HG bonds: Toyota Motor Credit completes $2.6B offering; terms

Toyota Motor Credit Corp. today completed a $2.6 billion, four-part offering across 2025 notes in floating- and fixed-rate formats, along with 2027 and 2032 fixed-rate issues.

The issuer, a frequent visitor to this market, placed four bond offerings in 2021. The Toyota group completed $12.55 billion of pricings in 2021, versus the $15.75 billion priced in 2020, according to LCD.

Most recently, last September, Toyota Motor Credit printed $2.5 billion in four parts, including issues due September 2024 across a floating-rate tranche at 29 basis points over the secured overnight financing rate and same-dated 0.625% fixed-rate notes at T+22; a $400 million tap of the existing 1.125% notes due June 2026 at T+37, or 1.173% (the issue was originally placed in June 2021, as a $600 million offering at T+35, or 1.134%); and new 1.90% notes due September 2031 at T+60.

In March 2021, parent Toyota Motor Corp. completed a $2.75 billion offering backing its sustainability goals.

The outlooks are stable across Toyota's A+/A1/A+ issuer ratings profile.

Terms: