INDEPENDENT NEWS

New Zealand Issues $50 Million Of Bonds

Published: Thu 24 Nov 2005 04:52 PM
24 November 2005
Toyota Finance New Zealand Issues $50 Million Of Bonds
Toyota Finance New Zealand Limited (“TFNZ”) trading as ("Toyota Financial Services" or "TFS") announced today the successful placement of NZ$50 million of 3 ½ year term bonds. The senior, unsecured notes, maturing 15 July 2009, will be issued on 28 November with a coupon of 7.19%, at a spread of 4 basis points over swaps.
Toyota Financial Services' Chief Financial Officer Brett Carrington said that TFS's issue benefited from Toyota’s excellent credit rating, a strong global brand, and its local profile as New Zealand’s number one selling automotive company for the last 17 years. “Local investors were very comfortable with the credit and our approach to the market. This resulted in strong demand for the bonds and the issue was twice oversubscribed.”
Toyota Financial Services is the largest captive automotive-distributor finance company in New Zealand with in excess of NZ$645 million of assets as at October 2005. The funds raised will be used to repay short-term debt and extend TFS's debt maturity profile in line with the maturity of its lending portfolio. “Toyota Financial Services continues to grow its business and we want to maintain our prudent liquidity mix in line with that growth”.
The issue was joint lead managed by ANZ Investment Bank and Deutsche Bank AG. The notes are rated AAA by Standard & Poor’s and Aaa by Moody’s Investor Services. These are S’s and Moody's highest ratings and reflect Toyota's exceptionally strong financial profile.
ENDS

Next in Business, Science, and Tech

General Practices Begin Issuing Clause 14 Notices In Relation To The NZNO Primary Practice Pay Equity Claim
By: Genpro
Global Screen Industry Unites For Streaming Platform Regulation And Intellectual Property Protections
By: SPADA
View as: DESKTOP | MOBILE © Scoop Media