—Hugh Leask
Toyota Finance, the funding wing of Japanese auto giant Toyota Motor, has returned with its second residential mortgage-backed securities deal. Nikko Citigroup is arranging and underwriting the JPY46.5 billion ($429.6 million) transaction.
The deal, known as Toyota Finance RMBS Series 2, is split into three AAA-rated tranches of notes: a JPY25.5 billion ($235.8 million) floating-rate class A; a JPY8.5 billion ($78.5 million) fixed-rate B1 class and a JPY12.5 billion ($115.5 million) class B2 fixed-rate tranche.
Officials at the firms involved could not be immediately reached for comment.