Toyota Financial generates P5B from maiden bond offer

Toyota Financial Services Philippines Corp. (TFPSH), the automotive financing and leasing arm of GT Capital Holdings Inc., has raised P5.0 billion from its maiden bond issuance after strong market reception prompted the exercise of its oversubscription option.

The latest issuance is the first tranche under the company’s P20-billion bond program, comprised of the two-year Series A and three-year Series B bonds, which were listed on the Philippine Dealing and Exchange Corp. (PDEx).

The company exercised its oversubscription option after demand hit 3.5 times the minimum offer size of P2.0 billion, with the two-year tenor fetching a coupon rate of 5.7725%, and the three-year tenor at 5.9418%.

“With over two decades of experience in the Philippine automotive financing industry and the full support of our shareholders — Toyota Financial Services Corp. and GT Capital Holdings — we are delighted by the overwhelming response from investors, which underscores the market’s trust and confidence in our stability and growth prospects,” TFSPH president Rommel Ocampo said in a regulatory filing.

“This achievement reinforces our commitment to supporting Toyota customers and dealer partners nationwide and establishes us as an even more competitive leader in the industry,” he added.

TFPSH tapped First Metro Investment Corp. and ING Bank N.V. Manila Branch (ING) as the joint lead arrangers and bookrunners, and selling agents along with Metropolitan Bank & Trust Company and BPI Capital Corp. —LDF, GMA Integrated News