was $700 million of 4.25% 10-year notes priced at 99.847 to yield 4.269% with a spread of 80 bps over Treasuries. This tranche also priced at the tight end of talk in the 80 bps to 82 bps range.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The U.S. funding arm of car maker Toyota is based in Torrance, Calif.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Notes
|
| Amount: | $1.6 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Trade date: | Jan. 5
|
| Settlement date: | Jan. 11
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
|
|
| Five-year notes
|
| Amount: | $900 million
|
| Maturity: | Jan. 11, 2016
|
| Coupon: | 2.8%
|
| Price: | 99.861
|
| Yield: | 2.83%
|
| Spread: | Treasuries plus 70 bps
|
| Call: | Non-callable
|
| Price talk: | 70 bps to 72 bps
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | Jan. 11, 2021
|
| Coupon: | 4.25%
|
| Price: | 99.847
|
| Yield: | 4.269%
|
| Spread: | Treasuries plus 80 bps
|
| Call: | Non-callable
|
| Price talk: | 80 bps to 82 bps
|
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