Toyota Financial Services launches P2-billion bond offer

Toyota Financial Services launches P2-billion bond offer

TOYOTA Financial Services Philippines Corp. (TFSPH), the automotive financing and leasing arm of GT Capital Holdings, Inc., has launched its P2-billion maiden bond offering to fund asset growth and diversify its funding sources, the listed conglomerate said on Monday.

The bonds will be issued in up to two series: two-year Series A bonds due 2027 with a fixed rate of 5.7725% and three-year Series B bonds due 2028 with a rate of 5.9418%.

The offer period will run from Oct. 6 to 13, according to GT Capital. First Metro Investment Corp. and ING Bank N.V. Manila Branch are the joint lead arrangers and bookrunners for the transaction. Both firms will also serve as the selling agents, alongside Metropolitan Bank & Trust Co. and BPI Capital Corp.

TFSPH aims to reach a wider investor base that includes both institutional and individual investors, GT Capital said.

Philippine Rating Services Corp. (PhilRatings) assigned TFSPH an issuer credit rating of PRS Aaa with a stable outlook.

In the first quarter of fiscal year 2025, TFSPH’s total revenues rose by 11% to P3.9 billion, while loan receivables increased by 9% to P159.4 billion.

TFSPH is 60% owned by Japan-based Toyota Financial Services Corp. and 40% by GT Capital. — A.L. Balinbin and B.M.D. Cruz