Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


New Zealand Issues $50 Million Of Bonds

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&P’s and Moody's highest ratings and reflect Toyota's exceptionally strong financial profile.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>