Toyota Motor Credit Corp finds right gear in sterling

By Mike Turner
12 Nov 2020

Toyota Motor Credit Corp, the Japanese car finance company, opened books for a £500m six year bond on Thursday, as syndicate bankers said next week’s new issue market would be busy.

TMCC, rated A1/AA-, opened books for the benchmark trade at 95bp to 100bp over Gilts. 

Demand was healthy, with books hitting £1.5bn by the time the final spread was announced at 77bp over Gilts. 

The chunky book comes as TMCC faces rating pressures, with both of its ratings on negative ...

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